Residential properties in Mumbai is out of reach for middle-income buyers

If you are looking for apartments in Dadar or find a flat in Bandra, residential property rates in Mumbai are skyrocketing despite market changes.



As a study in 2014 by Savills, a real leader, Mumbai ranked the most expensive city in the 12 Th in the world to live and work. Besides Mumbai, cities like London, Pair, Tokyo, New York and Sydney also been ranked 12th. According to industry reports, there is a huge gap in supply and demand of residential properties in Mumbai. However, that does not mean that the developers to reduce the rate to sell more units.

If you are looking for apartments in Dadar or find an apartment in Bandra, prices rise despite market changes. For example, in Navi Mumbai, a relatively high rate for residential units as a result of the proposed new airport. Although the airport is far from the image, the rate increased to the buyer. So what is causing an increase in prices, even if people do not buy a property? Some believe that the property market in India work from politicians and real estate companies. Politicians have an incentive to keep prices at a high level.

As pointed out by Residex Housing National Bank index, the rate in the city has increased by 18.7% between 2011 and 2014. This increase occurred despite the fact that the inventory of unsold properties has grown considerably.

Region Caras residential investment

Alta mount Road is one of the roads most expensive house in Mumbai. Mukesh Am bani, chairman of Reliance Industries and Kumar Mangalam Birla, chairman of Aditya Birla Group have their homes in this way, which is located in the southern part of the city. This street is also home to several other business families like the Tata and Mafatlals. Many Bollywood actors also have their own apartments and bungalows at Altamount Road, parallel to Peddar Road.

According to reports, the buyer will have to shell out around 60,000 INR per square meter to buy a house in this street. Gentry made a special address that. Compared to other parts of Mumbai, this site has a lot of green. Antilla, the main attraction is home to 27 luxurious floors Mukesh Ambani in this way.

Buyers can expect the correction of prices in the future?

According to Knight Frank, a global property broker, there is something wrong in the supply and demand in the property market MMR (Mumbai Metropolitan Area). This gap leads to a stack of about 2.15 Lacs unsold residential units last year. According to experts, it will take about three years or more to sell these units because the fees are too high for buyers to enter the housing market.

The real estate market in the city can not be used in supply and demand. Compared to 2013, the demand for property in the MMR fell by 25% in the first quarter of 2014. The developer headquartered in the city is not in favor of a reduction in prices, because the market has a huge detention capacity. Chances are slim any price correction in the near future. Unsold units were located mainly in the suburbs have continued like Navi Mumbai, Dombivli, Vasai Virar and Kalyan.