People also realised the importance of owning a home as a result of COVID-19. It has also taught them that being a member of a close-knit social fabric will provide support in difficult times. Township designs based on the integrated living model and designed to be self-sufficient for day-to-day living have proven to be a boon. These developments were able to find solutions and introduce precautionary measures as they had a strong community bond and were well-managed.
Mumbai, the city of dreams, has always been enthralling to everyone and has welcomed visitors from all over the world. Everyone wants to own a real estate property In Mumbai, whether it’s for better jobs, business growth, quality education, or investment opportunities. Despite high real estate costs, Mumbai real estate has been in high demand.
The current home loan interest rate is the lowest in the last 14 years. This, combined with the rupee’s depreciation against the dollar, would result in significant savings.
Mumbai has undergone a massive transformation in the last few years. Mumbai is on track to become a city on par with the world’s most iconic cities, thanks to many important infrastructure improvements that have already taken place and those that are expected.
Here are 5 Expert Opinions On Buying Real Estate Property in Mumbai:
- Mumbai Has A Fantastic Real Estate Market:
The real estate industry is no longer what it once was. Many renowned Mumbai builders are introducing luxury living concepts that are luring potential home buyers with jaw-dropping deals and world-class amenities. Real estate developers are becoming more adventurous, adding world-class infrastructure, popular designer interiors, and cutting-edge amenities that entice people to seek out luxury living.
In Mumbai and the surrounding area, there are currently over 1 lakh property options open. The majority of them are in Mumbai and Greater Mumbai, but there are also over 40,000 options in Navi Mumbai and Thane.
- Higher ROI Rates:
When it comes to Mumbai, it’s safe to say that wealth seems to be the only player in the market. Mumbai has always been a favourite among real estate developers because it provides the best returns on investment. As they continue to expand and attract many potential homebuyers, areas like Chembur, Bandra, Mulund, Thane, and Wadala are gaining a strong foothold in terms of real estate investment.
Due to an excess of unsold inventory, builders are going above and beyond to entice buyers. This includes free furniture, free parking, and bulk discounts of up to Rs 5 lakh. However, when selecting a contract, a buyer must take caution.
- Mumbai Is A Hub For Commercial & Business Ventures:
Mumbai is not only appealing due to the glamour of Bollywood, but it is also a home away from home for many migrant workers. The city is the commercial hub of India that offers a plethora of business and job opportunities. The most important aspect that has benefited the real estate sector is employment. As a result of their proximity to major business hubs, areas like Kanjurmarg, Powai, Vikhroli, and Thane are seeing an increase in real estate prices. It’s one of the reasons for the real estate market to show a steady growth pattern.
- Improving Infrastructure:
Maintenance of the city’s current infrastructure is among the government’s key initiatives. Mumbai has become a desirable place to live due to the upcoming infrastructure projects. The Eastern Freeway and the proposed monorail from Chembur to Wadala have made areas like Wadala, Mulund, and Thane ideal investment destinations.
Property experts expect localities in close proximity to potential infrastructure developments such as Coastal Roads that will connect Malad to South Mumbai, Navi Mumbai International Airport, Nhava-Sheva Link Road and Metro Development to also be impacted.
- Affordable Housing:
Even though real estate prices are skyrocketing, one can always hope for the best in a city like Mumbai. Many developers are working on renovation projects that will help to make affordable housing a reality. Furthermore, many city dwellers are becoming interested in affordable luxury homes especially 3 BHK flats in Mumbai, which offer a luxurious lifestyle without breaking the bank.
Not only builders, but banks are also eager to fulfil the demands of home buyers. The Reserve Bank of India’s interest rate cut has fueled buyers’ expectations of lower home loan rates. Aside from that, developers are partnering with banks and obtaining approval, which increases the credibility factor in the eyes of buyers.
Mumbai has the highest concentration of millionaires. So buying a home in this city is unquestionably a status symbol.
Conclusion:
The home-buying phase has progressively become interactive in recent times. Engaging walkthroughs of show-residences, virtual property tours, and digital assets that include views of the neighbourhood are all examples of innovations that will enable you to make a buying decision from the comfort of your own home.
The pandemic has increased one’s need for space. In this scenario, every homebuyer in Mumbai is looking to invest in real estate property In Mumbai with outdoor features such as a lawn, terrace, or balcony. Besides that an interconnected society with easy access to everyday needs that ensures security and comfort has given rise to the demand for good quality homes.
Because of integrated township developments and the access to affordable housing projects, the expanded MMR area and Thane are also appealing. These areas are greener and have more open spaces than the city. Many businesses, especially IT firms, have relocated their offices to these areas in recent years. As a result, job prospects are increased.
The ongoing metro rail and highway expansion projects would improve access to other parts of the city. Mumbai, as a metropolis, is well equipped to meet the ever-increasing demand for land. There are several upcoming developments with new facilities that are consistently delivering the best to home buyers, according to real estate developers. Mumbai is yet another city that has plenty of reasons to invest in as well as reside in. So, real estate in Mumbai will give you more return on investment than you can imagine.
As you can see, most of the experts believe that Mumbai’s real estate market is headed towards positive growth. If you are thinking of purchasing a real estate property in Mumbai, be it for rental yields, commercial purposes or personal use, this investment will be fruitful. To start the process, have a look at some properties that are available for sale in Mumbai.