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Redevelopment May Tackle Land Scarcity Problem In Mumbai
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Real estate in Mumbai is facing a problem of land shortage. Mumbai being the financial capital of India attracts a huge talent pool to its shores. Unfortunately the Mumbai real estate has been unable to cope up with unabated population migration which has led to the rise of prices of real estate Mumbai property. To tackle this problem the satellite cities of Mumbai - Navi Mumbai and thane were created but this did not reduce the pressure from real estate in Mumbai. Even after development of these cities the prices of properties are still spiraling out of control. In the last few years the prices and rents of real estate Mumbai property have risen constantly as the is shortage of land in the state. The city was not able to match up its scale to rapid urbanization. This has caused severe land scarcity due to more demand and less supply.
Many experts feel to tackle this problem of land scarcity in Mumbai real estate redevelopment may be the only solution. In the past few years several properties in posh such Mumbai area have been redevelopment. Redevelopment not only solves land scarcity issue but it also reduces the chances of old building falling into neglect. Each building in real estate in Mumbai has its own life over the year the self life of buildings reduce. Unauthorized and extra construction might also lead to reducing the shelf life of the real estate Mumbai property. In the last few years many building in Mumbai real estate have undergone redevelopment. Redevelopment offers a win-win situation for builders as well as current owner. The current owners get a posh new property and possibly a bigger property in return for their old depleted property, some might also receive cash along with property. The builders on the other hand benefit from selling the extra units that they built on the site.
Mumbai is the most popular destination for realty investment in real estate India but in the past few days these areas have seen unprecedented rise in property prices. Property in Mumbai be it a flat or a bungalow is now virtually unaffordable due to lack of supply and increasing demand. Many experts feel redevelopment may be the only way forward as it improves the city’s realty viability and durability. Currently redevelopment seems to be a viable option to solve the problem of lack of space in the financial capital of India.
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