Real estate scenario in Mumbai

Q: Is it the time time to buy a property in Mumbai? Experts please post your valuable comments

Hemraj Jha, Bangalore

29th November 2013

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The inflation has currently affected the buying power and has restrained buyers from taking final decision. But eventually, the situation will improve. The RBI has taken some positive steps to improve the buyer sentiments. At the same time, developers will also open up their existing inventory. They are already offering value add-ons. This is the right time for the buyers to do some basic research and strike a good deal with the developer, instead of waiting for a price correction which is uncertain.

While expert opinions are divided on whether the market is currently buyer driven or it has equal opportunity, they have a common opinion that this is the right time for buyers to invest, considering the demand again outstripping supply in the next couple of years.

Kishore Pathak, Mumbai

29th November 2013

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I am shifting to Mumbai in January and planning to buy a house.Is it a good time to buy a house in Mumbai now?

Hemraj Jha, Bangalore

29th November 2013

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For prospective buyers who are concerned whether this is the right time for buying, the answer is yes. Once the macro-economy sees a boom, prices in realty market too will start rising.

Ashish Bhoite, Mumbai

29th November 2013

The city is expected to see an additional demand of about 2,25,000 housing units in the mid and high-end segment in the next 5 years and the supply will be nearly 214,000 units. Of the total demand in these segments, a majority will be in the mid-range housing segment. Though Mumbai will see large supply in 2014 and 2015, most will be in the high income group (HIG) category. The mid-range housing segment will remain unserviced.

Vinay Dixit, Mumbai

29th November 2013

What is the reason that the Mumbai real estate market has become a buyers market?

Hemraj Jha, Bangalore

29th November 2013

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The main reason for this shift in market dynamics is the change in business strategy owing to global economic slowdown, which is guiding the direction of the realty market. The change has made the real estate market in Mumbai more mature.

Ashish Bhoite, Mumbai

29th November 2013

There is more to the shift of realty market in favour of buyers than just statistics. For example, normal statistics reveal only the slow market and inventory pile up, but not necessarily the real reason behind the inventory pile up. Affordability may be an issue. However, Mumbai is also the city with the highest per capita income in the country. Moreover, realty in Mumbai has always been expensive. Affordability is not a recent issue.

Kishore Pathak, Mumbai

29th November 2013

Mumbai has been growing with a rapid pace for decades. The country's financial capital, also known as the country's land of opportunities, attracts migrants from all over the country and abroad. As such, there has always been demand for properties in Mumbai.

Mumbai always saw less supply and more demand in real estate. This naturally tilted the market dynamics in supplier's favour, where real estate suppliers drove property prices and the market. The demand-supply gap, price index, inventory and other indicators had supported this phenomenon. However, the last two years has seen gradual shift towards becoming a buyer's market with buyers driving the realty sector.

Harinarayan, Bangalore

29th November 2013

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