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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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.

Mumbai turns into hot property for companies looking for office space

Property in Mumbai is currently being considered as one of the best places in the country to operate businesses. Major businesses and corporate houses have begun moving to Mumbai in search of office-space, making the city that never sleeps a sought-after location. “Gradually, major business corporations are returning to the market in most of the key cities across the globe. India is now talking about growth of over 5%, which may be lower than earlier estimates. However, this is a big number if we consider it in the context of Europe and some other markets,” said Alistair Elliott, the senior partner and newly-appointed group chairman of global property consultancy firm Knight Frank.

Office space absorption levels in India are expected to rise from the 33 million square feet mark in 2012 to 34 million square feet in 2013. These numbers are predicted to rise further to 37 million square feet in 2014. Also, as per reports, fewer projects will be completed in this time frame. This will result in fewer vacancies in the future. Vacancies will decrease to 18% in 2014 from the initial 20% recorded at the end of the year 2012. Commercial sectors like manufacturing, banking financial services and insurance, information technology, pharmaceutical and media sectors will cause the increase in demand of office space.
And that isn’t all. Property in Mumbai could also undergo a price correction. Sales could also dwindle if prices aren’t corrected and brought down. This particularly applies to residential property in Mumbai. Quoting Alistair Elliott, “The irony of the situation in India is that while the country has a high housing shortage of 19 million units, we have witnessed a slowdown in residential sales leading to a high quantum of unsold inventory.”

That apart, Mumbai is bound to be the next biggest commercial hub in the world and will soon play home to more corporate houses and companies. To know more about the best commercial property in Mumbai available for rent and purchase, visit www.snapghar.com today!

Real-estate investments, your pot of gold!

A shaky world economy and rising prices have led people to steer clear of high-risk investment options. Many of those looking to grow their money have begun indulging in safer ways like real estate. Investing in real-estate requires more than just a substantial amount of money. Carefully and strategically investing in real estate can lead to great returns, particularly when property bought is rented out. Renting out property particularly in major cities like Mumbai, Bangalore and Delhi is assured to bring in a regular income.

Essentially there are two types of property in Mumbai investors can buy and then rent out; residential properties and commercial properties. When it comes to the latter, commercial offices and shops are available for sale in Mumbai. These can then be rented out, raking in a substantial amount on a regular basis.
However, investing in property in Mumbai certainly isn’t a fool-proof investment option. When it comes to residential property investments, rentals are usually low and range from 4% and 6% pre-tax. These numbers are known to drop further after tax. Also, buying property before the development phase begins can also prove risky and disappointing at times given that final specifications of a flat or commercial area can vary from that shown on a brochure!

Investing in a commercial property in Mumbai is a wiser choice given the fact that the city’s commercial sector is constantly growing. Also, rentals from commercial properties soar higher at 8 - 12%, making it a wiser investment than residential properties. Buying office space or retail space could further prove advantageous as most multinational companies seek to rent out commercial properties with a larger floor space.
If buying a residential or commercial property isn’t your route to a perfect real estate investment, you can directly invest in shares of developers via the stock market. Apart from that, investors are also known to invest in real estate projects along with others.

Invest wisely in real estate and watch your money grow! Visit www.snapghar.com  for a closer look at what’s up for the picking in the real estate market today!

 

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