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Issues Faced By The Mumbai Real Estate
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Mumbai real estate is facing numerous problems: the downturn of the real estate Mumbai market has been there for quiet sometime now. Although there have been a lot of speculations about reversing the downturn of Mumbai real estate, the city has been unable restore itself to its original glory. The skyrocketing prices have managed to discourage the common buyer from investing in the market. The eternal wait for price-correction has dampened the spirit of resurrection of property prices. There are several problems that are being faced by the real estate Mumbai and Navi Mumbai real estate sector.
The slack in Indian economy has adversely affected the property in Mumbai. This has resulted in increase in construction costs. With the increase in prices of construction materials used for the developmental projects, the overall cost of both commercial and residential markets are now reaching a new high. The real estate developers are not willing to bring down the price and the much awaited price correction never comes into the real estate market. These huge costs have caused the lost the interest of an investor and a buyer into making purchases.
As investors are not keen on buying or investing in a project several new and luxury and premium projects, a huge inventory of Mumbai real estate is lying vacant currently. Now as the realty market has no buyers, the real estate developers are looking at huge losses and to recover them, they are increasing the already hiked Mumbai property prices. What has been the result of this action? The properties in localities that were known for having budget prices are seeing an increase in realty rates. The developers have now created an artificial demand in such localities to fool the investors and home buyers.
Then there are new Floor Space Index FSI regulations: which might be able to bring back transparency, but introduction of FSI can be very problematic, as it can lead confusion in the under-construction or near-to construction residential projects. The redevelopment projects could also turn into financial loses for the builders and the prices to soar further. Another problem faced by the real estate Mumbai is long time taken to by government authorities to approve a project. This has adversely affected the interest of developers to bring out any new projects in the city. The property prices of Mumbai fluctuate too frequently; which makes it cumbersome for the builders and investors to invest in big plots and properties.
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