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| Image Courtesy : Net |
The
common belief about real estate in Mumbai is that most new residential projects
in the city cater only to the upper-middle class or the wealthy. This is because
there is a host of new luxury projects in the city which boast buildings with
3 BHK or more. It appears to be hard to find decent 1 BHK homes in Mumbai, let
alone studio apartments.
Luxury
appears to be the mainstay when it comes to new projects in the city. Apart
from this, property rates in Mumbai have been regarded with wary by investors
looking to buy in the city in the past decade due to their ever-increasing
nature. However, there is good news for those interested in buying property in
the city as there has been a marked fall in the rate of property in the city
since the last year. According to real estate research firm Liases Foras, if an
apartment in a specific locality cost around INR 3 crores in 2014, a similar
apartment in the area would cost only around INR 2 crores.
According
to its report, property rates in Mumbai have lowered by 0.95% in the
Mumbai Metropolitan Region and by 3.23% in Mumbai. The average rate per square
foot has also reduced since 2014. The reason for this fall in prices of
property is because builders in the city are aware that the prices are too high
to be bought by most people. Hence, in a bid to increase sales, builders have
lowered the prices of their property.
This
is good news for buyers and there is now a wide variety of options to choose
from for Mumbaikaars. The drastic drop in prices of property is sure to
motivate more investors to buy property in Mumbai. If you are interested in
checking out property in Mumbai, why not browse property sites like property.sulekha.com for easy navigation through countless properties in the
comfort of your home? It is advisable to buy property in Mumbai now, before
builders change their minds!