How is the residential market of Mumbai?

The realty market of Mumbai is a very attractive one and has drawn the interest of both the property buyers and the investors. The market has been sluggish in the recent days due to over pricing of the properties. The commercial market is very active and so the residential market can never remain sluggish and the market is all set to come back on track soon.

There are several reasons for Mumbai being the favourite among the home buyers. The market is driven by both end users and investors equally. The increased investor activity is one of the prime factors which have strongly impacted the property prices. This has driven the prices to unrealistic heights. The realty segment of the market is one of the best options for investment as this offer good returns over the years. This has drawn the interests among the investors in the market. Non-Resident Indians (NRIs) are also major contributors to the growth of the residential market of the city. NRI investors prefer residential projects in Mumbai for a number of reasons. The prime localities of the Mumbai city offer high standards of living which moreover match the international standards. Though the suburbs lack the international standards, the prime micro markets enjoy the best of both physical and social infrastructure.

The suburbs of Mumbai are seeing decent numbers of project launches and this will add to the supply of the residential projects. Developers are seeing fewer takers for under construction projects in Mumbai majorly due to the delays faced. There are a decent number of projects coming up. Recently, Tata Housing Development Company and the prominent developer Neptune Group have entered into an agreement to develop a 10-acre residential project in Mumbai, more precisely in Bhandup, an eastern suburb of Mumbai. Another renowned builder, Ahuja Constructions are getting a fund of Rs. 25 crores from BlackSoil Realty Fund–I to develop a project in Sion (E). There are projects coming up in the suburbs rather than the prime localities.

Though the market remains sluggish, the market will soon be back on its track. The delay in the infrastructure developments is another factor which makes a negative impact on the realty segment. The prime areas are blessed with a good infrastructure and so the prices are far beyond the affordable range. Speeding up the stalled and delayed projects will help the micro markets located in and around.

The property buyers after a prolonged hold on the buying idea are making a comeback. It is observed that the housing registrations increased by 15% with 43, 608 units in the first seven months of 2015 compared to the same period in 2014. The combined effort by the government and the builders by lowering the interest rate and discounts from the builders, the sales are picking up.

People are looking for affordable properties and this is available only in the suburbs of Mumbai. For home buyers, the micro market with good connectivity should be preferred. It is advised to avoid new projects in Mumbai and for home buyers ready to occupy apartments are the best option.

Mira Road – An ideal destination in Mumbai for affordable home buyers

Mira Road has been the most preferred destination in Mumbai among the home buyers who look for budget homes. Since the inception of the locality in 1985, the real estate developers have been engaged in buying agricultural land and began to developing townships with budget dwellings.

With extensive mangroves, salt pans and lush green stretches, Mira Road is certainly a haven for end-users looking for budget homes in Mumbai. In the recent past, Mira Road has been witnessing several civic infrastructure development. Besides, the locality posses excellent social infrastructure with the presence of reputed schools, hospitals, restaurants and shopping malls and cinema theaters.

The locality's seamless connectivity to Mumbai has been playing a major role in increasing the demand for residential property here. With the presence of Western Express Highway in the vicinity, the Mira-Bhayander belt gets easy accessibility to the western suburbs and Thane can be reach via Ghodbunder Road. Owing to it's proximity to Mumbai and seamless connectivity through road and rail, Mira Road has emerged as the highly preferred area in the western suburbs especially for home buyers who are looking for 2 bhk flats in Mira Road. Particularly, the demand for buying flats in Mira Road has been high among the working professionals who are looking for affordable homes in Mumbai. With several residential projects being developed here, the locality offers multiple home buying options for the end-users.

When compared to other property types, the locality consists of more multi-storey apartments with smaller housing units. Some of the major builders constructing multi-storey residential projects here include Lodha Group, Chheda Group, Leena Group, Jangid Group, Vardhaman Group, Sanghvi Group, Ackrutiy City, Kalpataru-dynamix Group, RNA Crop., DB Realty, Space Realty, Strawberry Construction, Raj Realty, and Ram Nagar Development Corporation.