Property in West India
West India is a region of India that consists of the states of Maharashtra, Goa and Gujarat. This is considered to be the most economically developed and prosperous region of the country. The Western region tops the list as far as standards of living, infrastructure and education are concerned.
The state of Maharashtra in this region is home to Mumbai, the financial capital of India and has some of the highest real estate in terms of prices. Nariman point in Mumbai can be compared to international cities like New York in realty prices. This financial hub has one of the fastest growing industries, working population, which in turn has lead to a high demand of real estate leading to high residential, industrial and commercial realty prices.
Cities like Navi Mumbai and Pune are also on the fast track growth and are emerging as the next destination of realty investment. Large investors and NRIs have put in crores of rupees in various real estate properties.
Industrial Growth: Western India is experiencing fast growth in diverse industries. Cities like Pune, Nasik, Navi mumbai and Nagpur are attracting investments from IT companies, Manufacturing sector and also other companies in the service sector. This has lead to a rise in demand for industrial and residential properties, leading to a high prices. It is estimated that the last 3-4 years have witnessing more than 60% in various cities in the west India.
Infrastructural Development: The Government in western region has taken various initiatives for attracting real estate investment in different cities. One of them being improving the existing infrastructure like providing better roads, power, flyovers etc for encouraging setting up of industries in different parts of the region. This has lead to an inflow of many companies in these cities , creating a high demand for industrial and residential properties.
Rising Population: Rise in the population, especially the working population is another significant reason that has lead to high prices in realty sector. With higher pay packets and buying power, people are demanding more houses on rent or for purchase. The inequality between the demand and supply has further aggravated the price problem.
Increasing Purchasing Power: With economic development, growing GDP, better work opportunities, and therefore rising incomes, people in this region are in a better position to afford apartments, independent houses etc. NRIs having surplus money are buying properties for investment purpose because of a high rate of return.