Released on: May 19, 2008, 1:51 am

Press Release Author: George Gonigal

Industry: Real Estate

Press Release Summary: With a host of ambitious projects in both residential and
commercial sector on board, Mumbai real estate industry is expecting big time
investments to pour in. Industry experts predict Mumbai real estate sector to rule
the real estate market in the times to come.

Press Release Body: With a host of ambitious projects in both residential and
commercial sector on board, Mumbai real estate industry is expecting big time
investments to pour in. Industry experts predict Mumbai real estate sector to rule
the real estate market in the times to come.

Residential Scenario

While residential sector is witnessing a dip in sales, real estate developers are
hitting the luxury home segment by targeting NRIs and HNIs.

Mumbai-based real estate developer Lodha Group is launching luxury home project in
Worli at Rs 40 crore. Similarly, Royal Palms are selling elite villas in Goregaon
East, inside the Aarey Colony area of suburban Mumbai at Rs 4.5 crore each.

Kalpataru Properties Pvt. Ltd. is also launching Kalpataru Estate at Andheri East,
Kalpataru Aura at Ghatkopar West and two other projects in Kandivali East and Thane
West. Hiranandani Group is coming up with Richmond Tower at Hiranandani Gardens,
Powai. The project is a 24-storey building offering chic 5BHK apartments of 4,880 &
4,925 sq. ft each with all contemporary amenities. The group also has on cards
Hiranandani Estates and Hiranandani Meadows at Thane.

Commercial Prospect

According to media reports, the commercial property rates in Mumbai are likely to
rise by about 50 per cent with large number of premium buildings getting
constructed.

Developers like Hiranandani Group, Kalpataru Properties Pvt. Ltd, and Cosmos Group
etc have their projects on roll in Mumbai. There is Hiranandani Biz Park at Thane
and Powai, along with Megapolis by Kalpataru Properties Pvt. Ltd at Thane West,
which is a 60,000 sq. ft Hypermarket, housing a 4 screen Multiplex and a food court.
Also there are several office projects on the horizon in the CBD areas of Mumbai.

Indeed, a sturdy demand for global standards of construction in office space from
corporate has driven the values up.

Future Outlook

With new developments and redevelopment plans being undertaken, Mumbai Real Estate
industry can only lead in the times to come. Also amid all the ongoing
infrastructure developments taking place in Mumbai like MMRDA\'s Rs 1,493 crore
Extended Mumbai Urban Infrastructure Project and 600 crore skywalk project Mumbai
real estate will draw a lot of buyer and investor interest in the times to come,
feels Ahmed Khan, Mumbai real estate broker.

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Contact Details: george.gonigal@gmail.com