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Factors Which Have Led To Rise Of Property Prices In Mumbai
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We all know that affording a house in Mumbai is very difficult thanks to the ever increasing prices of properties in Mumbai for sale. Be it property in suburbs like Kandivali East property or in new satellite town like flats in Panvel people are finding it difficult to buy a house forcing people to take a property on rent. Today we take a look at all the factors which have led to rise of property prices in Mumbai:
Geography: Mumbai is an island which leaves no scope of expansion. The city is bordered by water on three sides. Development of the city has always been linear. This limits supply as demand is not met as a result the property prices rise and people are forced to take property on rent to fulfill accommodation needs.
Ready reckoner rates: The government policies have also led to increase of property prices in Mumbai. The ready reckoner rates for Mumbai increased over the years. These rates have increase the construction cost for builders as the builders pay to civic authorities according to RR rates. The prices of Kandivali East property and rates of flats in Panvel have increased significantly due to increase of RR rates. RR rates are increased annually and hence the prices of properties across the city like flats in Panvel and Kandivali East property will keep on increasing annually.
High demand: Mumbai is the financial capital of India. The city attracts a lot of talent from various parts of the country. This has led to high demand of properties in Mumbai for sale. However due to land scarcity there is a demand and supply mismatch which has led to rise in the property prices in Mumbai. Infact since the number of people who take property on rent has gone up even the rental earned by properties in Mumbai for sale has gone up. The city's FSI rules have also not been changed for some time now and therefore there is much less supply.
Developers: Real estate developers in an attempt to make more profit on properties in Mumbai for sale are hoarding land. Some are also artificially inflating the prices of properties in Mumbai for sale. If these properties are released there will be a price correction and the gap between demand and supply will reduce. The state government must ensure that fair practices are undertaken and builders are not able to artificially inflate the property prices in Mumbai.
Makaan.com is a realty website that permits consumers find a versatile and time-saving means of looking properties for sale across major Indian cities. The site, with its cutting-edge options, helps buyers to know information on properties in Mumbai for sale.
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