Maharashtra is located in the South-Western coastal region of India. The Western part of this state is surrounded by the Arabian sea. The financial city of India, Mumbai is the capital of this state. The state is considered as one of the prosperous states of the country. The agricultural as well as industrial sector of this state are well developed. This state is also known as "Power House" of India. The surrounding states of Maharashtra are Gujarat, Madhya Pradesh, Andhra Pradesh and Karnataka. Apart from Mumbai, the other important cities and towns of Maharashtra are Pune, Nashik, Ulhasnagar, Akola, Aurangabad, Amravati, Dhule, Jalgaon, Latur, Kolhapur, Nagpur, Panchgani, Ratnagiri, Satara, Sholapur, Thane etc. The state contributes about 25% share of India's total industrial production.
Real estate scenario After proving itself as a leading industrial force in India, Maharashtra has set a new benchmark in the country's fast developing real estate industry. The rapid progress in the economical sector in Mumbai and its outskirts, Nashik, Pune and some other industrial towns has led to very fast growth in the price of commercial and residential property. Navi Mumbai is a new township, which has been developed in the outskirt of Mumbai. Maharashtra Industrial Development Corporation has been developing many new industrial towns at Thane, Raigad, Hinjwadi, Talegaon (both in Pune), Latur, Shendre in Aurangabad, Tadali, Yavatmal (both in Chandrapur), Sinnar in Nashik, Butibori in Nagpur and Nardhana in Dhule. These recent development of township is showing the progressive condition of real estate in Maharashtra.
The FDI share of Maharashtra in real estate industry is the highest in the country. In 1980, The Export Processing Zone was set in Mumbai and near the Jawaharlal Nehru Port, The Industrial Development Corporation was came into existence. These two bodies, have been continuously encouraging the development of real estate industry development process of the state.
The flourishing IT industry, Biotechnology Industry, Textile Industry, Automobile Industry, Electronic Industry, Bollywood Industry and many such industries, are equally responsible for the intensive growth of real estate industry in this state. The futuristic and visionary policies of the Maharashtra government are the inductive factors for the investors, who want to invest their money in the state's real estate. The combination of all these things have made a favorable environment in the state of Maharashtra, which has been propelling the growth of real estate industry.
Like the general segregation, the real estate industry of Maharashtra has also been divided into three categories. These three categories have been defined as follows.
Residential Real Estate It is a famous statement about Mumbai that you can get a job here, but it is very tough to get a shelter. This statement depicts the scarcity of residential space in Mumbai for common people. This thing is not common only in Mumbai, but in all other big towns and cities of Maharashtra. The residential property market in Mumbai, Pune, Nashik and in some other big cities of Maharashtra has been matured. For instance, in Pune, the price of residential property has increased by 10% to 70% within last couple of years. This hike is prominent in some specific areas of Pune, like Baner, Kalyani Nagar, Hinjewadi, Kharadi, Wakad, Pimpri etc. The residential property price in Navi Mumbai has also been soaring since after the declaration of Green Field Airport Project in Pavel and the Special Economic Zone. Therefore, with compare to Mumbai, now Navi Mumbai can not be ignored. Because, the rates of residential as well commercial property in Navi Mumbai are no more less than Mumbai. The residential properties found here are of premium segment. The same condition is also prevailing in other prominent towns of Maharashtra.
Commercial Real Estate The major commercial cities, like Mumbai, Pune, Nashik etc are all located in this state. The industrial development, commercial development, financial development, entertainment industry development, tourism development and many more such type of developments have a great impact on the commercial real estate industry of Maharashtra. Some of the cities of Maharashtra, are the most expensive cities in term of commercial space. Specially, Mumbai is famous as the commercial city of India. The multi-storeyed buildings, the splendid malls, the luxury hotels, different type of commercial projects, Special Economic Zones, Shopping complexes etc are the real scenario of the commercial development of Mumbai and other most important cities and towns of Maharashtra. In true sense, the commercial real estate industry is going through the booming phase in the entire Maharashtra state.
Industrial Real Estate Maharashtra is a leading industrialized state of India. The chemical industry, tourism industry, fertilizer industry, automobile industry, pharmaceutical industry, energy industry, Bollywood industry and many more other important industries have been operating here. The central government has announced about the formation of various SEZs across the entire state. This is also encouraging the establishment of new industries in this state. The foreign investors also consider Maharashtra as one of the best place for industrial investment. Therefore, the overall condition of this state in term of industry is exceptionally good. For such huge pace of industrialization that is going on, there is a severe requirement of more infrastructural development apart from the existing one. Therefore, new railway routes, new domestic as well as international airports, dams, roadways, power generation stations etc are also taking place in Maharashtra. In due course, all these are directly uplifting the price of industrial real estate of the state. The presence of good industrial infrastructure within the state has made it as one of the most lucrative destinations for opening new industrial enterprises by the entrepreneurs. In term of cost of industrial real estate, Maharashtra has become as one of the leading states in India.
Role of NRIs in the Real Estate Industry Those NRIs, who want to open their businesses or want to buy either residential space or commercial space, Maharashtra is the first name which comes in their minds. The availability of excellent sea ports, the good industrial infrastructures, the inductive investment policy of the state government, presence of all type of amenities, large market place, etc are the responsible factors, which tempting the NRIs to invest in the state. Presently, there is a large number of such NRIs, who either have invested their money in all the three segments of real estate or they are going to invest in the near future. About 25-30% share of total investment made by the NRI in real estate industry of India, goes to the account of Maharashtra.
Future Trend of Real Estate in Maharashtra The future of Maharashtra state in real estate is very bright. There are so many upcoming projects, which are waiting for their final implementation. Recently, the government has notifies seven new SEZs in different places of the state. The real estate developers are also taking up many large projects in residential and commercial sector of real estate. These projects are being undertaken on the lines of Bangalore and Mumbai. A leading property consultant has forcasted that Nagpur will become a healthy offshoaring destination for the IT companies in the near future. Nashik is the other city of Maharashtra, which is going to be a lucrative destination for the real estate developers in the near future. Due to the presence of favorable industrial climate, qualified professionals and committed workforce, the state is becoming a hot spot for the real estate developers.