Increasing Demand for 3 and 4 BHK Flats in Mumbai

Mumbai keeps on recording probably the most expensive apartment deals in India. According to real estate experts, approximately eight-ten new residential buildings are coming up in the city. These properties will be high rises with luxurious 3 BHK and 4 BHK flats in Mumbai, catering to the buyers. In fact these projects will get completed in the coming years; the rates are sufficiently high for not so wealthy buyer. So as to buy a 3 or 4BHK apartment spread in a range of 2700 to 4000 square foot, buyers will need to shell around 14 to 22 Crore rupees in any of these projects.

Owning a 4BHK flat can be viewed luxury since residential space is an issue in Mumbai. Most of top real estate companies are luring the rich investors with plush apartments that provide a five-star hotel like world class amenities. The concept is to give a pleasant urban experience to the buyers.

Some apartments will also offer 360 degree perceptive of the city. Few projects are not being launched in a correct manner because the developers will be directing the deals to a select group of buyers by verbal.

As per property specialists, sales of luxury apartments have remained tepid in several Indian cities but Mumbai’s market continues to launch new projects valued between 5 to 100 Crore INR. Developers are exploring areas such as Worli and Lower Parel for their projects as highly-expensive south Mumbai localities such as Malabar Hill and Altamount Road have become saturated.

Many residential projects in Lower Parel and Worli are replacing old and dilapidated housing societies. Properties in these areas dont offer the privacy and quiet of an Altamount Road apartment, however they most likely offer exclusivity, large living area and beautiful sea-view.

There has not been any significant increase in demand for luxury properties in Mumbai. Developers are offering the flats at high rates as a result of a property in the Mumbais prime neighborhood cannot be priced any lower than a few crore rupees. To make more benefit, they are pricing large homes at excessive rates that only a wealthy buyer can afford.