Why Mumbai real estate is so expensive

 Why is Mumbai real estate so expensive?

Have you ever thought of buying a property or home at a place having all the facilities and best things?. Have you ever thought about why Mumbai's real estate is so expensive? Here are the main reasons of it:

Increasing demand of residency

Mumbai is the most populous city of India, with the highest population growth rate in the entire country. People get attracted to the facilities and opportunities available in this wonderful city. Mumbai's increasing demand for residency is the major reason for its expensive real estate. Such a huge population is accommodated in sky high buildings and apartments. Mumbai is the 2nd india's and 8th world's most populous city. Every year thousands of people migrate to Mumbai to enjoy a better lifestyle and opportunities.

Here is a graph showing the rapid population growth in mumbai:


By worldpopulationreview.com

Significant location

Mumbai holds significant importance due to its location. It is located on the major shipping route of india with big and famous ports, which makes it the major trading center of india. Most of the import, export process is done here that attracts business people and big traders here, opening up the job opportunities for other people. 

Business and job opportunities

This city holds 6% GDP of India. It has higher per-capita income than average national income. It is responsible for 25% of industrial production and 40% foreign trading. Mumbai has a great role in stabilising India's economy. Being the major trading centre it attracts many business people here to start and flourish their business which in turn opens up the job opportunities for other people and residents of mumbai. Mumbai also offers many high paying jobs that is the major attraction for people of different cities finding their living. This is making Mumbai's real estate expensive. The total net worth of this city is $149.4 billion. This city has even more net worth than Singapore. From the stats of 2020 It is included in the top 8 cities of billionaires in the world.


Government implementations

Government has also increased taxes and the prices of big cities properties. If we talk about Mumbai, this city is paying the highest taxes. Implementation of high residential taxes is a factor of expensive real estate of mumbai. According to the proposal from the Assessor and Collector department property taxes can be increased upto 14% if it gets approved.

Headquarters of big industries

Scientific and nuclear institutes of india are located in this city. It has the headquarters of many big Indian and multinational companies, which hire talented people on high salaries. Fashion and entertainment of the entire country has its roots in mumbai.

Education facilities

Due to high class educational institutes and facilities students get attracted to this city for quality education. Students prefer to get their undergraduate degree in a city with best job and internship opportunities which increases the value of tjis city and its property

Glorious lifestyle

People come to this “city of dreams" with many dreams of having an improved lifestyle and quality of their life. Different talent festivals and talent shows are organized there which provides a platform for the people to show their talent and there are huge chances of getting some great offers from really good platforms which increases the value of this city. This is a cosmopolitan city from tradition to modernity. That adds value to this city.


Beauty and tourist attraction

Mumbai the “City of 7 Islands” attracts tourists not only from India but also from all over the world. The world class restaurants, hotels, attractive beaches, joy places, deep blue water, facilities, sky high buildings and the wonderful historical places of this ancient city is the reason why people love to be in this city. This city is also called the “HOLLYWOOD OF INDIA” 

Conclusion 

Mumbai being the major center  of finance, trade, business, fashion, entertainment, education and other big industries has expensive real estate.

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