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 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

Inexpensive property in Mumbai is now more than just a dream!

Buying property in Mumbai might be a pocket-burning affair more often than not. However, a few major developers have realized the potential of developing less-expensive real estate in Mumbai. Some of the biggest players in the real estate industry including Tata Housing, Neptune Developers, Sanghvi Group, etc. have begun developing areas located on the outskirts of Mumbai. Localities such as Boisar, Asangaon, Dombivali, Ambivali and Karjat are transitioning into well-developed areas that could soon match some of Mumbai’s prime suburban destinations.

Quoting Shailesh Sanghvi, director, Sanghvi Group and secretary, MCHI Mira Virar unit, “Rates are lower for projects located in far flung developing suburbs due to lower land prices.” Approvals are easier to obtain in areas such as these, decreasing the building time and costs. This in turn leads to inexpensive production costs, eventually pulling down price tags. Developers understand the need for less-expensive property in Mumbai given the fact that this certainly helps hold the real estate market in place while subsequently providing inexpensive houses closer to the city.

Tata Housing, one of the many developers indulging in affordable housing development, is also subsequently developing high-end projects. “Both segments are growing and thus important to the company. As far as the affordable segment is concerned irrespective of what happens in the economy, the end-user would come. There would never be a correction in the prices of an affordable project as it is already so low. And thus there is no dearth for demand. One can sell affordable housing as long as your product is good and it is situated at a good location,” says Rajeeb Dash, the marketing head at Tata Housing Development.

Currently, affordable apartments in Mumbai such as these come with price tags ranging from as low as Rs. 500,000, rising up to Rs. 3,000,000. Also, these apartments aren’t particularly small and space-deprived. Most of these come with modern-day amenities and are designed and built meticulously, keeping quality in mind. To know more about these fantastically inexpensive housing options by renowned real estate developers in Mumbai, visit  www.snapghar.com  today.

Real estate in Mumbai goes vertical

 

The city’s skyline is soaring upwards. More than a decade ago, the first skyscraper graced the Mumbai horizon. Called the Shreepati Arcade, this 500-foot-high 45-storied tower sprouted up at Nana Chowk in Grant Road in 2002. Now, a decade later, skyscrapers have nearly turned common-place in a city quickly growing vertically. More than 50 towers with 60 floors and upwards are under construction. Many more that have crossed the 70 meter mark are showing up across Mumbai. And this isn’t particularly surprising, as empty plots in Mumbai turn rarer by the day. So, instead of spreading out horizontally, the city has begun to take to the skies instead, increasing the availability of  property in Mumbai substantially.

Areas in South Mumbai, particularly Lalbaug, Parel and Sewri, have undergone a tremendous makeover in the last few years. Once home to mill workers and lower-income groups, these areas now boast high-rises with residential apartments priced at around Rs. 5 crore! Lower Parel, yet another quickly growing neighborhood, currently plays home to the 65-storied Indiabulls Sky and the 75-storied tower at the Jupiter Mills. Worli on the other hand has the 80-storied Raheja Platinum, while the 55-storied Lodha Bellissimo graces the Mahalaxmi skyline.

Says Hafeez Contractor, an architect known to reach for the sky, “Mumbai has a population of 20 million and but its area is only 470sqkm. When you are looking at such a large population over a small area of land, vertical is the only way to go.” According to Contractor, the city will cross the 30 million population mark in the future and to cope with it all, real estate in Mumbai needs to grow vertically. “How will Mumbai deal with such an increase (Population)? The only answer is to increase the FSI (Floor Space Index). Only when we do this will the city gets on its own feet and earns enough to create the infrastructure that will be needed to sustain this vertical growth.”

It’s time more real estate developers in Mumbai begin adding-on the floors instead of spreading around. After-all, the future lies in the sky and a perpendicularly growing city is a mark of opulence! To know more about commercial offices, shops and residential apartments located in skyscrapers and high-rises in the city, visit www.snapghar.com today!