Mumbai - The financial capital of India, home to more than 18 million inhabitants and Bollywood…
19 Mar 2018
Mumbai – The financial capital of India, home to more than 18 million inhabitants and Bollywood starlets. It is the luxury capital of the country, not only for luxury brands like Gucci, Louis Vuitton and Ferrari but also when it comes to luxury properties. Mumbai continues to dominate the other property markets of India regarding luxury real estates and is still the first choice of luxury brands, celebrities and ultra high net worth individuals. Even though there are many new cities which outpace Mumbai regarding growth and infrastructure, it stays the favourite for real estate investors as no other market has ever given them better returns than the luxury real estate market of Mumbai.
It consists basically of two micro markets South Mumbai and Central Mumbai. One of the most exclusive neighbourhoods in Mumbai is Worli, which is located in the South. This former fishing village became the city’s most important business district. It has also the highest property prices from Rs35,000 and Rs60,000 per square feet. So it does not come as a surprise that Donald Trump brought his signature Trump Tower to Mumbai on Hughes Road in Worli. The 78-storey project was launched in 2014 and will be completed in mid-2019. It comprises 400 luxury residences and will offer private jet facility to its residents. It will be the first construction in India to offer such exclusive services. The project has been planned and constructed together with the Lodha Group. The tower is spread across a seven-acre property and has around 400 flats with 3 bedroom and 4 bedroom apartments that cost between Rs.9 crore to Rs.12 crore. The residents will enjoy exclusive access to an elite white-glove service and 24/7 private gymnasium.
Many investors have been wondering why The Trump Organization chose to launch two of its most prestigious projects in the midst of one of the worst slowdowns for the real estate market in India. The market has been hit by demonetization, GST and RERA and it has been tough for the market to recover. But Trump Jr is confident that there is still great potential for the right product to attract the right buyer. He believes that the new level of transparency will boost the confidence of investors in the luxury real estate market.
The entire regulations undertaken by the government are to be looked at in the backdrop of the government’s multi-pronged policy to create an institutional and regulatory framework for the speedy and steady growth of the economy. Going forward, these policy initiatives will help make real estate more organised, transparent, credible and therefore make this luxury sector more investor and consumer friendly.
Properties in Mumbai:
Situated in a 648 feet tall 48-storied residential tower amid large pristine landscaped terrain in the heart of Mumbai, this modern penthouse is the true definition of luxury living.
This apartment is a part of an innovative project that assures a lavish lifestyle. The rooms are highly spacious and comfortable. The elevators are well resourced with high-security systems and the use of modern technologies.