Are 4 BHK Flats in Mumbai A Luxury
Looking for 4bhk flats in Mumbai? There are various affordable as well as ultra luxury upcoming residential projects in the city where you can find a good deal.
Fancy apartments in luxurious upcoming residential projects in Mumbai can burn a hole in your pocket. If you wish to own a 4BHK flat in one of the posh areas of the city, it is going to cost you a king’s ransom. Not just property rates but maintenance charges and municipal taxes are going to cost you lakhs of rupees on a yearly basis.
This is because charge for amenities such as club houses, swimming pool, security arrangements is quite high. Whether the value of your property appreciates or depreciates, home owners have to keep a few lakhs aside on a yearly basis for maintenance and other charges.
A number of builders are launching new residential projects for the rich. Majority of luxury properties are 3 and 4 BHK flats in Mumbai. Some builders are offering sports facilities and golf- course based home plans. They are trying to lure super rich home buyers who would want to consider a golf-course based project as a vacation home. Since there is lack of space and land rates are skyrocketing, such projects are being constructed in the outskirts of Mumbai city.
Some of the most exorbitantly priced residential projects are located in Lower Parel and Napean Sea where 8000 to 15000 square feet plus apartments are available at a price of 75 to 100 Crores INR. Even though these ultra luxury projects were launched in 2008, there is still a lot of unsold stock. Compared to property sale in south Mumbai, the market in Navi Mumbai and Thane has been performing well. The absorption rate of properties has been good because rates in these areas are not as high the rates in Andheri or Bandra.
There is a huge demand for smaller apartments as owning a 4bhk apartment in the city has become a distant dream for majority of buyers. Developers are coming up various projects in the city outskirts. These residential projects are mainly targeted at the super rich buyers who are looking for a second or holiday home.
Developers Launching New Projects in Mumbai
According to real estate reports, developers have started construction work of ultra-luxury homes in cities like Delhi and Mumbai after a hiatus of more than three years. Various real estate companies announced apartments priced between 6 and 20 Crores INR in July and August 2014.
So, what is causing this spur in property development? According to industry experts, a stable government at the centre has played a vital role in improving global sentiments for the Indian economy. Political stability is attracting investors to India who were otherwise reluctant to invest in the country.
Foreign Institutional Investors have also started investing in Indian realty sector due to a progressive and stable government. They are making huge investments in the realty sector to get attractive returns. Apart from a stable government, growing interest of NRIs in super-luxury apartments or penthouses in Mumbai and other metropolitan cities has also encouraged developers to start launching new projects.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Shruti is a real estate agent as well as a real estate blogger. Her write-ups are quite useful for buyers looking for interesting upcoming residential projects or 4BHK flats in Mumbai.