All You Wanted To Know About the Prabhadevi Real Estate Market
Saturday, July 4, 2015, 6:00 AM | Leave Comment
Mumbai in general has been one of the hottest real estate markets in India for long. Being the commercial capital of India, it attracts varied sections of populace from not only all over India but also from the far corners of the world. Consequently there is a huge demand for property – residential, retail, and commercial.
In fact, Mumbai is ranked as one of the most expensive cities in the world as far as property prices are considered. The city is considered to be a top destination for real estate investors as not only do they get a huge choice in the ticket sizes but also can choose from the burgeoning supply of residential, commercial and retail spaces.
There are also a lot of stock market investors who look to balance out their exposure in equities by some solid real estate investments that hold their value well even if the financial markets jump up and down like yoyos.
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All about the Location
It would be extremely foolish for anyone to think that all localities of Mumbai see the same meteoric price rises that create huge splashes in the media every now and then when a big ticket sale is announced that breaks previous records.
Location, as everyone knows, is the key to successful investment in real estate. It is your ability to predict the dynamics of a particular locality five years from the time of the investment is made that makes the crucial difference between making a hot investment that returns anywhere between 15-20% return per annum or a damp squib that trails the equity market and barely makes the investment worth the while.
It is just not enough to make Mumbai your real estate investment destination but you must conduct adequate research on the real estate micro climates so that you can decide the wisdom of investment in a particular locality.
Even within a relatively small area there could exist wide disparities in the real estate profiles that will give you insights into the market behavior and expectations.
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Why Prabhadevi Makes For a Good Investment Destination?
Bounded on the north by residential zone of Shivaji Park, on the south by Worli, and on the west by the Arabian Sea, Prabhadeviis a small locality that lies between South Mumbai and the Western suburbs that are home to millions of the middle class.
One of the older residential districts in Mumbai, there is a striking diversity in the nature of properties.
On one hand you have the old buildings that fall into the price brackets that are really low, relatively speaking, while on the other you will encounter modern high-rises with every sort of convenience built in for a really upscale lifestyle.
The presence of the famous Siddhivinayak Temple where both ordinary folks and the elite queue up to pay obeisance to Lord Ganesha, lends the area with a certain dignity and restraint.
According to a definitive Prabhadevi real estate guide, prices of around Rs.1,00,000 per sq. ft. are not unheard of in the new constructions, but this can easily dip to 75% in the older property, even if they are situated close to each other.
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A Mixed Use Profile Adds To the Investment Opportunities
Property deals in Mumbai receive a lot of investor support because of the typically high demand created by the booming economy.
The good thing about investing in Prabhadevi is that it is typically a mixed use pattern – you have residences, swanky shops, hospitals and clinics, and commercial spaces that span the entire spectrum.
You do not need to tie up a large amount of funds in a single investment as you have plenty of options to choose from.
If you are interested to invest in a residential property, there are a number of high profile projects, both existing and under-construction, that may be suitable.
That some of these deluxe apartments are occupied by the film fraternity adds to the future marketability.
On the other hand, you have a very wide choice of retail spaces as the area’s generally affluent demographic is extremely attractive to brands, big and small.
Many of the leading automobile brands have their showrooms here as do many other high profile consumer goods manufacturers.
One of the principal reasons why Prabhadevi is a hot destination is its proximity to business hubs such as Worli, Bandra, and Nariman Point. With the Bandra-Worli Sea Link, Prabhadevi has become even more attractive for businessmen.
With a sustained demand, Prabhadevi has not seen any of the local property slumps that oversupply has caused in some other parts of Mumbai, so it represents a very safe and attractive investment option.
Author bio
Rohit Nair is a keen observer of Mumbai’s real estate market. He is currently employed with a prominent real estate developer.
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