Are there Buyers for New Residential Property in Mumbai

According to Mumbai real estate report, developers are launching new projects in the city; however, buyers are delaying the purchase of new residential property in Mumbai due to skyrocketing rates.

Some property portals said in a report that an inventory pile-up of 46 months is being seen in the MMR (Mumbai Metropolitan Area) because customers continue to delay their buying decisions. The rates have shot up in certain areas, especially due to the initiation of certain infrastructure projects by the government, such as the clearance of Navi Mumbai Airport and the Coastal Road Project from Nariman Point to Kandivali.

As per reports, Mumbai will be developed as an animation industry hub by the Maharashtra government, which is expected to drive the demand for residential as well as commercial properties in the city. An additional 200% FSI (Floor Space Index) will be provided for IT parks which will bring down the rental rates for commercial properties in Mumbai.

Currently, the top property investment destinations in the city are Kalyan, Panvel, Ulwe, Sanpada, Kamothe, Kharghar, Mira Road, Nalasopara, Dombivli. Demand for residential real estate has grown in Panvel due to the approval of an elevated railways line from CST to Panvel. The six lane road is expected to reduce the time it takes to commute from Panvel to CST. Kalyan has also emerged as a sought-after destination for realty investment. Property rates in this region went up by 12% in the last two years.

Many buyers prefer buying a house in Mumbai that is under construction phase. This is because an under construction property is available at a low rate compared to a ready-to-possess property. As per the property portal survey, 76% home buyers in Panvel prefer to buy an under construction property.

Choosing a Reliable Real Estate Broker in Khar

You can make the process of buying or selling a house hassle-free and easy by choosing a reliable real estate broker. Only an experienced broker can help you get a good deal. However, experts believe that they should not be trusted at face value. Considering the growth in number of real estate scams, it is recommended to hire the best.

Looking for a property in Khar, Mumbai?

Khar is turning into a sought-after destination for property investment. Real estate rates have skyrocketed in this area due to rapid development of infrastructural facilities. People are increasingly buying, selling or renting properties in Khar due to its proximity to Bandra. This suburb is also being explored by real estate companies for constructing luxury apartments.

Since the property rates are high in this area, it is important to hire a reliable and experienced real estate broker in Khar. This will ensure that you don’t spend your hard earned money on a bad deal. Only an exert agent will be able to understand your needs and offer you exciting property choices within your budget. Since you will be relying on them to a great extent, it is advised to hire a licensed broker.

In India, almost anyone can sell a property without license or regulations. Be it a homemaker or a shopkeeper, anyone can use personal contacts to sell real estate. Since the buying and selling procedure in India is largely unsupervised, it is always safe to seek assistance from a reputed broker. A good agent will charge you money but you can be assured of a good deal.

So, the next time you are planning to buy, sell or rent a property in Khar or any other suburb of Mumbai, don’t hesitate in hiring a known property agent.

Properties in Virar Catching the Attention of Potential Buyers

The Vasai-Virar belt that earlier used to be a ‘picnic destination’ for Mumbaikars is now turning into a popular destination for property investment. It is the fifth largest city of Maharashtra with massive land bank, attracting many developers to the region. From residential and commercial real estate to entertainment, amusement and retail, this belt is witnessing significant growth.

According to a study by Knight Frank, there were approximately 240,082 residential units and 36,277 commercial units in four councils of this region in 2014. As per industry reports, incremental demand in the region will increase from 276,359 units to 472,574 by 2021. Various infrastructural projects are scheduled for the Vasai-Virar region that will be transforming this belt from a satellite city to a metropolitan city.

This suburban area has come a long way in terms of growth in infrastructure and real estate development. Buyers looking for a spacious yet affordable home close to Mumbai are exploring properties in Virar West as well as East.

Affordability

In 2013, properties were priced between 4000 to 5500 INR. Due to the affordability aspect, demand for 1BHK flat (525 to 550 square feet) has increased in Virar. This growing demand comes mainly from the salaries class buyers.

Accessibility
Easy accessibility to Mumbai is another advantage due to which buyers are coming to Virar for property investment. The Western Express Highway has made it easy for residents of Virar to reach Mumbai. The distance between Bandra Terminus and the northern suburb is merely one hour. This location is also in close proximity to areas such as Boisar, Meera Road and Palghar.

Various real estate companies have started their projects in this area. Accessibility to Mumbai through local train is quite easy (merely 5-10 kilometres) which has fueled the demand for residential properties. This area is also close to Palghar and Dahanu where many industries are shifting base. Due to the high demand of residential units in Virar, areas like Boisar and Palghar are also witnessing hike in demand for properties. Units in these two areas are available at a lower price compared to Virar.