With the exception of some unfortunate cases of delayed housing projects or builders going bust, the home buyers are definitely in a favourable spot at the present. Over the past year, in many parts of the country, significant rationalization of property prices has been seen and properties have actually become affordable for a large number of potential buyers. RERA and GST have given buyers a sense of security & home loans are also available at a ten-year low. All this does make you think if it is the right time to buy a home?
According to industry experts with the reign of demonetization, RERA and GST, it is most definitely the right time to invest in properties as the sector will only get more organized and accountable from here on. There was a lull period post demonetization but in a dynamic economy like India, the after-effects are bound to witness newer horizons. The sector is witnessing a positive change with a realistic pricing across property segments.
The RERA Act was introduced to address the grievances of property buyers and timely execution of project plans, the legitimacy of properties, and so on.
Experts believe that it is a good time to invest in a property in Mumbai right now until mid-2025. Beyond 2025 there are chances that prices would increase as the unsold stock by then would have been absorbed.
For people who wish to buy homes in Mumbai, it is the perfect time to negotiate and buy the property as the banks have slashed their home loan interest rates which are at all-time low. Moreover, the prices in the market have stabilized and any further reductions do not seem likely. Thus it is advisable for buyers to take advantage of the lower interest rates. Also for first-time buyers, they can get the benefit of the incentives under the Pradhan Mantri Awas Yojna (PMAY).
Buyers should also consider buying ready-to-move flats in Mumbai instead of under construction properties. With surplus inventory, it is wise to invest in ready to move in a home where you can immediately shift and also save on GST.
While looking for ready-to-move flats in Mumbai it is strongly recommended that you opt for 2 or 3 BHK flats that are RERA-compliant. You should also carry out all your transactions through registered real estate agents.
If you were to buy a 2 BHK flat in Mumbai, you can be sure that it would cost you nothing less than a crore rupees. But this need not dishearten anyone with a lower budget, as Mumbai has spacious flats to suit any budget. 2 BHK flats flats sell the most in Mumbai, more than three or four bed rooms. Areas like Versova, Malad, Andheri, Lokhandwala and Borivali in Mumbai are brimming with super luxurious flats. These flats have classy designs & offer amenities of international standard. One definitely needs to splurge a little extra cash to buy a flat in these localities, but the array of available amenities justifies the expenditure. If one is prepared to go slightly to the outskirts of the city, it is quite likely to get a luxurious 2 BHK flat in Mumbai for the price of one too.
With suburbs extending in every direction and becoming denser, it is only natural that over the coming years they would get better social infrastructure while simultaneously bringing forth a dearth of supply due to reducing land. Today’s extended suburbs will soon become central locations as the scope of cities widen. Cities like Kalyan, Thane, Navi Mumbai among others are good investment options for 2 & 3 BHK flats .
The easy financial options have made the purchase of flats more convenient. Today residents do not mind shelling out an extra penny, given the condition that they are pampered in a comfortable residential flat or apartment.
Joquim is a marketing professional who is responsible for curating actionable insights for top notch real estate companies. He loves bringing his research to the table to help others succeed. Right now he is sharing his views on the perks of buying flats in Mumbai
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