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!

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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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Registered property documents can now be downloaded at home!

Things have become a lot simpler for those looking to purchase or rent property in Mumbai. Recently, the Maharashtra Government has done a huge favor to home buyers and tenants with its new e-governance initiative by making registered property documents downloadable. Citizens can now log on to an online platform and download relevant documents from the comfort of their home. This beats the need to step into a registration office or rope in the services of an estate agent. 

According to the inspector general, S Chockalingam, the service has kicked off for documents registered in 14 of the 23 registration offices in Mumbai. After the pilot testing phase is completed, the initiative will spread across more registration offices in the city. Also, the online service is currently available for documents registered from January 1, 2002, to December 31, 2011. In the future, expect to see documents from the years before 2002 and in 2012 too. This is the first time in India an initiative like this has been setup to benefit citizens looking to purchase and rent property in Mumbai. 

To begin with, downloads will be made free for the first test-run of the website. After this, a fee will be charged to download registered property documents from the website. The online platform is extremely simple to use and is expected to reduce footfalls at the registration offices across Mumbai. Also, this initiative will enable employees at these registration offices to work more efficiently, without needing to attend to citizens stepping in for documents.

While the initiative is new and seems promising, the platform’s ultimate fate depends on how well it is maintained and updated. The feature is available under the eSearch facility on www.igrmaharashtra.gov.in. The website also allows users to look through records of property they wish to purchase or rent. Also, make sure you visit www.snapghar.com to check out the latest deals on real estates in Mumbai.