domain.com.au has a high profile in the Australian real estate market which is hardly surprising as its part of the Fairfax Digital Network which owns a number of Australian TV channels and newspapers including The Sydney Morning Herald and The Age (Melbourne). domain.com.au also sponsors the long-running popular “Hot Property” TV program.
We thought it was time to take a look at the goings-on in the property world. Who is saying what? Which markets are looking good and which are headed south? What’s happening on other property blogs?
Mumbai has been a hot property destination for real estate, and continues to be so, attracting big builders and developers not just from India but also from international locations. Mumbai’s real estate has redeveloped many parts of the city, by demolishing old buildings and replacing them with mixed developments of business, shopping and living space.
The city’s real estate prices have out weighed that of Manhattan making it one of the major real estate market of the world. The real estate market of Mumbai has boomed over a few years due to the interest of large Corporate Houses and investors especially from abroad. But the growing number of M.N.Cs along with other industrial sectors and their huge expansion plans has pushed up the demand for office spaces and commercial units. This has also sky rocketed the real estate prices and rents across the city. The office rents of Mumbai are the second highest in the world. By the end of this decade, the requirement of the office units is estimated to increase immensely. The base will continue to shift from south Mumbai to the western and central suburb. The reason being easy accessibility of the land, better infrastructure, proximity to the Airport and major highways as well as affordable prices.
In the residential segment, the increase in per capita income of an average Mumbaikar has motivated him to opt for a better lifestyle . In recent years, there has been a significant boost in the number of the residential projects offering lucrative packages. However, they have not achieved much success in attracting buyers due to the non- affordable prices. This has led to a discord between the buyer and the seller which needs immediate attention.
