Due to higher property price in Mumbai buyers postponing their buying decisions

Q: As per a report, there is an inventory pile-up of 46 months in the Mumbai Metropolitan Region this result of high pricing in the MMR.

Saran,

4th August 2015

Real estate News in Mumbai

infrastructure projects

mmr

maharashtra government

coastal road project in mumbai

high property rates in mumbai

top investment destinations in mumbai

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Replies (4)

Yes the development plan of Mumbai in coming years to boost the price of real estate. The project like Coastal road project, clearance of Navi mumbai International airport, Trans habour sea link, CST-Panvel 6 line connectivity will definitely raise price bar.

Alpesh Ajmera, Mumbai

5th August 2015

Comment

Right Alpesh,
But to beat slowdown in the real estate market, particularly residential segment, builders are cutting the flat sizes but not reducing the housing prices. Mumbai Metropolitan Region, including Mumbai, Thane and Navi Mumbai, witnessed the maximum fall in apartment sizes on annualized basis.

Veena K,

20th August 2015

Hey Alpesh,
Do you have any idea about the locality Palghar? I want to book a flat over there. Is there any upcoming development for the locality? How much appreciation i can get in 3 years? Do you think that investment in Palghar will be a wise decision?

Aarti Bal Pathak, Pune

20th August 2015

This is because the area is well planned and developed by CIDCO and provides better infrastructure for its residents. This is driving the increasing demand in this locality. Further Govt's vision to attract Rs 50000 crore investment to create one million jobs in the next 5 yrs that will surely improve the demand for residential real estate in and around these commercial zones.

Girish KS, Chennai

4th August 2015

Comment

Yes, and in the coming years these regions will result in skyrocketing of property prices. As the Maharashtra Government plans to develop Mumbai as a gaming and animation industry hub, this will surely lead to job creation and investment opportunities, thus increasing the demand for residential and commercial units. This could be consider as a move to increase the sales in the real estate.

Veena K,

4th August 2015

Comment

True Veena,
According to a survey which i read yesterday evening, 76% home buyers prefer investing in properties that are in under construction phase in Panvel and nearly 71% home buyers are looking for properties up to 30 lakh. it indicates that the middle class buyers are in search of property as per their budget.

Dhiraj,

4th August 2015

@Dhiraj,
And the approval of improved railway line from CST to Panvel with a 6-lane road is expected to reduce the commute time. This has driven the higher demand for properties in these localities. MMRDA has also planned a 29 km Kalyan Ring Road to connect Kalyan and its neighbouring localities.

Veena K,

4th August 2015

@Veena,
In Kalyan, nearly 71% of home buyers preferred 1BHK compact housing unit. This numerical analysis indicate that there has been a rise in property price by 12% in the last 2 yrs in this region.

Not only thia, home buyers in Nalasopara also prefer 1BHK compact housing units and are looking at properties up to Rs 30 lakh.

pradyumanapte, Mumbai

4th August 2015

Absolutely right Saran,
Increased pricing has also help the consumer to postponed their buying decision. So many steps have been taken by Maharashtra Govt. to speed-up the property market but all invain. I hope that the 2nd half will be the fruitful as during the first half of 2015, the government has initiated a number of infrastructure projects that will drive sales across Mumbai region like the Coastal Road Project from Nariman Point to Kandivali, clearance of Navi Mumbai Airport, which are expected to drive the investments in these regions.

Veena K,

4th August 2015

Comment

Right Veena,
I think one should invest in the Panvel, Kalyan, Nalasopara, Kharghar, Mira Road, Dombivli, Kamothe, Ulwe and Sanpada as per current report these localities are the top investment destinations across the Mumbai region.

pradyumanapte, Mumbai

4th August 2015