Friday, June 24, 2011

Property Prices in Mumbai

With the sound awareness created by various real estate media reports in the last few months, most investors are now playing a wait and watch game for some market correction in some pockets in the city. Property prices in Mumbai have risen considerably, especially for luxury properties at prime locations. As the asset bubble gets bigger, inflation in rates is being seen in commercial as well as residential real estate. This is due to the main reason that input costs of building and construction like cement,
steel, etc. have also increased at a considerable rate.

Dnyan Mandir road, Dadar
While prices in some of the areas such as Borivali, Thane, Kurla, Panvel, Mulund, Goregaon are stable, others such as Dadar, Mahim, Elphinstone Road, Lower Parel are still climbing up the price ladder because of their importance as commercial hubs for business. Even properties in Navi Mumbai show a steady growth in prices as the talks of an airport escalate. As developers, realtors, and builders are busy in meeting the ever increasing demands of the consumers in terms of infrastructure, amenities, facilities,
space, and style of the complexes, investors from the different segments of society are wondering if this is the right time to invest. This in no way has deterred the minds of some of the consumers of residential properties, as it is a fact that no matter when or for how much a property is bought, the prices of real estate in the Capital are only set to rise in the coming years.

Even though affordability and interest rates on housing loans are becoming more of an issue, the type of international standard projects at locations around the city are luring investors to make the bet. Looking at the shifting trends in the market, developers and major builders of the city are offering freebees, and attractive discounts in addition to the already improved professional approach and trustworthy assistance towards the investor. Real estate companies are tying up with the best in the business from the around the world, to make each project contemporary and packed with ultramodern amenities.

With property prices in Mumbai touching the sky, investors in commercial and residential projects are more aware of the market and developers. The consumers no longer only looks for a good location, builder, and amenities, but also takes interest in knowing if the property has all the clearances in place and is feasible for commute to the workplace.



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