Property in Mumbai

mumbai, the capital of Maharashtra, is one of the most densely populated cities in the world. Called Bombay earlier, the city is also Indias most prosperous city and contributes to over six per cent of Indias Gross Domestic Product (GDP). Also known as Indias financial capital, mumbai houses Indias film industry, Bollywood. mumbai is a city built on land reclaimed from the sea. Mumbais central business district, Nariman Point, is located at the narrow end of a peninsula. mumbai was formed of seven islands. Property in mumbai is highly expensive, even by global standards. This is especially true of property at the high-end residential and commercial real estate markets in mumbai.
The headquarters of many of Indias major banks and financial institutions like the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI) and the National Stock Exchange of India are in mumbai. The Maharashtra government expects mumbai to emerge as a major International Financial Centre in the future. mumbai became the capital of the then-newly formed Maharashtra in 1960. The Sultan of Gujarat, the Portuguese and the British East India Company have ruled mumbai at various points in its history. The Indian National Congress also emerged in mumbai.

Infrastructure
Mumbais suburban railway network is spread over 465 kms, but the passenger density of Mumbais trains is the highest in the world. Apart from the suburban railway network, mumbai also has metro lines and monorail. The Brihanmumbai Electric Supply and Transport (BEST) buses are another mode of mass transport in mumbai. Many major infrastructure projects are likely to be in operational in the near future in the city.
To improve the infrastructure in mumbai, the mumbai Metropolitan Region Development Authority (MMRDA) and the Maharashtra State Road Development Corporation (MSRDC) have proposed measures that may materialise in the near future. The 36.5-km long coastal road is expected to lower commute times significantly in mumbai. The Trans Harbor Link is expected to lower the commute time between South mumbai and Navi mumbai, a satellite city of mumbai where prospects of urban expansion are high.
The Integrated Passenger Water Transport (IPWT) system is also expected to lower the commute time between South mumbai and Navi mumbai. The upcoming railway lines and metro lines, too, are expected to expand the supply of developable urban land in mumbai. The transport connectivity between Mumbais eastern suburbs is expected to strengthen with the bus rapid transit system. These infrastructure projects in pipeline are expected to raise the price of real estate in mumbai significantly.

Living
Once rental housing flourished in mumbai because migrants have always found the city very attractive. But, since Independence, the share of rental housing in the city has declined. According to latest estimates, the per capita floor space consumption in mumbai is 4.5 sq mt. The price of high-end real estate at Nariman Point and the Bandra Kurla Complex (BKC) are comparable to that of premium real estate anywhere in the world. mumbai has also the worlds most expensive private residential property, Antilla, owned by Mukesh Ambani, the chairman of Reliance Industries.
The trend of demand for real estate shifting from South mumbai to the BKC is likely to intensify with the completion of infrastructure projects like Monorail, Metro Phase-III and the coastal road projects. Even though South mumbai once witnessed the largest number of launches, construction activity is more concentrated in the BKC now.
Another three areas that are likely to see a rise in real estate prices in mumbai are Andheri, Chembur-Ghatkopar and Mulund-Bhandup. Infrastructure projects like the Versova-Andheri-Ghatkopar Metro Line, the Coastal Road Project, the Integrated Passenger Water Transport (IPWT), the Bus Rapid Transit System (MBRTS), the Santacruz-Chembur Link Road and the Chembur-Wadala Monorail are expected to drive up the prices of property in these real estate destinations of mumbai. The Trans Harbor Link, the coastal road, the expansion of railways and the underground ring road, that is expected to connect the mumbai-Ahmedabad Highway, the Mahim Creek, the Bandra-Worli Sea Link and Nariman Point, are likely to raise real estate prices in Navi mumbai, too. Areas of mumbai such as Ulwe, Panvel, Goregaon, Mira Road, Vasai and Virar are also witnessing a rise in demand for real estate.

Real estate
The Brihanmumbai Municipal Corporation (BMC) collects property taxes in mumbai. Property taxes in mumbai are calculated according to the neighbourhood in which the property is situated, the type of construction, carpet area of the property and the year in which the property was constructed. In mumbai, you can make property tax payments online. Residents of mumbai are expected to pay interest on property taxes, if they do not pay property tax on time. Capital gains taxes also apply while you sell your property in mumbai. The Stamp Duty in mumbai is five per cent, though it is expected to be raised to six per cent. Registration charges are one per cent of the value of the property, but there is an upper ceiling of Rs 30,000. The Department of Registration and Stamps in Maharashtra has a website, IGR Maharashtra. The Maharashtra Housing and Area Development Authority (MHADA) addresses housing problems in the city.

Demographics
mumbai is the second most populous city in India, and the sixth most populous city in the world, according to United Nations. mumbai is the densest major city in the world. mumbai is also the most crowded city in the world, with 1.1 sq mt of open space per person. The population of mumbai Metropolitan Region, according to the United Nations, was 21 million in 2014, and is expected to grow to 28 million by 2030. The population density of mumbai was 20, 482 people per sq km. Nearly half of Mumbais population lives in slums, according to various estimates, but the average income levels in slums are higher than that of most of Indias villages. The literacy rate of mumbai in 2011 was 94.7 per cent, and this is higher than the National average. Even though population of mumbai has grown significantly since independence, building supply and infrastructure has not grown proportionately.

Governance
The Brihanmumbai Municipal Corporation (BMC) or the Municipal Corporation or Greater mumbai (MCGM) is in charge of civic governance of Greater mumbai. The Mayor, elected councilors and the Municipal Commissioner are at the helm of the BMC. The BMC is the wealthiest urban local authority in India. It is the primary responsibility of BMC to provide municipal services and primary infrastructure in the city. District collectors have power over the two revenue districts of mumbai, and the mumbai Police Commissioner is at the helm of the mumbai Police. In mumbai, potable water is supplied by the Brihanmumbai Municipal Corporation. Electric power supply is provided by the Brihanmumbai Electric Supply and Transport and various private companies. Predominantly, Mahanagar Telecom Nigam (MTNL) provides telephone services. The Regional Transport Office (RTO) in mumbai issues driving licences, and is responsible for registration of vehicles.

Industry and employment
Even though Mumbais long-closed textile mills and the sea ports were once the key to the citys prosperity, this is no longer true. The financial industry and engineering firms now drive economic growth in the Maximum City. The headquarters of major Indian companies such as the Tata Group, Essel Group and Reliance Industries are in mumbai. As Mumbais large companies, banks, Bollywood stars and wealthy bankers moved to the BKC, it has emerged as the de factor central business district (CBD) of mumbai. Standard Chartered Bank, Morgan Stanley, Deutsche Bank, Citi Group, JP Morgan, ICICI and Citigroup are among the major financial companies and banks that moved to the BKC. mumbai has the largest number of wealthy individuals in India. The International Infotech Park in Navi mumbai have attracted many information technology (IT) companies in and around Navi mumbai. Western and Central mumbai are major employment centers. The Pimpri-Chinchwad Municipal Corporation (PCMC), a major real estate destination in Pune, is one-and-a-half hour distance from Navi mumbai. The Delhi-mumbai Industrial Corridor is expected to raise employment in many cities along it.

Lifestyle
mumbai, a cosmopolitan city, has its streets always bustling with activity. The city is known for the enterprising spirit of its people, its food and the Colonial-era architecture. Street-food in mumbai is quite popular. mumbai is also the epicenter of Indias fashion industry. Ganesh Chaturthi is the most popular festivals in mumbai. The number of Art Deco buildings in mumbai is the second highest in the world. Elephenta Caves and the Chhattrapati Shivaji Terminus are some of the heritage structures in mumbai. The Sanjay Gandhi National Park which spreads over 103.09 sq km is the largest fully functioning National park situated within the city limits of any major city.
Snow World at Phoenix Market City at Kurla is a tourist destination in the city where temperature is maintained at -10 degree Celsius. High Street Phoenix at Lower Parel, Inorbit Mall in Malad and Oberoi Mall in Goregaon are among the popular malls in mumbai. Liberty Cinemas, Metro Big Cinemas, PVR Juhu and Cinemax Cinemas in Andheri East are popular theatres. Irish House in Lower Parel, Barbeque Nation in Thane, The Table and Lings Pavilion in Colaba and Sofitel in the BKC are among the popular restaurants in mumbai.