Demand in the luxury space in Mumbai has always been on the rise. With higher disposable income, fast pace of urbanisation and desire for a better standard of living, there is a rising demand for luxury apartments in Mumbai.
To meet the growing aspirations of home buyers, real estate developers in Mumbai have launched projects with world-class designs and exclusive amenities. Here are a few reasons why the demand for luxury real estate in Mumbai is on the rise.
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An Increase In The Standard Of Living
Increase in income has a direct correlation with an increase in expectations. As you start earning more, you expect a gradual rise in your standard of living. You want to make a statement with your possessions, be it a fancy car, luxurious home or any asset that reflects your success. These attributes have brought about an increase in the standard of living and the demand for luxury apartments in Mumbai.
Economic Growth
The growth of the country’s economy has contributed to a rise in people’s disposable income. With higher income, people are spending more for a luxurious lifestyle, and investing in luxury homes is a great way to add an asset that will appreciate in value over time, while improving their current standard of living. Because of this growing demand, an increasing number of developers have introduced sophisticated flats in Mumbai for discerning buyers. One such project is Arihant Anaika, which offers luxurious flats in Mumbai that have an elegant ambience as well as modern living spaces.
Higher Investment Potential
Luxury homes are always in demand by high net worth individuals who see them as an ideal investment opportunity. With lifestyle changes and high aspirations, the definition of luxury has changed. Investing in real estate is also viewed as an excellent tax-saving option among most high income-earners. Many NRIs are investing in the Indian real estate market too, and this in turn has further advanced the demand for luxury homes.
Enhanced Lifestyle With Better Amenities
Gone are the days when homebuyers viewed infrastructure connectivity, big spaces anda clean, green locality as a luxury. These are now considered to be minimum requirements. This has pushed developers to build homes with world-class amenities, modern facilities, good connectivity, and green spaces.
To Match International Standards
To meet the growing aspirations of people and stay competitive, real estate developers are building homes equipped with state-of-the-art technology, amenities, attractive layouts, well-designed interiors, touch-responsive fixtures, electronic security and much more. Such well-designed homes are attracting swathes of homebuyers and leading to a demand for luxury houses in Mumbai.
Easy Availability Of Finance
Buying a home has always been an expensive pursuit, and while the real estate market is flooded with demand, prices continue to rise. However, getting a home loan to finance the purchase of a luxury home is no longer difficult. From helping people find the right home for their needs, to arranging for the funds to purchase their chosen home, lender like Bajaj Finserv Homes and Loans are doing it all. In fact, now you can easily check your pre-approved home loan offer online, and know exactly how much loan you can get to purchase a luxury home.
Summary
Luxury housing is a fast-growing sector of the Indian real estate market. There is a huge demand for luxury apartments in Mumbai, especially in areas like Navi Mumbai, South Mumbai, and Bandra. This rise in demand can be attributed to factors such as growing aspirations of people due to a rise in the standard of living, growth in the economy encouraging people to spend on luxury housing, higher investment capability, better amenities offered by developers, lifestyle changes, matching international standards of home building and much more.
To cater to this growing demand, developers are undertaking projects to build ultra-luxury flats in Mumbai. One such project in Tajola, Navi Mumbai is Arihant Anaika that offers spacious 1, 2 and 3 BHK apartments ranging from 702 to 1443 square feet. The project offers modern living spaces with a mix of technology and exclusivity.
Some of the project highlights include a premium mini township, aerobics
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