Micro markets in Mumbai
Very few cities have a capacity to create micro markets and Mumbai is one of them. Mumbai has a micro markets in his boundaries and here is small analysis from those areas, where micro markets have developed.
If you will analyze the Indian property market, so you can easily notice that Mumbai is on the top most position in the property pyramid. This financial capital of country can be defined as DNA of country as attributes of Grade A city. In Mumbai there are many micro markets and they are catering the various needs for socio-economic groups. Mumbai is rising as one of the most attractive destination for real estate investment by following the global growth pattern. The growth in real estate segment is evolving the new pattern because various budget segments have surfaced in same region and this situation is not only for commercial development as the growth trajectory has co-relation with residential apartments. In Mumbai city for long distance has been dampener the real estate market and now many micro markets have emerging as city within the city of Mumbai.
Real estate market of Mumbai is very dynamic and people love the Walk-to-Work facility, but because of cost this facility is only available for CEOs and other top management of MNCs. In recent development scenario satellite towns are making it possible for average working class of city. For example, Bandra-KurlaComplex has made it possible to leave nearby professional space. To make sure that Mumbai real estate market is beneficial, analysts are tracking the real estate market of Mumbai in respect of rest of world and buyers or end-users. Mumbai is successfully creating the sub cities like; Navi Mumbai to cater the present and future needs of housing, and it aims to improve the connectivity and infrastructure of city. City is preferred as perfect market to emerge as realty hub with a lot of appreciation potential.
Few emerging locations like; Thane, Bandra and more are providing the supply of more quality spaces with best rentals, which is the interest of corporate. From Navi Mumbai to Thane, one can find a lot of affordable options with in the real estate market of Mumbai. People want to buy property within the radius of 2 kms due to easy connectivity of community centers, hospitals, schools, colleges, and more. The development of micro-markets in the city is the reflection of history and culture of the Mumbai, the way it has developed in past few decades. The modern community places have shifted from Nariman Point to Worli, Parel and BKC and it indicates that these localities are shifting from commercial to preferred residential spaces. Due to heavy traffic people want to live near work places for easy connectivity and those places are; Chembur, Saki Naka, Bandra, etc. Now Mumbai is moving from community flavor to cosmopolitan flavor with the development of various micro-markets.
Micro-markets such as; BKC, Goregaon, Malad, Powai, Andheri has emerged as most important locations for commercial as well as residential spaces. Today end-users or buyers want to travel least possible distance to save their time. In present metro connective is working as game changer for real estate market with the potential to redefine and improve the Mumbai’s property market.
