Decoding the Changing Real Estate Market of Mumbai
– Guest Post by Commonfloor.com
A recent study came out with the findings that high pricing and slow-paced property sales has resulted in potential buyers of Mumbai postponing their decision of purchasing properties.
A recent comprehensive study conducted by an online portal demonstrated how the citizens of the Mumbai Metropolitan Region, the business capital of India, have decided to delay the purchase of properties due to extremely high property prices. This has in turn led to piling up of inventory since the last 46 months.
- It was mentioned in the study that most of the property buyers in the city of Mumbai are looking for residential units that come within the budget of INR 30 lakhs.
- The Indian Government has started several ambitious infrastructure projects during the current year’s first half that will augment the increase in sales across the entire Mumbai region. Some of these projects are awaiting clearance of the suspended work for the construction of Navi Mumbai airport, a turnkey project that connects Kandivali with the posh Nariman Point and the Coastal Road.
- Some of the important destinations for investment in real estate market in Mumbai are Sanpada, Ulwe, Kamothe, Dombivli, Mira Road, Kharghar, Nalasopara, Kalyan and Panvel.
- There are ambitious plans that are being made by the Government of Maharashtra for developing Mumbai into a hub for animation and gaming industry that will result in creation of jobs and increased opportunities of investment and increase the demand for both commercial and residential units.
- There has been a focus on IT industry too by increasing the Floor Space Index for the IT parks by an extra 200% and thus bringing down the rental costs for the coveted commercial properties.
Real Estate Scenario in Panvel
According to the findings of a recent survey, about 76% of total homebuyers in Panvel would rather invest in residential properties undergoing construction rather than investing in ready-to-move properties. There has been a much-needed approval given for an elevated railway line between CST and Panvel that will bring down the commutation time between people travelling daily between Mumbai and Navi Mumbai. These recent infrastructure projects have resulted in increased demand for residential properties in Mumbai and MMR.
Real Estate Scenario in Kalyan
Recent surveys have also shown that about 71% of the people who participated showed a preference towards compact single BHK housing units. Statistics proves that the property prices in the city have increased by approximately 12% in the previous 2 years. Moreover, there are plans made by MMDRA to initiate developing the Kalyan Ring Road that would stretch for 29 km and will connect the area with its neighbouring localities.
Real Estate Scenario in Nalasopara
Prospective property buyers in this area have also a marked preference for compact 1 BHK housing units. The buyers are looking for affordable accommodation options as they are showing interest in all those properties that are priced within INR 30 lakh. Nearly 91% of the total respondents have responded to this effect. Nalasopara is planned quite well and has been developed by CIDCO which offers improved infrastructure for the residents of the locality. This is leading to the increasing demand of residential units in this locality.
The government of India has a strong vision of attracting investments worth INR 50,000 crores that will result in the creation of 1 million new jobs for the Indian citizens in the coming 5 years. This will undoubtedly increase the demand for the residential units in the real estate market in the neighborhood of the commercial properties and thus improve the region’s social viability.
Thus, affordable housing units are much in demand in Mumbai and its surrounding satellite towns that are impacting the decision of the buyers. The average buyer of a residential property in Mumbai is also seeking for a compact flat where he would like to invest his hard earned money.
Visit commonfloor.com to check out a wide range of residential properties in Mumbai and MMR region and find a home for your dreams.