Flats In Powai See Huge Rise In Rates As Ready Reckoner Rates For The Region Is Increased By 132%

Owing to high Mumbai property prices the city is considered as one of the most expensive real estate sector in the country when compared to properties in India. Buying a property in Mumbai is a herculean task as real estate Mumbai prices are already touching the roof but this didn't deter the state government to increase the ready reckoner rates by an average 7.9%. The increase in ready reckoner rates means that the stamp duty charges which are calculated on the RR rates basis, would go up.

Increase in RR rates has impacted the Mumbai property prices and developers are unhappy about the situation as the market is already facing a slump. The recovery of the real estate market has been stopped as real estate Mumbai prices will increase significantly in some areas. Let us take an example of Powai. People who were looking to buy flats in Powai are in a state of shock as the RR rates of the area have been increased by 132%. This means people who were looking to buy flats in Powai will now have to pay a significantly high stamp duty as well as registration fees.  Also people who are living in property in Powai will have to pay more property tax as RR rates also determine the recurring property taxes. Developers of property in Powai say that this move will adversely affect the sales of flats in Powai as the cost of construction will go up significantly. Builders of property in Powai are worst affected as several payments to civic authorities are made on the RR basis.

As the cost of construction will increase the Mumbai property prices will also increase. Amongst all properties in India people look to invest in Mumbai but if the real estate Mumbai prices continue to see a significant hike then the investor might think of investing in other properties in India.

Mumbai Property Prices Cause Stagnation In Realty Market

Property Mumbai at Makaan.com

Mumbai has always been the most desirable Indian city to live in as it offered a plethora number of opportunities. However over the years ever increasing Mumbai property prices has changed the perception. Due to high property rate in Mumbai hardly anyone is able to afford a property in the city. Earlier only South Mumbai was believed to be out of reach for the common man so the middle class settle for property assets such as Andheri West flats for sale. But with time Andheri West flats for sale also became out of reach due to high real estate Mumbai prices.

Now it seems that high Mumbai property prices are discouraging investors and end-users to look for a property here. Only established localities such as property in Andheri West are witnessing some demand that too due to its proximity to commercial centers. However in terms of capital values of property in Andheri West even this area has seen a price stagnation. Only the outskirts of the city like Navi Mumbai and Mumbai Thane are witnessing an appreciation in property rate in Mumbai rest all the sectors are virtually seeing a stagnation in the market. 

Real estate Mumbai prices are getting more and more expensive with each passing day. For a common man who is looking to buy a small apartment  of about 600 sq. ft. of space in Mumbai, looking at the average property rate in Mumbai he will have to shell out the minimum required corpus Rs 1 crore if he looking for a house in a decently established society. High Mumbai property prices are forcing Mumbaikars to movie to the outskirts and fringes of the city. Its only in places like Navi Mumbai and Thane where one can think of buying a property at affordable real estate Mumbai prices.