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How Property Rates In Mumbai Effect Other Parameters?
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Mumbai property rates have shown interesting trends in the past few years. As the rates have gone high the demand has gone down. Let’s take a look at how the property rates in Mumbai have affected other parameters.
High real estate price means high rentals: Mumbai property rates have been going up for quite some time and the same trend has also been noticed for rental rates earned by the properties of the city. Even the rentals of properties in satellite cities of Mumbai like flats in Ulwe and flats in Thane West have seen a phenomenal rise in rental rates. Property rates in Mumbai had already made it extremely difficult to invest in a property in the city but as the rental rates are rising living in the city is becoming unaffordable. Extensive property search also does not promise favorable results.
Slow sales movement: Mumbai property rates have drastically affected the sales movement of properties. The sales movement of mid-range properties has gone down as not many people are able to buy properties in the city. Builders of flats in Ulwe and flats in Thane West are finding it very hard to find buyers. End-users are waiting for the property rates in Mumbai to come down as they feel that the market is artificially inflated. Many buyers regularly do a property search but they do not find anything in their budget. Builders too inspite of sitting at a huge inventory are not willing to reduce their prices. They are willing to offer deals, negotiate loan rates with banks on customers behalf, dole freebies but they are unwilling to bring their property prices down.
Luxury properties give good appreciation: However, not much affect was seen in the sales movement of luxury and ultra luxury properties. Infact the sales movement and the demand of luxury properties ultra luxury properties has been on the rise. These properties have also given a good return on investments. People who are investing in luxury properties seem to be unaffected by the rising property rates in Mumbai.
Real estate site gain prominence: Many people have now resorted to do property search on real estate websites. As property rates are already very high people are now looking to save additional costs such as brokerage charges. Several people are now ditching brokers and are looking to find a property on rent or a property for sale without involving a broker.
Makaan.com is India's fastest growing property site that features Mumbai property rates and flats in Ulwe and flats in Thane West.
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