Looking To Purchase Property In Mumbai Heres What Makes The City So Special

  • Added:
    Jan 17, 2014
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Looking To Purchase Property In Mumbai Heres What Makes The City So Special Photo by Umov  Mehta

India is a diverse country, with rich culture, heritage, customs, values and traditions. Being a vast nation in terms of both size and population, the country has seen immense growth and progress over the last 30 years or so, and is regarded as one of the largest economic markets in the world today. With the advent of new and better technology, the country has learned to embrace certain Western values and traditions, the impact of which can be seen in the styles of architecture, infrastructure, medical facilities, construction methods, and so on. The metropolitan cities in the country have contributed greatly, to the overall growth and progress witnessed by the nation. Of all the major cities in contention, the city of Mumbai (previously known as Bombay) has left its own individual mark on the overall fame and international recognition earned by India. In spite of its small size and coastal location, the land prices in the city have shot up tremendously over the past decade, and the property rates in Mumbai today, are on par with cities like New York. If the prices of property in the city are so high, there has got to be a good reason for it.

One of the major factors that positions Mumbai above most other cities in India, is its overall contribution to the Indian economy. As per recent studies, the city contributes a total of 20% of total industrial output, along with 40% of Income tax revenue, and more than 70% of national capital. Moreover, with the advent of Bollywood movies, the city now produces more movies than Hollywood each year. In fact, a large number of Hollywood movies are being shot and produced in Mumbai itself. As striking as these numbers may seem, it is the cost-effective labour and the fast-paced life that attracts the interest of top international producers. These producers rent flats in Mumbai for attractive prices, and provide a comfortable stay for the entire crew over the duration of filming their movies.

The city has the essential infrastructure to keep it constantly connected with the rest of the country and the world. With an active population of more than 19 million, the city is constantly buzzing with activity. The natural harbour in the city is responsible for shipping more than half of the total maritime cargo in the country, whereas the airports in Mumbai deal with more than 20 million travellers per year. The public transport services in the country can also compete with their international counterparts, as a single suburban train network carries more than 7 million passengers with ease, while the bus service transports an approximate of 4.5 million people on a regular basis. These are some of the major reasons why the prices of property in Mumbai are considerably expensive. But, this isn't really a cause for concern, especially when one calculates what they get in exchange for their money.

With a fast-paced life that's comparable to big cities around the world like New York, Munich and Shanghai, the city also has an equally diverse set of inhabitants, with the vast populace being well versed in widely spoken languages. The city has some of the most reputed financial institutions like the NSE (National Stock Exchange of India), the BSE (Bombay Stock Exchange) and the Reserve Bank Of India. It also houses the corporate offices of top-notch Indian businesses and other MNCs. Being a highly developed cosmopolitan city, one can easily find various hangout spots and tourists attractions. The city also boasts of a highly active night-life, with the presence of several international clubs, pubs and fine-dining restaurants for those who want to have a good time. Thus, we safely conclude saying that those looking to purchase property in India, need to look no further than the beautiful city of Mumbai.

 

Umov Mehta is a renowned real estate expert at one of the largest websites for property in India. His work is appreciated by top professionals in the industry.

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http://www.umoveindia.com/


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