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19 August, 2023
As Mumbai continues to be one of the most promising real estate markets in India, developers from other cities are gradually moving to this city. In the last few years, several developers from other cities such as Ahmedabad, Pune, and Bengaluru have entered Mumbai. Besides, DLF has recently announced that the company would be re-entering the MMR with Trident Buidtech. In Andheri, they are working on a slum rehabilitation project. According to real estate experts, the reasons for developers to focus on projects in Mumbai are the high profit margins, opportunities for redevelopment, and high volumes of sales. All these aspects make the financial capital of India an attractive market for real estate developers.
Apart from DLF, other property developers are focussing on the realty market in Mumbai. Besides, another reputed builder, Puravankara, stated that it was willing to expand its presence in the city. The CEO and director of the group stated that Mumbai had always been a subject of interest to them as far as real estate was concerned. Currently, the developers have two residential projects in Mumbai. These include Provident Palmvista in Kalyan and Clermont in Chembur. The developer has received positive responses from customers, and construction in both these projects is going on in full swing.
On the other hand, the Prestige Group, which is basically based in Bangalore, has invested INR 6,000 crore in Mumbai. While certain projects are for redevelopment or involve the ones acquired through the NCLT, most of the projects have been developed on leasehold or freehold parcels. The Prestige Group believes that the main reason for expanding to Mumbai was that the city is the financial capital. Real estate consumption is on the rise, and property prices are increasing. This makes it an attractive avenue for developers in the sector.
On the other hand, Kolte-Patil Developers, based in Pune, announced that it would be launching two redevelopment projects in Mumbai. The aim of these projects is to strengthen the residential property portfolio in the city. These two projects, Alora in Kalina and K52 in Khar have impressive revenue potential. According to the company, the estimates are INR 110 crore and INR 300 crore.