Real Estate in Mumbai – your answer to house hunting

House hunting is a problem that occurs at least once in every grown-up’s life. The endless search for that one place that you want to call home in the near future is exhausting. The long list of locations that you are asked to look upon is the only way you stand a chance to find that property you want to invest in Mumbai. The options are many and that makes it all the more confusing as well for the buyer.

Real Estate in Mumbai has vast options for properties that can meet everyone’s needs. The property prices are ranging as per the location that you wish to buy. Existing facilities and the developing infrastructure of the area play an important part to determine the price of the residential property of a particular area. The premium 2 Bhk flats in Santacruz, Goregaon or Powai are currently observed as trending areas that most people wish to invest. These properties are centrally based on access to the infrastructure facilities of the city. Many such residential properties now offer various deals that make it all the more appealing. Premium flats are now offered that combined with amenities that are high-tech and luxurious.

Today developers don’t limit with just building a house for the customer they go one step ahead and try as much as possible to make the house custom specific for you. This shift of mindset amongst the developers has taken place due to the competitive nature that the real estate project faces currently. The offers vary from being partly to fully furnished houses. There are also the offers that provide personal interior designers who would be able to bring in your personalised style and touch to the place that is going to be your home for life. Developers offer a high-tech security system that gives you the assurance of a safe home.

Real Estate Companies- your new best friend when you wish to buy a house

When you wish to rent a house or buy a new one, it is always the real estate companies that you first turn to. This is even truer when you are searching a property for commercial purposes. These companies are fully equipped to meet your needs. They are aware of the area and the pros and cons of the construction and the location. All this information turns into a blessing for the customer as they are generally ignorant when they start their property search. Hence, it is vital to connect with reliable Real Estate Companies so that you can avoid the dangers of been duped with a non-legit deal that would make you lose your hard earned money.

There is a high demand for the search of properties outside the main metropolitan cities. One of the areas with such growing interest is Nasik. Recent years have seen much development in this small town mainly due to emerging industrial and manufacturing plants that are settling there. These developments have been the main reason for the makeover that has been seen for residential projects in Nashik. The transportation and facilities and infrastructure have gained popularity due to the highway flyover from Pathardi Phata to Pimpri Chinchwad which allows a nonstop route from Mumbai and Pune. This has helped for a smooth travelling and save time, which has also encouraged more people to shift or invest in a property in Nashik.

The area has still held to its green surroundings. A truly magnificent blending of serenity with modernity is sure to be found here with the weather that compliments beautifully. A perfect setting with a pace that balances between the tone of the bustling city in a small town and still cherishes time to enjoy the magic of nature without much a care or worry that is usually found in city dwellers.

Explore for Properties in Goregaon and Powai

When you plan to buy a house in Mumbai the first thought that hits is the price of the real estate. Skyrocketing real estate prices make anyone shy away from buying a house. When searching for a house, many criteria need to be kept in mind. Investment experts do consider real estate as one of the most solid forms of investment with assured returns.

Investing in a property is a wise decision than just renting a flat. Rapid growth has seen all over Western suburbs and Eastern suburbs zone combined over the decade. New residential properties are giving a facelift to the area and making the price worth to be invested in. Easy commute and smooth connectivity make a city life the most bearable. For example, properties in Goregaon are promising as with the multiple malls and commercial properties have increased the value of real estate. Obtaining apartments in Powai are an attractive choice as well. The future is bright here because of the promising development of Mumbai Metro.

For some years Powai has already been enjoying the perks of Mumbai’s infrastructural development. The Metro line from Andheri to Ghatkopar, the expansion of Jogeshwari-Vikroli Link road, along with Eastern Express Highway has made life easier for their residents. This life is soon to be extended to Goregaon. The undergoing development of Mumbai Metro Line passing through Goregaon is going to make travel easier for everyone. Besides the local trains in the Western line network has always boasted the number of daily commuters that opt and has adopted this as their choice of daily travel.

Owning a house is definitely a value for your hard earned money. The choices in western or eastern suburbs are many and definitely recommended by the real estate experts as “a must explore”.

Live in the Heart of Mumbai - Flats in Dadar

We have all seen and felt Mumbai extending over the years. And with this extension came the shift of residence as well as commercial properties. Reasons being apt are many, from monetary to commute. Property developers in Mumbai see this as the core reason for people to choose their house.

Rightly so, commuting in a large city like Mumbai is a hustle that we all endure daily. Keep in mind there is one place in Mumbai that has still held its charm- Dadar. The point of location that sees 3 out 5 Mumbaikars or should we say nearly millions crossing over. Dadar does boast of the unique selling point of best commuting alternative ways available than any other parts of Mumbai. It is at the core of Mumbai’s excellent network of roadways and railways. It is a centre point of the crossover between the Western and the Central line. Flats in Dadar are always in demand and an offer always finds takers as soon as launched.

Dadar is an example of Mumbai’s harmonious co-existence amongst the diversity. Easily accessible to famous Siddhivinayak Temple or Portuguese Church, an evening spent playing at Shivaji Park or the beach is an exciting thought. With schools and even colleges at close proximity makes this an ideal setup for a family to transform a house into a home.

Large number of the old residences are been taken over as a part of redevelopment plan by many reputed builders, which has given a huge makeover to the complete area. In spite of the transformation Dadar has still held to its authentic self. Surrounded by the age old restaurants and shops that have left their mark for more than 50 years suggests how the modernity has still treasured the ethnicity of live and culture there.

Tips to Invest in a New Upcoming Project in Mumbai

It can be tempting to buy a house at a price 20-30% lower than the market rate. This is one of the main reasons why homebuyers book housing units in projects that are sold even before all clearances of the project are in place. There are many builders who receive and accept bookings before securing all the approvals because getting all the clearances takes time.

It can be a difficult task to invest in a property. If you wish to save some money, you can invest in a new upcoming project in Mumbai because properties at the launch stage are available at a low rate.

Pre-launch bookings are done by builders to raise cheaper funds. Most projects are developed in phases and even before all approvals are in place, developers start marketing the project to buyers and brokers at a discount, also known as soft launch. Since a 10-15% discount is offered to investors by real estate developers in Mumbai in order to get them into buying units, you can get hold of a property at a low rate during soft launch.

If you wish to invest in an upcoming project, here are a few tips to consider:

• Make sure you have validated all clearances. Approximately 40-45 clearances are there and therefore, each should be studied carefully before a project is considered.
  
• You should beware of too-good-to-be-true projects. Instead of falling for a lucrative offer just because it is available at a low rate, it is advisable to do your homework and find out more about the developer. You can either ask around or use the internet for finding more information.
  
• When choosing a developer, don’t just look for information on the current project that you wish to invest in. Learn more about completed projects by the developer.

Property Developers in Mumbai Focusing on Smaller Apartments

Smaller homes are being considered by many property buyers in Mumbai. This is because 3 and 4BHK properties in Mumbai have become unaffordable for many. Even a 2BHK apartment in some posh areas of Mumbai is out of the reach of middle-income buyers.

Considering the growing demand for affordable units, many property developers in Mumbai are focusing on construction of smaller apartments. They are reducing the average size of apartments for reducing per unit cost.

According to the industry experts, developers are coming up with new offerings in order to attract fresh customers to their projects. They are taking advantage of the demand in the affordable segment, offering 1BHK units to cater to middle-income buyers or investors. As per a report published by JLL India, in the last five years, the average size of an apartment in Mumbai has seen a decrease of 26.4%.

The demand for 1BHK homes have shot up also because maintaining a 3 or 4BHK apartment gets as expensive as buying it. As per a PropTiger report, smaller, 1BHK units accounted for approximately 22% of the total residential property sales in FY16. It was in cities like Mumbai, Pune and Bengaluru where demand for such units was mostly concentrated.

Another important factor due to which developers are focusing on building smaller units are- new incentives. The government has announced new incentives to developers as well as home buyers. There are service tax exemptions on affordable homes of up to 60 square meters constructed by state or central government, including private public partnership.

A significant number of new residential property in Mumbai belongs to the smaller, more affordable segment. If you have been planning to buy a home in Mumbai or to make an investment on a budget, you can look for a small, affordable option.

Demonetization and Affordability of Properties in Mumbai

In 2016, the Indian government announced demonetization of Rs 500 and Rs 1000 notes due to which several sectors, including real estate faced challenges as it mainly thrives on cash transactions. Reportedly, property transactions in Mumbai almost came to a halt due to this announcement.

According to real estate companies in Mumbai, property enquiries reduced drastically since the government announced demonetization. Rating of 1500 to 1700 enquiries a day reduced to 400 enquiries on many property portals. If experts are to be believed, there will be a 50-70% slow down or no transaction period in Mumbai’s real estate sectors for few months because everyone seems to be straightening their businesses out at the moment.

As per predictions, rates for properties in Mumbai will reduce in several areas. If you are planning to buy a house in Juhu, Khar, Santacruz or Bandra, you can get a good deal. Even properties in South Mumbai will be available within the not-so-expensive price range. Impact of demonetization will not be very evident in areas that are close to commercial hubs, such as BKC (Bandra Kurla Complex) and Bandra East.

Some real estate companies are dismissing these predictions, claiming that the impact of demonetization will stay only for a short-term, whether you are planning to buy a flat in Chembur or Bandra East. According to them, this move will not be having much of an impact on first sales transactions or cheques only transactions that make up the primary market. However, the secondary market will face a huge impact with the move.

It is also being said that this move will make the Mumbai’s property market more reliable and engaging for foreign investors. Sales will pick up because banks will be flushed with funds and the interest rates will reduce.