The Future Of Real Estate In Mumbai

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Mumbai is a city that absorbs one all into her arms, irrespective of caste, creed and colours. Owning a piece of real estate, however small the size may be, is a dream for all those who have made Mumbai their home. No wonder that, while the real estate sector worldwide is still to recover from the impact of the pandemic, the housing sector in Mumbai has actually recorded an upswing. Multiple factors have contributed to this development and reinforced Mumbai’s position as the first choice of those who want to live their life in a large metropolis. In this article, we will share some insights on the future of real estate in Mumbai.

The bounce back has begun

With economic and business activities slowly showing signs of gradual resumption in Mumbai, the housing market has also begun to show positive developments. It seems that the appetite for real estate purchase in Mumbai is almost unquenchable. According to a survey conducted by Confederation of Indian Industry (CII) and a leading property consultant firm, close to 62% of people in Mumbai are of the opinion that the pandemic is the right time to invest in real estate. This largely stems from the fact that the pandemic has convinced people that having a roof over one’s head is the first priority. People are also actively considering moving into a bigger space due to the demand generated by new developments like online education and work-from-home. mangeshi universe kalyan is a one-of-a-kind township concept that is built around you and your daily needs.

What are the factors pushing this bounce back?

As we can see, the lockdown in Mumbai is being slowly eased and intra-city travel restrictions are gradually being removed. This has lead to buyers once again coming into the market and generating inquiries for homes as per their budget and configuration. The sops offered by the government in the form of reduced stamp duty and registration charges for certain classes of buyers, combined with the fact that housing loans are now being offered at their lowest interest rates, have also contributed to the gradual but certain upswing in Mumbai’s property market. In fact, the favourable decision of the Maharashtra government to reduce the stamp duty on registered property by 500 basis points was a major catalyst in reviving the real estate market in Mumbai. Further, on International Women’s Day this year, the government made a major announcement of a further 1% concession on stamp duty for women home buyers. This concession is over the presently prevailing rates, and has significantly boosted property buying among women. Last, but not the least, developers themselves are offering good discounts on the total property price for attracting and converting genuine home buyers.

Technology is playing a lead role

The lockdown generated by the pandemic has severely hampered site visits of residential projects by prospective buyers. To counter this disadvantage, developers and property agents have embraced technology by interacting with buyers through video calls and virtual walk through of the project, where the buyer can see each and every aspect of the property, thus digitally replicating the physical site visit process. Mangeshi Universe in Ambivali Kalyan by mangeshi group universe ambivli offers modern and luxurious amenities in Ambivli

Mumbai property trends

Unlike 2020, this year is showing a distinct improvement in the sale of residential property units in Mumbai. To meet this growing demand, construction activity has resumed once again and builders are speeding up work as buyers are now more inclined towards investing in ready-to-move properties as against under-construction units. Also, a lot of unsold ready-for-occupation units where the occupation certificates were already issued are not liable for GST, which has further brought down their prices.

Deniel Klane

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