Over the years, Mumbai has emerged into one of the biggest metropolitan cities in India and the world. The city has become a home to 20.4mn people as per census 2011. Mumbai is famously known as the financial capital of India. The city has two of IndiaÔÇÖs major benchmark indices ÔÇô the Bombay Stock Exchange (BSE, also known as the Sensex) and the National Stock Index (NSE, the broader index). Further, Mumbai enjoys the presence of some significant financial institutions such as the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). Some of the other major highlights of Mumbai include Mumbai Port Trust, Bhabha Atomic Research Centre (BARC), Pandit Jawaharlal Nehru Planetarium, Mumbai University, and prominent educational schools, colleges, and institutions such as the Indian Institute of Technology (IIT). All these key highlights of Mumbai coupled with the presence of Bandra Kurla Complex (BKC), IT parks, SEZs, and many other dream projects in the pipeline make Mumbai a highly lucrative real estate investment destination.
Mumbai is one of IndiaÔÇÖs best connected cities in terms of road and rail network. Further, the city enjoys great inter-state, national, and international connectivity through road, rail, and air network. The city boasts of a well-connected road and highway network, which comprises the Western and Eastern Express Highway, Santacruz-Chembur Link Road (SCLR), Jogeshwari-Vikhroli Link Road (JVLR), Mumbai Eastern Freeway, Sahar Elevated Road, and Sion-Panvel Highway. Further, MumbaiÔÇÖs local train network, also called the life blood of Mumbai, links all corners of Mumbai through the Central and Western Railway Lines. The Central Line is headquartered at the Chhatrapati Shivaji Terminus (CST), Mumbai and the Western Line is headquartered at Churchgate Station. Furthermore, a widespread bus network operated by BEST adds further value to the rail connectivity of the city. The latest key infrastructural additions of the Mumbai Metro and the Monorail services have enhanced inter-city commuting, taking it to unparalleled standards, giving Mumbai the competitive edge over other metros and cities. Further, the prospect of international airport at Navi Mumbai is encouraging in terms of the real estate sector. Moreover, Mumbai has many private cab operators such as Meru, OLA, and Tab Cabs that in conjunction with cool cab and black and yellow taxis make travelling smooth and easy for the city dwellers as well as the tourists. All these factors coupled with great tourist attractions such as the Gateway of India, Taj Mahal Hotel, QueenÔÇÖs Necklace road, and other beach attractions make Mumbai an ideal destination for making real estate property investments, especially for NRIs who are thinking of having a home in India.
Factors such as drop in interest rates, infrastructural development, business friendly state and central government, and FDI augur well for the real estate sector in Mumbai, making properties in Mumbai a lucrative investment option. Further, RBI’s regulations on NRIs purchasing a house in India are not that stringent. A NRI does not have to take any prior permission from the authorities to purchase a house. Further, the rules for any such property transaction come under the purview of the Foreign Exchange Management Act (FEMA) Property Registration for NRIs.