The Best Time To Buy Mumbai Property
In the current real estate scenario where the Mumbai property prices are constantly escalating
, is this a good time to invest in Mumbai property? Those looking for a home or a commercial Mumbai property are exposed to a host of views and suggestions. Some feel if you can afford it any time is good time to buy a property as the value of real estate is going to increase anyway. On the flip side, a group of people advocates a wait and watch strategy as they expect to witness few major changes in the Mumbai real estate scenario.In the light of current economic scenario, investing in Mumbai property is an ideal option. The value of rupee continues to weaken in comparison to that of dollar. This clearly indicates greater foreign investment in the Indian real estate market. Mumbai is certainly the hub of commercial and financial activities in India, strengthening its position as the most desired cities to own a residential or commercial property at. Even though the Mumbai property rates are quite high and there is no hope of getting rich quick due to slower rate of increase in property prices, the investment is surely supposed to double up in next 4 to 5 years. Thence even if you invest in a small Mumbai property, the returns are going to double up in the period of next 5 years.
In order to aid the Indian middle class and help them own their own home in Mumbai and neighboring areas, RBI is expected to reduce interest rates for a certain segments of society. Furthermore in the budget 2012-13, the central government has allowed external commercial borrowings ECBs in the low-cost housing segment. As a result the supply of low cost and affordable housing projects is expected to increase in the outskirts of Mumbai in areas including Boisar, Virar, Karjat, Nalasopara, Dombivili etc. Furthermore an additional room of 1 per cent interest in subvention scheme on housing loans for properties up to INR 15 lakh has been allotted wherein the cost of the house must not exceed INR 25 lakh. This will further also help keep up with the current demand scenario for affordable housing in Mumbai. This clearly means more people would be able to afford home loans and buy residential property in Mumbai. This would result into sudden surge in demand and an evident increase in property prices.
Even though several markets across the country registered significant price appreciation, in the last two years the real estate industry in Mumbai had witnessed a comparative slow down and sales were not happening. This meant the property prices should have decreased. But despite the slowdown, the real estate prices have not corrected substantially to attract new buyers.
Apart from the market prices and global economic conditions, there are several underlying factors that affect the property rates. Cost of construction being the primary majorly affects the property prices. Cost of raw material, labor costs, government approvals, taxes etc., all accumulate to define the cost of construction. Since the prices of construction raw material including that of cement, steel and other basic materials has increased, the cost of construction has eventually increased. Following the drastic escalation in fuel prices, the cost of material transportation had further increased.
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