Mumbai, the commercial capital of India, is also the most prominent real estate market in India. Its sparse availability of open land makes it amongst the costliest real estate market in India. But still, Mumbai remains the most lucrative and attractive destination for real estate investment both in the commercial as well as residential properties segment.
According to a prominent expert real estate analyst, there are various reasons which contribute towards the upsurge in demand:
- The residential market is a much-sought aftermarket in India, especially Mumbai. With a constant demand for residential housing on lease and price appreciation over the long-term, investors look to actively invest in residential property to get good returns on their investment. As an asset class, the immovable property has always given higher returns over the long term as compared to other asset classes and is also a safer investment.
- The thriving commercial activity in Mumbai makes it an attractive destination for commercial real estate investment which provides a much higher rental yield compared to the residential segment. Investors also look to invest in pre-leased commercial properties so that their rental income starts from the very first day and risk is on the lower side.
Overall, the robust commercial activity in Mumbai has always been a strong driving force behind the growth of the real estate market, both commercial as well as well as residential. With the increasing household income of the urban class, the need for bigger and better homes is always there and it drives the real estate market of Mumbai. During a pandemic, like the entire economy, real estate also got impact. However, it was quick to bounce back when unlocking started happening. The growing culture of work-out-of-home is also driving demand for bogger homes. Government announcement of slash in stamp duty and the attractive returns on investment that real estate has provided over the long run, is attracting the homebuyers into buying a property in Mumbai.
Goregaon is one of the prominent suburbs of Mumbai, which has become the residential and commercial hub of the Mumbai suburban region. Nestled between the Arabian sea to the West and Sanjay Gandhi National Park to the East, this famous suburb of Mumbai boasts of some of the most prestigious residential and commercial towers. This makes it one of the most sought after residential and commercial destinations in the greater Mumbai region.
The prominent areas in Goregaon include Oberoi Garden City, the Goregaon Film City, Nesco Complex, Bombay Exhibition Centre, Infinity IT Park to name a few. Goregaon boasts of excellent road connectivity and top quality social and commercial infrastructure. While Goregaon West is a silent residential destination, Goregaon East forms the centre of all the commercial activity in the region. With the Nesco complex, Raheja IT park and various industrial estates, Goregaon East is where most of the commercial activity happens.
Due to the presence of top commercial centres in Goregaon, it is also one of the most prominent residential locations in Mumbai with the constant demand for housing- both purchase and lease. In general, people do not wish to spend much of their time travelling to work. That is why they prefer to stay near their offices. This has led to the upsurge of the residential as well as the commercial market in Goregaon.
Moreover, Goregaon is near Andheri, one of the prominent commercial districts of Mumbai, and is very well connected via the Eastern Express Highway and SV road. This has further enhanced the demand for residential property in Goregaon. To add to this, the upcoming metro will further add to the existing infrastructure and connectivity.
Goregaon has prominent educational institutions such as the Oberoi International School, Gokuldham High School, Lakshdham High School, Vibgyor High, etc. It also has multiple entertaining and fine dining places including Oberoi Mall, The Westin Mumbai Garden City, Esora, Goregaon Socials, Farzi Café etc.
With one-of-its-kind premium and luxurious residential projects like Oberoi Elysian, Oberoi Esquire and Oberoi Exquisite by Oberoi Realty and good scope for property appreciation, Goregaon is the go-to-market if you plan to invest in real estate in Mumbai.
You can contact experienced real estate consultants from OPEN MINDS which is a well known real estate consultancy firm in Goregaon East, to find out about the best residential project in this area. They carry vast experience in the Mumbai real estate market with a special focus on the real estate market of Goregaon.
OPEN MINDS have a vast professional network that will allow you access to the best residential property in the region. Moreover, their expert advice and in-depth market knowledge will help you find the best deal for property investment in Goregaon and other regions.
If you already have a property in Goregaon and want to sell it, then you must contact OPEN MINDS. They are the best real estate consultant to get credible buyers for your property and to be able to sell it at the right price.
With the Metro rail network coming up on the Western Express Highway and the new Link Road, the real estate market in Goregaon will only grow in the years to come, providing a huge appreciation for real estate investors.
If you want to know more about Goregaon real estate market you must call or visit OPEN MINDS today.