The Evolution of Mumbai's Real Estate Market
Mumbai's real estate market has long been a dynamic and ever-changing landscape, shaped by various factors such as economic growth, urban development, and shifting demographics. Over the years, it has experienced dramatic highs and lows, transforming from a boom-driven market to one characterized by resilience and adaptability. 1. The Boom Era: During the early 2000s, Mumbai witnessed a real estate boom fueled by rapid economic growth and increased investor confidence. High-rise residential towers, commercial complexes, and shopping malls mushroomed across the city, catering to the rising demand for modern infrastructure and amenities. The market witnessed soaring property prices and speculative investments, reflecting the exuberance of the times. 2. Corrective Measures: To curb the speculative frenzy and stabilize the market, the government implemented various corrective measures. These included stricter regulations, such as the Real Estate (Regulation and Development) Act, 2016 (