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Realty investment was a one time primary plan for many investors. With scaling prices in real estate, uncertainty hovering in the market scene and unsteady price tags, the property investment is surely declining. The recent years have witnessed a volatility in interest rates in banks which has made it much more difficult for the common salaried individual to invest in real estates.
The ongoing trend however, seems favorable marginally. The prices are again expected to fall by the end of the year which will again make it good for investors and other residents of Mumbai. The affect has also scaled up an increase for rented flats and apartments which is again becoming scarce. Flats that were affordable as rented apartments are now getting scarce and that too at exorbitant rates.
The realtors too are facing the brunt of slump especially from foreign investors who were there prime customers. But all of this is a phase, as nothing remains a steady routine in the market. New constructions are still coming up and houses are sold at predicted rates. Many people who wish to own houses in Mumbai can still think of buying homes in the not so popular suburbs which are still affordable.
Real estate in metros especially Mumbai is getting pricey also owing to the growth of facilities, nearby multiplexes, malls and shopping arcades which is essential for fast paced Mumbaikars who have paucity of time and also believe in entertainment. Complexes are getting plush, with imported fixtures; semi furnished apartments, swimming pool, gym area and also play parks. This is becoming the basic need for affluent people who wish to have all the facilities that are modern in nature.
Homes are also getting more adequate with piped gas facility and 24 hours water facility. Investors look at opportunity to purchase flats at a lower rate and look for an option to sell them at a future rate. This play of market prices is also a way of financial gain which is again an expert’s job. Mumbai real estate laws are stringent and all has to come under the purview of stamp duty, registration, transfer of property rights and other legal formalities.