Property Prices In South Mumbai Are Expected To Go Down In Future

Mumbai Property at Makaan.com

In what may come as a welcome piece of news for those aspiring to buy flats in Mumbai, property prices in the tony South Mumbai belt may go down in the near future as per real estate India reports. South Mumbai has always been known for its unbelievably high prices and limited supply in turn. Property buyers have always kept away from South Mumbai owing to unreasonable charges and land values. Appreciation has been immense in South Mumbai over a period of 10-15 years and it is almost unaffordable to purchase property in several of these premium localities. Several South Mumbai localities may witness a drop in prices with the establishment of the Mumbai Trans Harbor Link as per realty experts. Real estate in Mumbai South has always witnessed some of the highest prices in the country but that may no longer be the case. The drop in prices will have a lot to do with piled up inventory and negligible demand. Developers will be desperate to clear inventory while there will be a lot of discounted activity in the resale market. Developers have already started offering discounts and freebies and this will extend to a drop in prices in the near future. As per upcoming real estate in Mumbai trends, the establishment of the Mumbai Trans Harbor Link or MTHL or the Nhava Sheva-Sewri Trans Harbor Link will also have a big role to play in lowering prices in South Mumbai. This link is a 22 kilometer long bridge that links Navi Mumbai and Mumbai and will definitely be regarded as the longest ever sea bridge in the country post completion.

Realty prices are always checked and corrected through infrastructure according to India property experts. There is no definite information yet on the amount or percentage of correction to be witnessed in South Mumbai markets like Juhu or Bandra. Limited land supply leads to growing capital values and prices in posh areas and the advent of infrastructural projects leads to the opening up of more land for development and this has an effect on controlling prices in these prime locations. At a time when housing growth has slowed down considerably, softening or property prices in South Mumbai is welcome news for aspiring property buyers.