Mumbai Real Estate To Compete With Dubai, London & Singapore Soon: Ajay Ashar
Mumbai (Maharashtra) [India], December 13: Mumbai’s real estate is on the course to become one of the world’s most premium markets in the next few years. Ajay Ashar, the Founder and Chairman of Ashar Group, President-Elect of CREDAI-MCHI, opines that MMR real estate market will soon start competing with the world’s leading real estate markets like Dubai, Singapore, London etc., especially on the back of mammoth infrastructure development taking place in the financial capital.
He was speaking at the AISL (Alternative Investments & Sustainable Lifestyles), a forum organized by Brand Torque LLP, a firm that aims to bring ALTERNATIVE INVESTMENTS IN THE CONTEMPORARY WORLD. The other dignitaries who were on the panel were Khushroo Panthaky (Chartered Accountant, Mumbai), Pritam Chivukula (Co-Founder & Director- Tridhaatu Realty), Shahzad Madon (Head of Nippon India- Alternative Investments) Sudeep Saha (CMD- Avant Group), and Vivek Iyer (Partner & National Leader-Financial Services Risk Advisory-Grant Thornton Bharat).
He attributed the growth story of Mumbai to the Indian macro market scenario, which is fundamentally strong to withstand even a global meltdown. He expressed confidence in the Indian economy by stating that only a few economies in the world will grow over 5%, and India is one such nation that is projected to grow at 7% in the next few years. The mega projects of Mumbai will be the catalyst of India’s growth story.
These major infra projects include the Mumbai Trans Harbour Link, Navi Mumbai International Airport, Mumbai Coastal Road, Delhi Mumbai Industrial Corridor, Mumbai Ahmedabad High-Speed Rail, Goregaon-Mulund Link Road, and the planned underground tunnel between Borivali and Thane. In addition, the development of satellite cities is also expected to boost the real estate markets in areas like Thane and Navi Mumbai. With the ready availability of mid-scale and premium residential properties, these areas are poised for growth and occupancy once the infra projects come up.
Mumbai is home to some of the nation’s most prominent businesses. According to Mr. Ashar, Mumbai will continue to be the center of attraction for many global conglomerates to set up their offices, eventually pushing the residential real estate market’s growth trajectory. “Besides, there will be a paradigm shift in Mumbai’s commercial real estate market, with over 110 unicorns and 75 plus soon-to-become unicorns looking for new spaces. In a nutshell, both residential and commercial real estate in Mumbai will be the best market eco-system for both investors and end-users,” he added.
While speaking on real estate as a safe investment, He said that the world is no longer nearly as safe as we once believed; therefore, people save more money, and real estate continues to be the preferred asset for principal preservation and appreciation. In his opinion, despite high inflation, a shaky stock market, and the threat of war, real estate will remain a secure investment area. “History demonstrates that investors have consistently relied on real estate as a reliable foundation for any well-balanced portfolio throughout geopolitical unrest. “Whether an investor is worried about global financial risk or needs to diversify their portfolio, real estate is something they can live in; its bricks and mortar, it’s something they can touch and sleep in and rent out,” he concludes.
The event saw close to 150+ High Profile delegates from different walks of life who appreciated the format and the takeaways from the developers and the forum. All the panels highlighted the relevance of AISL2022 by emphasizing the bridge that is now being created between industry & investors through an exclusive platform like AISL2022.
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