Property Rates in Mumbai Will Continue to Rise in Future as Well

Being the city of dreams and the financial capital of India, Mumbai was always in demand compared to the other cities in India. As millions of people migrate to the city every year to fulfill their dreams, there has been a steady growth in property rates in Mumbai. While the prices of properties are steadily increasing, there is a lack in supply of land even though the demand is high. The acute land shortage has made many building developers and home sellers quote an enormous amount for their assets.

Recently, a 25 acre land in Mumbai suburbs was sold at Rs. 1,155 crore in an auction. This is not the first time a piece of land has been sold at an astronomical price. In the year 2010, a six acre plot in Wadala was sold at Rs. 4,000 crore in an auction. This was a record setting real-estate bid on a national level. The land was purchased by a premium real estate developer to extend the list of their upcoming projects in Mumbai. While on one end there is a rise in luxury apartments, one can witness a majority of people living in shanties and other illegal settlements. This is because, they cannot afford to pay the high rents demanded by the landlords.

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