Demand Of Property In Navi Mumbai Increases Continously

The demand for flats in Mumbai is increasing with each passing year. According to census 2011 the population of Mumbai has gone up by 983% whereas for the rest of the country the population has risen by about 380%. Mumbai is a land of dreams and opportunities and therefore many migrants come to the city to find their dream jobs. As the population increased Navi Mumbai was created. Property in Navi Mumbai offered abode to all those who could not buy flats in Mumbai. But as the population increases so does the demand and this has directly impacted the prices of property in Navi Mumbai.

Property websites in India indicate that the prices of property in Navi Mumbai and flats in Mumbai have see a steep hike in the last few years. The demand of property in the city has grown but the supply is limited as the city is surrounded by waters from three sides this has naturally impacted the property prices of the city. Property websites in India predict that the prices of property in the city will continue to rise till the demand and supply mismatch can be bridged.

Although the price appreciation given by property in Navi Mumbai and flats in Mumbai has just been in single digits in the last two to three years yet property in financial capital of India is the most sought after. Property websites in India too say that the city is the safest place to invest in as the city has never seen a major meltdown in property prices. At Makaan.com one of leading property websites in India  one can check the price trends and market scenario of various localities of Mumbai and Navi Mumbai. By looking at all the information the buyers can take an informed and profitable decision.

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

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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.

Best New Investment Destinations Near Mumbai

The scenario has been quite bleak when it comes to real estate in India. Mumbai is no exception in this regard. With highly price saturated markets, piling up inventory and lack of demand on part of the mass, Mumbai is definitely witnessing one of its worst realty cycles in history over a period of two to three years. However, there are some great new investment destinations in Mumbai should you be looking for the same. You can invest in flats in Mumbai across several strategic locations that should be the growth nodes of the future. While there is ample property in Mumbai for sale, these locations are being billed as the best investment destinations for those with a nest egg to invest as per property India reports and statistics. A minimum investment of a crore is usually required to purchase property in Mumbai but these destinations will only require between Rs. 20-40 lakhs at the beginning. This should not worry you as this minimal investment will get you unbelievable returns in the near future. Asangaon is set to be a major growth driver of real estate in Mumbai according to experts. This area is a part of Thane and lies along the Nashik-Mumbai Expressway. The locality lies approximately 70 kilometres away from Mumbai city and is being developed rapidly. 2 and 3 BHK apartments are being developed here with sizes between 450 and 1200 sq ft. Properties are available at immensely low prices in this neighborhood in comparison to Navi Mumbai and Thane and the area is home to several manufacturing units and a railway station linked to the Central Line. This locality should offer high returns within the next 2-3 years.

Panvel will also develop further and garner great returns for investors. Panvel is one of Navi Mumbai’s best localities and is well linked to several areas through the Panvel-Sion Expressway, Pune-Mumbai Expressway and the National Highways 17 and 4B. Panvel is also being regarded as an upcoming commercial hub. Ulwe is another residential destination that will offer rich returns on investments to buyers and investors owing to the skyrocketing residential and industrial segments here.

Strict Implementation Of Laws Needed for Real Estate Mumbai

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Although Mumbai real estate boasts of superstructures and high prices of properties in Mumbai for sale yet, its buildings lack basic safety. This is the story of Mumbai real estate: the recent cases of fire and buildings crash in several parts of the city brings to light the gruesome state of affairs. Several people got killed and many others injured after dilapidated flats in Mumbai crashed.

Recently a commercial building in Andheri East had caught fire. Around 500 people were evacuated and thankfully no casualties were reported. But in April last year, a 3-storey building had collapsed in Mumbai Thane, causing the death of 74 people. Upon investigation it was found that the building in Mumbai real estate was build illegally on a forest land. Also substandard material was used for construction of these flats in Mumbai. Several other faults wee found with construction of these flats in Mumbai. Many a times builder built illegal properties in Mumbai for sale and sell it at lower prices in order to attract buyers. 

A similar case was seen when another building in Dahisar crashed which also caused by deaths of many people. The rickety state of flats in Mumbai caused the crashed. The situation is fast becoming extremely alarming as a large portion of property in Andheri West Mumbai for sale are being developed after keeping safety regulations at bay so that developers can reap in more profits. 

Lack of awareness on part of occupants also makes it easier for developers to fool buyers. Government laid back attitude has also made it easy to flout laws. In the last few years the situation has gone out of hand only strict implementation of laws and adherence to construction rules as well as harsh punishments can bring the worrying situation under control. Things need to be taken seriously to bring the situation under control.

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.

Flats in Mumbai: Skyrocketing Prices and Dearth in Demand

Buying flats in Mumbai, these days, has remained the sole privilege for the very affluent class, especially in the areas like Andheri and Goregaon. Even an unfurnished, 650 ft., 1 BHK flat in these areas and the like ones, can cost you anywhere between 60 lacs and 1 crore!! So, even after spending this stupendous sum on a 1 BHK, and that too unfurnished, what are you getting? The property bubble in Mumbai has swelled too much that it can burst any time now. Even in areas alike Thane and Navi Mumbai that were supposed to offer the affordable housing to middle and lower-middle segments, are ranking high in terms of price rates. What could be the reason behind such a catastrophic rise in rates?

The inflation that hit the Indian market recently resulted in an appreciable increase in the cost of construction materials like sand, cement, steel etc. To compensate for their invested money on these, developers started raising the rates. But they were not fair in doing so: they let the prices get appreciated too much, so much so, that the Mumbai flats gained a considerable raise in terms of prices. The greed of developers and builders, along with their nexus with political authority gave them ample freedom to appreciate the prices too much.

Seeing the hefty rates, the demand for flats in Mumbai came to an all-time low. Even the middle and upper-middle income groups started wavering from their decision to buy. In spite of the fact that the demand dwindled, the developers did not lessened the rates. Instead, to bring back the customers, they came up with offers like freebies and small discounts. But this strategy of theirs has not brought any fruitful result. As long as the prices do not get corrected, it would be difficult to see the demand get any increase.

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