Vashi turns into a sought-after real estate destination!

With the city over-flowing and people continually moving in, looking for occupation and an opportunity to live their dreams, Mumbai has slowly turned into an extremely crowded and expensive area, from a point of view of real-estate investments. Owing to this, many investors are now looking for areas outside the city, though not disconnected and at a comfortable distance from Mumbai’s several business hubs. One of these well-developed and less cluttered areas is Vashi, an extremely planned city that was once a small village which was then breathed life into and developed by CIDCO.
The average price of real estate in Navi Mumbai is currently Rs. 10,500 per sq ft while prices in the nearby suburbs of Belapur, Nerul and Ulwe are approximately Rs. 8,000, Rs. 9,000 and Rs. 4,500 per sq ft. From these, the Ulwe area has the highest demand for homes falling in the price ranges of Rs. 20 to Rs. 50 Lakh. Those looking for real estate in Vashi however, usually settle for 2BHK homes. Vashi is known to be one of Navi Mumbai’s first nodes to have developed in a planned way by CIDCO. The area is well-connected and well-equipped with necessary infrastructure developments, including education institutions like Saint Mary, Saint Lawrence, Sacred Heart High School, Ryan International and Avalon Heights International School. Health facilities are also easily available in the area.

Navi Mumbai developer, Devang Trivedi says, “Vashi was one of the first areas to be developed in Navi Mumbai. The high demand for housing in Vashi, which could not be contained, spilled over into areas such as Nerul and Belapur. With prices increasing in these areas, Ulwe is the next destination, buyers are opting for.”
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Home buyers turn cautious after the recent fatal illegal building collapse

The demand for real estate in Mumbai is soaring and there is simply no denying the fact that the masses from all over the country are moving into the city of dreams to live, work and prosper. Taking advantage of the exodus, are a bunch of developers who begin building residential apartments without prior permissions and proper inspection by government authorities. This obviously pulls down prices and attracts people moving into the city and those looking for an inexpensive place to live. However, life isn’t a bed of roses for the residents of buildings as such given the fact that more often than not, these illegal constructions use lower grade building materials, making them a life-hazard to those residing in them.

Mumbai Building Collapse

The recent building collapse in Mumbai killing nearly 70 people has brought the dangers of living in illegal constructions to everyone’s realization. As a precautionary method, the civic bodies of Thane, Navi Mumbai and Mumbai rallied under a banner together and started off a drive to spot more dilapidated and illegal constructions across the city. According to the report, “It is difficult to ascertain visually the deterioration or distress of building structure.”

The report was carried out by the Comptroller and Auditor General (CAG) and went on to state, “It is difficult to measure the efficacy of survey methodology adopted by the board. The fact that 37 people died and injury to 39 persons between 2008 and 2011 due to collapse of seven buildings, even after a survey by the board, is a pointer to the inadequacies in the existing survey system.”

Real estate sales in Mumbai haven’t really taken a hit however with the news of illegal structures pouring out. Instead, those investing in real estate in Mumbai have become slightly more cautious while making their purchases and have begun seeking for more legally appropriate homes.

Outskirts and city suburbs attract those looking to invest in flats in Mumbai

Investing in real estate today is indeed one of the best ways to make your money grow and many individuals have begun indulging in the same, putting their hard-earned money in real estate to gain tremendous profits after a period of time. However, with the prices of flats and apartments in Mumbai rising quickly, most investors have begun looking beyond the city limits for property, choosing to buy space in the outskirts.

According to a survey, nearly 50% of the population who invested in real estate has picked suburban Mumbai while 80% of those planning to invest have planned for a suburban property too. “Suburbs are increasingly becoming connected to the city centre making them more accessible than ever. Affordable prices along with enhanced infrastructure developments have ensured regular inflow of buyers,” says Rajeeb Dash, marketing head at Tata Housing Development.

Commercial development these days isn’t just restricted to the heart of the city and areas like central and south Mumbai. Suburbs like Borivali, Malad and Goregaon are quickly developing and are enjoying a commercial boom off-late, with malls and shopping arcades sprouting up along with commercial office spaces. “Investors see these locations as growth corridors and put their money. Eventually as infrastructure develops end users also start moving in,” added Dash.

The outskirts and the city’s suburbs seem to be the ideal place to invest in flats and apartments in Mumbai. There is no denying the fact that these places are quickly developing to keep up with the multitudes of people moving in, most of who are those who have sold their smaller apartments in southern Mumbai, to buy multiple bigger homes in the outskirts. These apartments are then rented out and work as a great source of income, turning profitable over a short time and selling for better prices later on.

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Real estate in Mumbai to go through a price correction!

Talk of a correction in pricing of property in Mumbai has been doing the rounds constantly nowadays. Given the fact that the supply-demand gap has increased and there are more homes than the people of Mumbai require, several properties around the cities are lying empty and unoccupied. Developers have realized the need to pull down the prices to have these homes sold as soon as possible.

Today, some of the least expensive homes are priced at nearly Rs. 10,000 per sq ft, in the heart of the city. Prices drop as one moves towards the outskirts and further north of Mumbai. A 2BHK home in Mumbai costs approximately Rs. 1.5 crore, making such property accessible only to people earning more than Rs. 35 lakh a year! Abhishek Kiran Gupta, Real Estate Analyst at Bank of America Merrill Lynch, says, “This trend is unsustainable and prices in Mumbai will have to correct and remain subdued over the next 2-3 years. This will allow improvement in affordability as income levels catch up with residential prices. Most of the new launches during Jan-Mar 2013 have been at a discount to average market prices.”

Also, developers have come up with better ways to attract new customers and are constantly offering discounts on property prices in Mumbai. Builders have begun offering discounts through 20:80 schemes, stamp duty waivers, floor rise waivers and other such crowd-pullers. Pankaj Kapoor, MD at real estate firm Liases Foras adds, “Prices and land values have to go through a correction in Mumbai. Ready-to-move-in property is cheaper than those under construction. If you look at the secondary market, price correction has already taken place as resale apartments are being offered at least 15-20 per cent below the market price.”
This news is bound to work as good tidings for those looking to move into the city or invest in real estate in Mumbai. To know more about the best real estate deals in Mumbai, visit  www.snapghar.com  today!

Property sales in Mumbai increase tremendously in January!

Individuals looking to invest in property in Mumbai are in for a heyday. As per recent reports, the sales of homes in Mumbai have risen exponentially, pushing up the registrations of houses in the city by 26% in January alone! On a month-on-month basis, reports state that that the growth over December has been nearly 10%. And that’s not the most surprising part yet! The sales in December grew by nearly 42% over November 2012, further proving that property in Mumbai is indeed in demand, contrary to the rumors that floated earlier, stating that there has been a slowdown in the real estate sector.

Quoting Kejal Mehta and Pratik Shah of Prabhudas Lilladher, “The year-on-year growth in sales for the ‘City’ sales & ‘Suburb’ sales was 26 per cent this time around, as against last month (December 2012) where the sales growth came only from suburban Mumbai. The impact of island city launches like that of Lodha’s Blue Moon and Bombay Realty’s Island City Centre is further likely to strengthen registration numbers in Q2 of calendar year 2013.”

Also, real estate companies in Mumbai have earned a lot more than their counterparts across the country, particularly Oberoi Realty and India Bulls Real Estate who have performed exceptionally during the fourth quarter of 2012. A report states, “With companies steadily repaying debt and exhibiting caution on land bank addition, the company fundamentals as well as balance sheets are witnessing an improvement. Support from the RBI, in terms of a softer interest-rate regime could help in kick-starting sales.”

And it isn’t just the sale of property in Mumbai that has been rising tremendously. The lease registrations have increased too, gaining profits for flat owners. Lease registrations in Mumbai have increased by 13% month-on-month while there has been a 20% increase year-on-year. Also, these sales haven’t increased across Mumbai. A few property areas in Mumbai like Vasai-Virar, Thane and Navi Mumbai have enjoyed a better growth while the heart of the city remains stagnant.

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Property in Mumbai to be subjected to a price correction soon!

For those picking their pockets to buy real estate in Mumbai, here’s news that’ll give you a little respite. Property rates in Mumbai have stopped rising and a price correction could indeed be just around the corner! As per reports, prices dropped 2-5% in the October-December period from the previous quarter, giving prospective home buyers in Mumbai an opportunity to purchase their dream home without blowing up their bank accounts!

Anshuman Magazine, the chairman and managing director for South Asia of the property consultancy CBRE, says, “Pressure is building up. We are likely to see a correction soon if the sentiment remains the same.” A decrease in property sales is termed as one of the reasons for a decrease in price. Reports by CBRE also state that a few real estate launches in Mumbai have started off at lower prices, causing competition to significantly lower price tags to keep up with the pressure. Also, price correction has indeed occurred in some areas of Mumbai while the rest have remained torpid.

There have been indications of sales of property in Mumbai decreasing due to high interest rates and an impending economic slowdown. Anuj Puri, the chairman of the property advisor Jones Lang La-Salle India said, “Developers with large projects in Mumbai are offering lower prices. These prices, which went as discounts earlier, were always available for investors and are now being offered to retail customers too.”

And it isn’t just property advisors who are heralding a correction in prices of property in Mumbai. Prominent bankers have mentioned the same too, confirming a drop in real estate prices in the near future. This perhaps is one of the best times to invest wisely in real-estate and buy property in Mumbai, before the prices begin soaring through roof-tops yet again!

To know more about the best deals in the city and affordable housing on offer, visit www.snapghar.com   today

Budget 2013 brings changes in prices of property in Mumbai

The announcement of the 2013 budget has been long awaited and has indeed brought about significant changes in the Indian market, deciding how much you shell out with the purchase of products and services, property included. With the new budget, property in Mumbai could turn a little more expensive, particularly in areas centered in the suburbs down south. As per the new budget, buyers of property in Mumbai who purchase more than 2,000 sq ft or real estate above Rs. 1 crore will now have to pay marginally extra! Service tax on property as such has increased from 3% to 3.6%, owing to the reduction in abetment from 75% to 70%.

But all’s not bleak with the dawn of the new budget. Those looking to purchase affordable property in Mumbai can now do so at lower costs, thanks to the additional benefit of Rs. 1 Lakh on home loans up to Rs. 25 Lakh for first time property buyers however, this is applicable only to individuals who seek to buy a home below the Rs. 40 Lakh. “This would mostly be helpful for people who want to buy a house in smaller cities or distant suburbs where the ticket size is lower,” says Niranjan Hiranandani, chairman of the Hiranandani Group.

Prospective buyers of property in Mumbai have awaited the new budget and those looking for affordable housing options have indeed benefited from the same. People planning to buy property at the expensive end of the scale will have to pay more, but this sum isn’t too large, compared to the price being paid for the property. “This would not make much of a difference for an individual shelling out Rs1 crore for a flat,” says Pranay Vakil, chairman of Praron Consultancy.

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