MUMBAI – REAL ESTATE BOOM CITY

MUMBAI
REAL ESTATE BOOM CITY

Bestowed by natural inlet via sea, blessed by a natural harbour, inviting commerce across the globe. The growth of Mumbai has been spectacular during the recent decades. Growth of industries and now a IT epicenter it has seen radical change in its topography. High rise Buildings resulting in soaring of real estate rates. With prime areas even in the suburbs. Real Estate rates here are more project oriented than location oriented.
Ones loss is someones gain ! as the saying goes. Closure of textiles mills and industrials sheds has opened up avenues for re-development considerations. Top brasses in construction sector are rising these properties for the multiplexes and Malls and shopping centres. This flex indicates a change in direction towards expansion for real estate. Thus resulting in escalating values for land.
Residential properties are on the rise in the region of Rs. 20-30 million range. ‘A’ Grade Buildings in the ‘Golden triangle’ as it is coined, command a price from Rs. 15000-17000 psf. Cuffe Parade Rs. 8000-12000 psf. Bandra one of the posh areas in Mumbai calls for Rs. 8000-13000 psf. Supply of residential properties in the leave and license market has built up, leading to a fall in rentals.
Nariman Point and Bandra-Kurla Complex command a good price for commercial property. Nariman Point commands Rs. 8000 – 12000 psf and Bandra-Kurla Complex Rs. 7000 to 9000 psf. Central Mumbai a fast developing industrial market is not lagging behind and rise in commercial properties in on the cards with 30% – 40% above market values.
The realization that land is an asset, corporation are now contemplating on developing large tracts of green land. Developers are tieing in with companies and vice versa for purchase of land for office space constructions, subjective to their requirements. Union budget has facilitated companies if they choose to buy land for providing houses for their employees.
Mumbai the city of hopes & dreams
A visitor to Mumbai would find it difficult to believe that this bustling, very modern metropolis, was once a cluster of seven islands, surrounded by swamps and marshes, and inhabited by a fishing community, the Kolis. Today, those seven islands exists as the areas of Colaba, Dongri, Mazgaon, Girgaum, Worli and Pare-Sion, whereas the Kollis outnumbered by a burgeoning population, have been relegated to pockets along the sea.
Mumbai’s recorded history begins with the Portuguese takeover in 1534. However, the Portuguese contribution was minimal and in 1661, the islands formed part of the dowry of Catherine of Braganza when she married Charles II of England. A few years later, the British Crown leased the islands to the East India Company for the paltry sum of ten pounds sterling a year.
From then onward, Mumbai’s fortunes took an upward swing. The mechanism of the East India Company, especially its first governor, Gerald Aungier, recognised its potential and proceeded to transform the swamplands into a centre of trade and commerce. The secluded, natural harbour, which inspired the Portuguese to call the area “Bom Bahaia” or beautiful bay, was developed into a port along with a fortified township to protect it. Thus by the end of the seventeenth century. Mumbai like Calcutta and Madras, had become a major port city for the East India Company and was henceforth termed as the Bombay Presidency.
However, Mumbai’s dynamic development occurred as recently as the second half of the nineteenth century. Over the years the seven islands were linked by causeway and the city began to take shape. Meanwhile the network of railways had been established connecting Mumbai to the rest of the country. This was providential. The American Civil War had led to a slump in American cotton supplies and Mumbai was suddenly propelled into becoming a major “cottonopollis” a vast clearing house for India cotton. Mills were set up and business flourished. At about the same time, the Suez Canal was opened and the city officially became India’s gateway to the West.
However it is the Gateway of India that can claim to be Mumbai’s signature monuments. This triple-arched gateway at Apollo Bunder marks the spot where new arrivals came ashore. In 1911, when George V and Queen Mary, made their state visits to India., the first reigning monarchs to do so, a plaster arch was erected here, through which they entered. After their departure, the arch was dismantled and in 1927, the Gateway of India was built to commemorate that visit and also to be a venue for such other ceremonial receptions. The Gateway of India still retains its majestic aura, overlooking the Arabian Sea, surrounded by gardens, where the equestrian statue of Shivaji, the great Maratha warrior was erected in 1961.
Chowpatty hums with activity. This sandy beach is the one spot in Mumbai where people from all walks of life gather. The rich and the poor, the young and the old, vendors, entertainers – for each of them Chowpatty has something to offer More importantly, this is the location of Mumbai’s premier festival, Ganesh Chaturthi, where the life-size images of Ganesh , the elephant-headed god are immersed in the sea.
When the Portuguese occupied Mumbai, the Jesuits reserved Bandra as their domain. However, today, it is Mount Mary’s church which attracts people from all faiths, especially in September when the week-long Saint Mary’s Fair is held. This festival celebrates the fulfillment of a vow made by a Parsi gentleman, whose daughters had all died at infancy. He promised to build a causeway linking Bandra with Mumbai if his new born daughter survived beyond the age of seven. Thus a tradition was established which continues to this day. During the Fair, devotees congregate at the church, offer wax candles to seek favours through Mother Mary.
Shopping in Mumbai is an experience and ranges from the trendy, upmarket boutiques for the sophisticated shopper to local markets where all manner of merchandise are available. Chor Bazaar or Thieves’ Market, on Mutton Street, is a haven for the antique hunter. Here the discerning can find quaint little curios, carved colonial furniture. Chinese porcelain and other bric-a-brac. Fridays are the best days to visit and perhaps pick up a genuine antique for a bargain.
Mohammed Ali Road is a predominately Muslim locality presided over by the Zakaria Masjid. Here, in the narrow, crowded bylanes are shops selling traditional wares like cosmetics and perfume. During Ramzaan, hundreds of foodstalls line the streets, filling the air with the aroma of delicious food being prepared. This is where the faithful come to break their fast.