Will 2017 be a Good Year for Properties in Mumbai
If you are looking for properties in Mumbai, there are several upcoming residential projects in Mumbai’s outskirts that can offer you affordable options.
According to the 2017 version of Emerging Trends in Real Estate Asia Pacific, Mumbai and Bangalore will continue to be the top-ranked cities for prospects in terms of investment as well as development. Mumbai is one of the most populated and expensive cities in India. Being the financial capital of the country, it attracts lots of people as far as employment opportunities are concerned. This has led to the demand for affordable residential properties in the city, pushing the rates higher.
ProEquity, an online subscription based real estate data and analytics platform has stated that due to demonetization, the real estate market in India will be impacted. It also stated that the market value of residential property of Rs 8, 02, 874 Crore is expected to get wiped off in the coming 6 to 12 months. Even the Mumbai market has been impacted with this move by the government. Not only new launches have reduced, but the enquiries have also come down.
It was also stated by ProEquity that the maximum fall on total market valuation will be in Mumbai Rs 2,00,320 Crore. Mumbai will be followed by Bangalore by Rs 99,983 Crore and Gurgaon Rs. 79,059 Crore.
According to the real estate experts, the realty market in India is bracing for a sub-prime level crisis. This is expected to impact the unorganized real estate market in the country. Secondary market transactions are being expected to reduce because for every five buyers out there, at least one buyer is willing to pay all-cheque for a property. The real estate sector will take some time to adjust to the changes and there are chances that resale of properties will stop completely.
If you are a property buyer who is waiting for rates of properties in Mumbai to reduce, then you might end up getting a good deal. Industry experts believe that due to demonetization, the housing market in Mumbai will experience a lull for few months. Homebuyers can expect rates to reduce in some pockets of Mumbai.
Growth in Affordable Housing
It is being expected that cities like Pune, Mumbai and Bangalore will witness sustained demand for affordable housing projects. There are several areas in the outskirts of Mumbai, where developers are launching projects, offering affordable units to buyers. For instance, Bhiwandi is an emerging industrial and real estate hub adjoining Gurgaon. It is also well-connected with highways NH-71B and NH-8. Since it falls along the Delhi-Mumbai industrial corridor, it is turning into a sought-after destination for investing in properties.
If we talk specifically about Mumbai, Thane is also emerging as a promising destination for home buyers. Due to its connectivity and proximity to important industrial and commercial areas in Mumbai, Thane is attracting buyers as well as property developers.
There are several upcoming residential projects in Mumbai’s outskirts. It is recommended to shortlist projects by reputed developers and make a decision. This is because you wouldn’t want to waste money on an illegal project.
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ABOUT THE AUTHOR
Shruti works for a real estate company. She also writes articles on buying properties in Mumbai and how to choose upcoming residential projects in the city.