Analysis of Real Estate Marketplace of Mumbai before Buying Flats
- April 09, 2021
There are many factors to be considered before buying a property. It is one of the biggest achievements of an individual’s life as you need to spend a lot. Price is one of the biggest criteria within Real Estate in Mumbai. The process of home buying Flats in Mumbai involves a lot of factors such as the income of the individual, capacity to pay the equated monthly installments, or EMI. One more important thing is the person buying for oneself or rental purpose. The location of the marketplace also increases the price of the Flats in Mumbai.
There are a lot of Flats in Goregaon West there are properties that are unsold and you will get immediate possession. Due to the pandemic, the real estate industry is slowly picking up its momentum. Many construction activities have resumed back. Some of the Real Estate in Mumbai is waving taxes so that they attract a good amount of investment. This has helped many buyers in getting buyers who were actively looking for flats.
Let’s talk about some of the recent real estate trends:-
- The Flats in Goregaon West are the jewel crown of the real estate market. This area has numerous registrations. As per the news, about 35% of the total 40,000 properties from this area. This registration was done last year during September and December.
- The increased demand for lifestyle real estate products has given birth to high-rise residential towers. The Flats in Mumbai come in a better place and with a perfect location.
- Most companies are shifting to the work from a home model and it has given rise to buy quality homes so that the individual can work easily. The demand for upgraded homes has also increased. The low interest rates have also helped many in buying homes of their choice. Most of the dwellers are looking to Buying Flats in Mumbai which has high quality, better convenience, and awesome facilities.
Some other factors to be considered before you want to Buying Flats in Mumbai.
- Price Correction
In some places price is stagnant and in some locations there was correction. Some experts believe that there will be no further correction as per the economy. Last year around 5%-10% correction was witnessed. The developers who are offering ready-to-move-in property are not providing many discounts. As per experts, the correction has already taken place and you may get a little more during the festive season.
- Draft a Budget
The financial instability remains due to certain coronavirus is increasing at an alarming rate. Assessing the security of the jobs and business is the primary thing before making any deal. The covid-19 has made a global impact and affected the economy very badly. Over leveraging can at times harmful as in case the loss in the job will be an overburden for an individual. Experts believe that EMI’s should be around 30% of your salary.
- Under construction or Ready-to-Move Property
This is a common dilemma amongst most buyers. Generally, the under-construction ones are more affordable as the developers offer flexible payments. Initially, you can book the property by paying only 10%-20% of the total value and settle the rest in the future. Experts believe the ready-to-move property is better as the under-construction property has a certain amount of risk associated with it.
The real estate sector is one of the potential sectors. Even the housing players within the industry have taken some crucial steps. This sector has created almost 15% of the total job market. It has also boosted other ancillary industries such as cement, steel, aluminum, etc. The innovation and use of the latest technology have segregated it from others.