My annual income is about 28 lacs, and i already own a house in mumbai suburb..

Q: my annual income is about 28 lacs, and i already own a house in mumbai suburb.. right now i am thinking of investment as i have no proper investment except policies and shares . so is it wise to buy a flat in south mumbai?will it be a good income source ?can you advise me areas which are in demand ,and can give me more rent?

Preeti, Mumbai

21st February 2013

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Hey Preeti, do you have any properties in mind?? What is your budget?? There are many in the locality which will give good returns on investment..

Sanjana Jain, Mumbai

26th February 2013

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It is a good thought! Currently South Mumbai has a price reduction of about 5-15 percent in the past 18 months due to the slower sales in the luxury segment.
One of the popular developers in South Mumbai are planning to launch 40 luxury residences in Nepean Sea Road within a months time. The property will be converted from a sea-facing bungalow which it bought in 2011 and was converted into a residential tower. The price for this segment is estimated to be from Rs. 25 crore to Rs. 35-40 crore.

Jerome Fernandez, Mumbai

26th February 2013

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I agree with Mr Nishant.. In the past few years, Mumbai has been contributing in higher property prices, moderate sales, fewer launches and slower project approvals resulting in a crippled property market in South Mumbai.
After a long period of sluggishness, Mumbai registration data has boosted with a positive growth of about 42 percent per month which has in turn resulted in the impact of the festive season. In the past 24 months, the sales registration was the highest in December.

Suresh Khanna, Mumbai

26th February 2013

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Hi Preeti, it is a real nice decision to invest in properties in South Mumbai as the zone is expected to see a revival this year after a long gap of one year.The key reason for the boost in the realty sector in this region is due to the fact that the developers are all set to launch their projects alongside resurrecting their stalled constructions believing that there will be an increased demand.

Nishant Bhat, Mumbai

26th February 2013

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