High Prices Make It Unrealistic To Buy A House In Mumbai

As compared to other cities, the real estate in Mumbai has shown an acceleration in property prices  in the last few years. With such a sky-rocketing rise in rates, the demand has not risen at the same pace. Therefore inspite of various baits offered by the builder in the form of discounts and freebies, the investors are finding it difficult to pay a whopping crore or more for a 2BHK flat in a decent locality in the financial hub of India. As a result a large chuck of property is lying unsold. Overpricing of property rates can be seen in almost all areas of Mumbai like Thane, Powai, Navi Mumbai, Goregaon, Borivili and Malad. Prices in Navi Mumbai real estate as well as flats in Mumbai have reached a new high.

The acceleration in Mumbai property prices can be attributed to many factors. On the main factor of this scarcity of land in the region. Scarcity of land has led to lesser number of project launches, this can also be due to the agonizingly slow pace at which real estate developers are able to get approvals from government authorities. Although Navi Mumbai was devloped to tackle the land shortage problem of Mumbai but due to overpopulation and concentration of people in the city, it seems that even real estate in Navi Mumbai is running short of land. Secondly, real estate developers have to endure heavy taxation, which forces them to raise the rates for projects in Mumbai accordingly.

Real estate Mumbai and Navi Mumbai properties is largely under the control of powerful brokers and industry players. This allows the brokers extort and twist the property Mumbai prices.  Strcit policing and vilgiance is required to keep this act under check so that affordable housing is available to all people in Mumbai.