Low Cost Housing Projects: A New Phase Of Mumbai Realty

By Author: indiahomes marketing
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Amidst the growing concerns of a Mumbaite, buying a property in Mumbai seems to be the toughest and the most agonising one. Several real estate consulting firms had predicted that the stagnation in sales which has been prevalent for almost two years now, would result into self correction in Mumbai property rates, however no such phenomenon seems to be happening. Mumbai property card continues to remain at an all time high rate. Even the property sellers and those who had made their purchases from investment point of view have gone under the cover and are not responding to the present market lull. As a result, most of the first time home buyers in Mumbai are going for affordable housing schemes and budget properties for sale in Mumbai so as to get their own shelter in the city.

Buying property in affordable housing schemes and budget properties for sale in Mumbai is a quite a logical decision as well, considering the escalating amount of rent they have to pay in order to support their living in Mumbai. The average rent of a 1 or 2 BHK apartment in Mumbai is around INR 35,000, which is quite high for a common man with ...
... limited income of 4 to 5 lacs a year. Nearly 50 per cent of first time home buyers are turning towards the provisions of shared equity in order to afford the high ticket Mumbai property card. The core reason and motive of such considerations is that such a move makes EMIs really affordable. According to others, they feel that buying a shared property allows them to buy their home in more desirable areas.

Experts also noticed that Mumbai real estate developers and builders who had initially proposed to build budget housing schemes in the provinces have marginally raised the minimum price bar for such flats. As an example, Foliage group which is one of Ahmedabad’s premium developers had forayed into budget housing schemes business stating they would supply low cost homes between INR 3 to 7 lacs price band. However due to rising basic cost such as land prices, labour costs, material costs and the prices other inventories, the price of their budget homes today is around 5 to 8 lacs, which will eventually cost more as a result of ever increasing property prices across the markets.

The global economic downtime has had its impacts on the Mumbai real estate market as well. Most of the budget housing scheme dwellers admits that they wouldn’t have considered buying a budget home earlier however the global downturn doesn’t seem to be fading out. Everyone wants to own a decent property for their living. They feel that going for budget housing schemes seems to be the way to be else they’d never be able to afford a living ever in the Mumbai real estate market. A major segment of Mumbai real estate developers feels that they have almost negligible support from the state government’s end in building budget homes for the low income groups.

Author Bio

Nitin Sabharwal is an enthusiastic marketing explorer who redefines prospective subjects for his works in digital advertising & marketing, e-commerce, and content development. With a commanding work experience of 16 years, Nitin’s participation in digital enabled services with a special emphasis on the Internet has earned him several respectable positions in India’s premier companies. Positioned as VP-Marketing of IndiaHomes, Nitin is maneuvering the company’s branding, Performance, CRM, Contact Centre, Event Marketing and Digital Marketing. Academically, he holds an MBA degree from IMT Ghaziabad. properties for sale in Mumbai, Mumbai real estate market