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.

To know more about the availability of apartments in Mumbai and in the suburbs, visit www.snapghar.com today. Also, avail spectacular discounts on commercial and residential apartments in Mumbai right here!

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.

To find a home that best suits your budget, visit www.snapghar.com. View some of the best property deals and avail fantastic discounts here. Also, keep yourself updated by connecting with SnapGhar on Facebook.