The Indian real
estate market is facing a paradigm shift and Mumbai being the financial hub of
the country, there is huge demand for residential spaces to fit in the ever
increasing inbound population. According to a report, the urban areas of the
city are in a dire need of above 62 million houses in order to accommodate and
ensure a home for all. In order to keep pace with this increasing demand, the
real estate developers need to find out alternative options for filling in the
housing shortage in the city.
It is reported that
95% of the housing shortage is coming from the EWS or the economically weaker
section and LIG (low income group) categories. A number of developers are
taking up redevelopment projects in order to ensure larger and better living
space in the city. Better real estate properties in Mumbai are the need of the
hour. It is not just about the residential need. With a number of corporate
firms and the hub of start-up businesses growing, there is a need to design
better corporate landscapes with exclusive work place infrastructure. Nowadays,
people do check the locality before accepting a job offer. They are not willing
to work in deserted remote areas where there is no scope for refreshment in
between work hours.
People are now
very picky about where they stay and where they work. The upper middle class
segment is having hygiene talks backed with luxurious living. They are looking
for value for their money. If they are spending a lifetime of their earnings
for better residency, they expect to have the state of the art amenities that
can complement their status quo. The niche class is looking for investing in
the real estate in the prime locations of Mumbai and the business start-up also
look around for a pleasant atmosphere with a variety of hangouts surrounding
their location.
The mall culture
has introduced the need of the people to get everything under one roof and
that's what they look for while buying properties in Mumbai nowadays. They want
to live in the best space available and with better jobs and a high earning
capacity they are not willing to compromise on the place they live in or work
at. The demand for better housing in Mumbai is serving as a challenge to the
industry developers to design innovative infrastructure that can please the
buyers and encourage them to invest in real estate properties.
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