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Monday, 28 August 2017

Explore the Mumbai Real Estate Market…The Source of Hidden Potential!

August 28, 2017
Mumbai, the most populous city of India is located on the coast of Maharashtra. It is a city opted by many to fulfill their dreams. Thus the real estate market here is of great importance. Let us explore the real estate market of Mumbai.

Real estate, as we know, is one of the most recognized sectors globally, providing job opportunities to many people and ranks second in India in terms of employment, the first being agriculture. Real estate market size in India is expected to touch US$180 billion by 2020. 5-6% of India’s GDP is contributed alone by the housing sector. For commercial real estate investment in India, it is found that Mumbai is the best, with returns likely to be 12-19% in coming five years.

But the demonetization has made a serious impact on the real estate market, Mumbai market also being affected. It is said that stagnation point was reached by this sector and many players were unable to crack a single deal for a span of time. The effects of demonetization still being there, another factor has been implemented by our Government that is GST. This also has its effects on this market, the rate being 12% on under construction properties. Thus implementation of GST is considered as a benefit to the property buyers.

Investors decide whether it is the correct time to invest funds to buy or sell properties in Mumbai based on the current price trends of Mumbai’s real estate market. Price of properties in Mumbai starts from around US$150.452 currently, the average price of properties being US$216666.52. This helps a huge number of foreign investors to invest in properties in Mumbai. Properties which are showing an upward trend in price are spread across nearly 278 localities, while those reflecting a downward trend in price comprise 157 localities.

Over the last six months, the overall price trend of properties in Mumbai has considerably come down.

Information on various properties for sale in Mumbai, provided by different websites, helps us to know about the price trends available. When market starts recovering, it is considered one of the best time to buy properties in Mumbai; however it is quite difficult to predict when the lowest price of properties hits the market. According to some newspaper reports, a 20% discount may be offered to home buyers by real estate developers soon, in Mumbai. The reason for it is probably the new norm implemented which reduced the number of permissions which are required for a project to start. Due to this reason, the overall budget for projects will come down, thus enabling the builders to pass on the benefits to their customers. Also in the Mumbai Metropolitan Region, there are certain real estate markets, which have potential to give high returns in future. The key is to identify such locations; areas like Vasai, Virar, Dahisar, Borivali etc have high potential, once they have improved connectivity. Thus we can say that investing funds on properties in Mumbai will not be a wrong decision, in fact a great decision one can make!

Own a Dream house in the City of Dreams!

August 28, 2017
Mumbai, the city of Dreams, is famous for the cultural side of it as well as the growth of business and economy in the city. So going by the same trail, people living here are majorly non natives and especially those in need of property. There are a huge number of immigrants from other parts of India, in a hope of settling down here. 

Every single person in this world desires to own a house and one living in Mumbai does the same, based on the experiences this city has in store for everyone. Well is it really easy to get a property of your own in Mumbai? Well the answer is a sure no. But, is it not completely impossible to get hold of a property with affordable price and an average location in Mumbai.

Well the property rates in Mumbai have touched sky high limits because of its location as well as it being the ever spreading entertainment hub. Thane, Navi Mumbai which was once considered to be scarcely populated has also jumped high as far as property rates are concerned. 

Even after a many reasons which raise the price of properties in Mumbai, one aspires to have a house in Mumbai. People in Mumbai are spending over the properties at higher rates and are hoping to get their hands on some great properties that maybe sea facing with windy porches. Some even have a look out for properties in the central location of this city. Mumbai faces the crunch for space for dual reasons, both artificial as well as natural. As Mumbai is a city limited by sea on all the three sides, it has zero scope of expansion in a circular manner and has only moved from north to south in its own boundaries. The Ever increasing demand of properties in Mumbai is solely due to the number of immigrants that this city welcomes every year, every month; statistics say that the population of Mumbai has gone up by 983% since 1911. The daily wage labors raise the population as well as the demand for properties among the lower middle class people in Mumbai as there occurs a shift in people occupying the slums to the people occupying small properties. The NRI’s visit Mumbai for varied reasons, and quite often they prefer buying a small but comfortable place to stay going by the high rates of rent in this place. 

While concluding it can be clearly said that, even after every speculation as well as difficulties hundreds of properties are sold out every year in Mumbai- some may be resold, some maybe rented out, or acquired. But there is an availability of properties, so one must not lower hopes and should establish contacts. The knowledge about the right place and the right people will not only gain you a place to live in, but also one at affordable rates.