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Problems In Mumbai Real Estate
Total Articles: 128
Real estate Mumbai is currently seeing a slump owing to steep prices and lack of initiative of state government due make Mumbai real estate affordable. There are many factors that determine the cost of real estate Mumbai property, so if there is a correction or rationalisation in any of them, it will lead to price correction of real estate Mumbai property. These factors are cost of land in real estate Mumbai and cost of construction. The cost of labour, cost of raw material like cement, steel etc. and the cost of obtaining approvals also escalate the cost of property in Mumbai real estate. These costs can come down with government intervention. It needs to be seen if govt is keen to make Affordable Housing a reality in real estate Mumbai.
Real estate Mumbai has also been rocked with controversies and therefore one must keep his interests safe while investing in Mumbai real estate. Always look at the connectivity neighborhood and see if the price point is to your liking. Also, look at the credibility of the developer to have delivered these projects in the past. Before investing in real estate Mumbai property check if the property is approved by banks to loan. Overall speak with a few people for their point of view. Encourage people who give different opinion as that will come in really handy.
The main problem with property in India is its inability to allow the prices to correct. The real estate builders and land owners are wary of the correction in property rates, and to implicate the home buyers, they try to create artificial property demand market. Artificial hype that they create does not allow the property prices to be able to fall back to correction. Mumbai area has high population density. Since prices have increased so much experts do not foresee any major price appreciation in the next few months.
As the India property prices are stupendous, home buyers are now starting to refrain from investing into residential as well as commercial spaces. This scenario has left a number of unused inventories in the financial city of India. Unless the State government get the prices corrected, this disparity between supply and demand will continue affecting the real estate Mumbai. People who invested in the realty market around 5-6 back have made good profits but the same will hold hold true for people who have invested in last two or three years. There is huge gap in property prices that are offered by developers as well as secondary market.
Makaan.com is India's fastest growing real estate portal that features Mumbai properties and properties for sale. People can do a property search on properties on sale and India real estate.
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