Mumbai is known as the financial capital of India. It is one such investment hotspot that claims end-user interest all through the year. Mumbai city offers multiple employment opportunities; as a result, it gives birth to various real estate investment choices to suit every budget. Property prices differ according to location, connectivity, infrastructure as well as demand and supply in that particular area. The property buyers who are looking for budget homes can look for properties inside areas. The topmost areas in demand are Dadar, Matunga, Bandra East, etc. The prices in these areas range from 29,900 per sq ft to Rs 34,000 per sq ft. The physical infrastructure such as best transport facilities are supported by well-connected roads that provides better commute. The social infrastructure such as best of healthcare facilities, schools, colleges, provision stores, shopping malls, hangouts and other conveniences are close by. This garners high livability proportion of these areas range between 9.8 and more when measured on a scale of 10.
If one is looking for villas in or close to Mumbai there are more than 300 projects and price ranges between Rs 20 lakh to Rs 40 lakh crore. The Popular areas in demand are Khandala, Boisar, Thane West, Andheri West, Vasai, Goregaon West, Lonavala, Vasai, Kalina, New Panvel, Dombivali East, Uran, and many more popular locations. If one is searching to invest in apartments in Mumbai city then there are more than 7,814 properties in the range of Rs 15-24.25 lakh group, though these apartments will be located far from the central parts of Mumbai. The other in-demand category ranges from Rs 25-34 lakh and there are 6,684 properties in this group. There are more than 10,000 properties in prices ranging from Rs 32-35 lakh to suit different budgets.
The real estate prices have fallen but that’s not a huge correction although. If there are corrections then it would be across the board for each one without asking for any concessions. There might be no connection between the cash transactions and the developers. Even in situations when one of the parameters is missing out of the three parameters it would be regarded as a deal specific discount. The builders are ready to offer discounts on projects in Mumbai that are under construction, but to get discounts in the already completed projects is tremendously difficult. Yet the situation is different for the buildings that are old with more discounted prices.
The location of such projects also plays an important part in determining the prices. The tremendously crowded areas like Borivali, Ghatkopar, Dadar, have seen a slight price fall over the period of four years back. The rate for projects in Ghatkopar East is down by 5.4 per cent. But when things are analyzed on a bigger picture by analyzing data it is surprising to observe that the prices have gone higher. The prices have gone up around 2 to 4 per cent in areas near Kanjurmarg because of projects like Kanakia Zen World, Arkade Earth, Runwal Bliss & Runwal Forests. This might be due to improved connectivity with Western suburbs, Bandra-Kurla Complex and the western suburbs. The Lower Parel is one such location where prices haven’t dropped instead they have moved up by 7 per cent over the last quarters.
The investments in the real estate sector are generally for a longer period. Investors particularly wait for minimum three years to get better returns from investments. The data indicate that real estate prices in a few areas of Mumbai have increased by 33 per cent or 10 per cent yearly in the last few years.