In Eastern Mumbai District Property rates are expected to double by 2017
In Eastern Mumbai District (EMD) properties rates are expected to double by 2017. This is predicted by Brick Eagle, a financial services platform for affordable housing development in India. Brick Eagle says, “Property investment here remains a good, safe, low-risk investment with average rates of Rs 3000 per square foot and an upward trend incomparable to other areas in the real estate market.”
Brick Eagle also added, “Based on trends seen in Navi Mumbai and Panvel, it is estimated that property prices will continue to rise to Rs 6,000/sq ft by 2017, Rs 8,000 per sq. ft. by 2020, Rs 15,000 per square feet by 2025 and to an astounding Rs 30,000 per square feet by 2030; an incredible 900% appreciation in 16 years.”
The upcoming infrastructural improvements and developments like the construction of the 12 lane multimodal corridor, the ambitious Delhi Mumbai Industrial Corridor, the expansion of educational and IT infrastructure and the slated extension of rail connectivity would make, “the Eastern Mumbai District is well poised to become a self-sustaining metropolis.” This is also mentioned in the report of Brick Eagle.
Source: The Times of India
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