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Property Price Resist Correction In Mumbai
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Mumbai real estate has always been a confusing proposition for market experts and observers alike. While there is no dearth of property in Mumbai for sale, buyers are still quite hard to find! However, this situation is still not having an impact on a possible fall or correction in prices in Maximum City where owning a home is an impossible dream for most of the working population. This trend is puzzling market experts and prospective customers alike. There is clear data to suggest that customers are not really purchasing property a lot in Mumbai. Very few apartments are being sold every month and almost 1.5 lakh housing units are still unsold in only the Mumbai Metropolitan Region let alone other parts of the city and its outskirts. Additionally, another doubt crops up in the form of nonexistent selling in the market at par with overall buying. The high property prices would definitely prompt efforts for selling property on part of multiple investors and individual owners alike. However, this is also nonexistent in the Mumbai market as mentioned earlier.
Though the volumes of unsold property in Mumbai for sale are quite high, people are still not selling. Many investors and property owners are holding onto their properties owing to their belief in the progress of the market in terms of prices. Property owners still believe in the potential rise of prices and this can be a tangible reason for holding onto properties. Rather, investors are putting out their properties on rent in locations which are earning good returns and are expected to garner the same in the future as well. Investments made on properties usually garner returns between 2.4 and 2.7 percent and this is one reason for several investors holding onto their properties instead of selling them outright. However, one section of market experts believes that this is not unnatural in Mumbai, a market where supply volumes are quite limited. Prices will take a lot of time to stabilize or possibly correct in this market and developers will attempt to hold onto existing price levels for some more time.
Market reports on India properties have been demonstrating how Mumbai refuses to move out of its saturation point. The slowdown is not permanent though according to market experts and should only be a flash in the pan as the market steadily starts reviving again. Land availability is at a premium in Mumbai and hence prices will hardly go down in the near future. Rather, once the market revives, developments like the monorail and the expansion of the metro railway network will once again create demand for properties and put pressure on prices for moving upwards. South Mumbai should witness a minor correction in the future on the back of unaffordable prices and lack of buyers. When it comes to recovery, areas like Santacruz and Ghatkopar along with the Chembur-Wadala belt are already showing signs of having come out of the slump with new projects being launched and healthy demand. Developers are betting big on governmental support and improvement in overall market conditions and no price correction can be expected right away.
Makaan is a website focusing majorly on Mumbai real estate. The website addresses the needs and requirements of real estate developers, property buyers and agents.
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