Why is there an increase in demand for luxurious properties in Mumbai?

People in India now have more disposable income than ever before. With more disposable income comes a better standard of living. To fulfil their needs of having a better standard of living, people often look for properties that offer them exactly that. Real estate developers in Mumbai are well aware of the fact and this is why you can see more luxury properties being made around the city. The real estate builders in Mumbai are fulfilling the demand made by the people who have created the market for luxury properties. The sudden rise in luxurious properties is most evident in Goregaon with the most number of new residential projects in Goregaon being made.
What makes Goregaon the perfect place for a real estate company in Mumbai to invest their money in? Goregaon is a hybrid real estate market where you can find both commercial and residential property in Goregaon. Goregaon has also been made home for multiple multinational companies and the workers in these companies usually look for homes that are nearby their workplace. Being well paid these office workers can afford to buy luxurious residential properties in Goregaon. This helps the demanding shoot up the roof for the properties in Goregaon. So why are we seeing an increase in demand for luxurious properties in Goregaon? Let us have a look.
1. Increase in standard of living.
When people earn more; their expectations increase too. Going to work in a car, owning a luxurious home, etc. is something they aspire. This is how they improve their standard of living. A luxury home is a testament to a lavish lifestyle and high social status. Owning a luxurious residential property in Goregaon allows you to flaunt your wealth and social standing in society. Goregaon is a sensible choice for people who are looking for residential property but on a budget while also not giving up amenities.
2. Better economy.
The country has seen growth in its economy, there is a rise in the amount of disposable income of people. As there is more disposable income, people prefer to invest in luxury new residential projects in Goregaon. Many developers are coming up with a wide range of luxury residential property in Goregaon for you to choose from. A better economy helps people live a better life. When people have more disposable income they will spend their money getting stuff that makes their life better.
3. Investment capacity.
The number of High Net Worth individuals (HNIs) in India is increasing by the day. As there are lifestyle changes and high aspirations, the demand for luxury residential property in Goregaon is increasing too. The demands have changed the definition of what luxury means. These luxury apartments in Mumbai have now become a real estate investment option for the HNIs. The main motive is to save tax which has also garnered investments from non-resident Indian (NRIs) in the Indian real estate market. When people have the money they choose to invest their money on more expensive stuff and that also includes real estate.
4. People want better for themselves.
Homebuyers consider amenities such as a good school, locality, and a home with a big space as a necessity and not a luxury. This is now considered a minimum requirement as there are huge changes in the way of living for these city dwellers. This is precisely the case with properties in Mumbai, people consider Goregaon one such locality where people can own flats in localities with a lovely view of Sanjay Gandhi national park from their residential property in Goregaon.
5. To meet up with the demands from NRIs
As more and more Indians are travelling abroad, they are introduced to a different style of living, where what they consider here as a luxury is a basic necessity in foreign countries. Because of this, real estate builders in Mumbai are scaling up their design and features of the flats they are constructing. Luxury residential property in Goregaon now comes equipped with state of the art technology, features, attractively detailed interiors, beautiful ceilings, and a lot more other things. Row houses and penthouses are also seeing a lot of buyers. Real estate companies in Mumbai know what the NRIs want and try to accommodate their needs as much as possible in the flat.
The luxury housing sector is the fastest-growing sector in real estate not only in Mumbai but in India. The demand for luxury properties is only going up as the standard of living of an average Indian is going up. It makes sense seeing the demand for luxury properties go up. Goregaon is one of the prime suburbs of Mumbai and demand for real estate in the suburb is increasing as it gets more expensive to buy flats in main Mumbai.