Will certainly 2017 be a Great Year for Properties in Mumbai
If you are looking for properties in Mumbai, there are several upcoming residential projects in Mumbai’s outskirts that may offer you affordable options.
According to the 2017 version of Emerging Trends in Real Estate Asia Pacific cycles, Mumbai and Bangalore will still be the top-ranked cities for prospects in conditions of investment as well as development. Mumbai is one of the most populated and expensive cities in India. Being the financial capital of the, it attracts lots of individuals as far as employment opportunities are concerned. This has led to the demand for affordable residential properties in the city, pushing the rates higher.
ProEquity, an internet subscription based real estate data and analytics platform has mentioned that due to demonetization, the real estate market in India will be impacted. It also mentioned that the market value of residential property of Rs 8, 02, 874 Crore is expected to get wiped off in the coming 6 to 12 months. Even the Mumbai market has recently been impacted with this move by the government. Not only new launches have reduced, but the questions have also come down.
It was also explained by ProEquity that the maximum fall on total market valuation will take Mumbai Rs 2, 00, 320 Crore. Mumbai will be followed by Bangalore by Rs 99, 983 Crore and Gurgaon Rs. 79, 059 Crore.
If you are a property buyer who is waiting for rates of properties in Mumbai to reduce, then you might conclude getting a good deal. Business experts think that due to demonetization, the housing industry in Mumbai will experience a lull for few months. Property owners can expect rates to lessen in some pockets of Mumbai.
Growth in Affordable Housing
It is being expected that cities like Pune, Mumbai and Bangalore will witness sustained demand for affordable housing projects. There are several areas in the outskirts of Mumbai, where developers are launching projects, offering affordable units to buyers.