"HOW DO CURRENT TRENDS IN RESIDENTIAL AND COMMERCIAL REAL ESTATE PRICES IN MUMBAI COMPARE TO THOSE IN NEW YORK CITY, AND WHAT ECONOMIC, SOCIAL, AND REGULATORY FACTORS ARE INFLUENCING THESE TRENDS IN BOTH METROPOLITAN AREAS?"

Abstract

The prices of properties is one of the most important factors in deciding the cost of living in metropolitan cities. The following research undertakes these markers and studies the current and emerging price trends in residential and commercial properties in two of the most developed cities of the world, Mumbai and New York. In this process, the study intercepts multiple social and financial parameters. Some of these are cost of living, quality of life, including crime rate and AQI, migration of people in and out of the cities, GDP and the vibrance of these cities’ dynamic markets and per capita income. These recent developments and current trends are not studied in isolation. The research also takes a brief look at the history of these cities; their real estate markets and early establishments. This is done to trace their financial development and that, in turn, would oversee the growth of real estate markets as it stands today. Understanding these historical trends also facilitates the ability to understand the real estate laws and rules that are in place today. The research also illustrates the laws and concerned authorities that govern the real estate markets in these cities. Towards the end, after considering all the above mentioned factors and analyzing the market forces, the research concludes and suggests that it is the unique set ups of the cities that make them comparable, yet different in their own challenges and merits.