According to an Instagram post, a small shop near Antilia house in Mumbai is said to be paying a huge rent of 5 lakh every month. This shows the sky-high property rates within this city’s top-notch real estate market.
This very high rent is showing how the luxury real estate market in Mumbai is 00000000going up, because there are many wealthy people living here who want to buy these expensive properties.
The small shop near Antilia shows how high prices of property in this city cause difficulty for small businesses and middle class people to manage living expenses here.
Reaction from Community
There was mixed reaction from the Instagram community on the page (ashleelkingdom), while many users commented it to be true while others said the news is entirely fake as if Mukesh Ambani will come to eat Pan Masala.
For those who don’t know Antilia, it is a private residence valued at USD 4.6 billion, located in Mumbai, India. It is a 27-story, 173-meter-tall building designed by Perkins & Will and Hirsch Bedner Associates, with a unique layout incorporating elements inspired by nature.
The building features luxurious amenities, including a 168-car garage, a ballroom, a 50-seat theater, and a snow room that spits out artificial snowflakes.
Reflection of Mumbai’s Luxury Property Boom
The luxury property market in Mumbai has experienced a dramatic rise, motivated by the strong interest of wealthy people from the city. The luxurious real estate market of Mumbai is showing high growth with double-digit increases in both sales and rentals, surpassing other large Indian cities. This upturn has been pushed by factors like increasing development of infrastructure, better links to transportation modes and an expanding liking for deluxe lifestyle choices.
The luxury housing part in the city has observed a notable rise of expensive transactions, with numerous top-tier properties being sold for more than ₹10 crores.
Challenges for Businesses and Residents
In the case of small businesses, they might find it hard to keep running in posh areas due to costly rents. This could cause them needing either a new location or closing down completely. For those who are from middle-class families, rising housing costs can create more gap between wealthy people and those who cannot afford their own home which worsens social and economic separation significantly.
The building and existence of Antilia, the luxurious private home for Ambani family, has caused a notable effect on nearby residential places as well as small businesses in Mumbai. The size and luxury of Antilia have helped to increase the gap between rich and poor people in this city.
Many little shops and places nearby have found it hard to deal with the rapidly increasing rents. Some have had to move away or close down completely.