Ever dreamed of owning a home in
the city of dreams itself? This might be your big chance. Reports suggest that
real estate prices in Mumbai are poised at the threshold of a big drop. The
average costs of apartments in Mumbai are falling and there may even be a dip
of as much as 25% if this trend continues. While it isn't great news for the
developers, home buyers and investors can rejoice. Now you can finally plan to
buy that amazing home you always dreamed of.
Average cost of 2BHK apartments
has fallen from 3 crore to 2.91 crore this year. Experts chalk this out to be
due to the surge in real estate pricing but the lack of rise in salaries of
working individuals. With fewer people purchasing flats due to the soaring
prices, there are fewer sales of apartments and plenty of unsold inventories.
There has been a sharp decline in transaction values by as much as 10-15% in
the last 3 consecutive years and thus new launches have also dropped
simultaneously all over the country.
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house scheme 2016
In light of this, experts believe
that in large markets like Mumbai, the property values could come down by half
if the market needs to sustain itself.
Considering that the buying
capacity of consumers has not stayed in sync with the rising real estate
prices, the gap between affordability and availability has greatly dampened the
sales. With reduced land availability, land owners too have no choice but to
charge a high price tag for the location. As a result builders jack up their
own rates as well. But with almost no-response for many projects, builders are
forced to keep their prices temptingly low in the first few phases if they hope
to sell any apartments at all.
Year on year the prices for real
estate have been falling for a significant amount of time now. There has been
an annual drop of 3.23% and a quarterly drop of 1.51% in the Mumbai region.
With such low demand, builders have no choice but to lower their rates and in
some cases even sell at a loss just to ensure that the buildings don't go
empty.
With such a drastic fall, buyers
can only rejoice. In the months to come, experts expect the prices to plummet
even further and that may be the chance for many to buy their dream home in the
dream city at the dream price that they always imagined. For more info Visit Globalncr.com
