Although the ongoing pandemic has significantly affected the real estate sector, individuals who have accumulated wealth and thus have the buying power, are looking out for buying housing property. One of the main reasons for this is that choice properties are now available at comparatively lower prices than they were before the pandemic set in. Also, many potential buyers who are living on rent have realised the need for their own home due to the challenges of the situation. As compared to investing in a wildly fluctuating stock market, investing in real estate is a safe long-term option. A majority of home buyers are preferring to buy their home in Mumbai, India’s financial capital and one of the most exciting cities to live in. In this article, we will tell you why Mumbai is the best city in India for real estate investment. sumer prime lower parel
The changing real estate scenario
Previously, home buyers in Mumbai were wary of buying property, particularly those ones which were under construction, as they feared their money would get stuck. However, with the Maharashtra government bringing in MahaRERA, a law which effectively controls the under construction property market, people have become more confident and are investing in such projects without fear. Under this law, the builder has to deposit 70% of the amount collected from buyers in an escrow account with a scheduled bank. Further, the friendly redevelopment policies have led to the redevelopment of old buildings, where the builder gives a fixed number of apartment to the owners and gets a fixed number to sell in the open market. This has ensured the availability of more supply of housing units, which is keeping the property prices in the affordable range. Another change that is attracting buyers, particular working couples, is that builders are now offering compact houses in good localities across Mumbai, which are more affordable and ensure that the buyer does not have to compromise on the preferred locality. Finally, the reduction in stamp duty and lowering of interest rates is a big reason why Mumbai should be your first choice for buying your dream home. sumer prime 2 bhk lower parel
Excellent infrastructure
Over the past couple of years, Mumbai has seen massive infrastructure development for making the lives of the city’s residents easier and more convenient. All across the city, you can see major road development work in various stages of completion. Once this is done, you will able to zip across from one end of the city to another in much lesser time. The Mumbai Metro Rail project is progressing at breakneck speed and will connect all major areas of the city through a high speed rail system that will be both over and underground. This will significantly reduce the cost of commuting and enable you to travel in air conditioned comfort without burning a hole in your pocket. The Bandra-Worli sea link is going to be extended to Nariman Point towards the south side and to Versova towards the north side of the city. This will make commuting from the heart of Mumbai to its distant suburbs an absolute breeze. The new international airport coming up in Navi Mumbai will make air travel to and from Mumbai super convenient. The proliferations of app cabs like Ola and Uber has also contributed towards easing the commuting woes of Mumbai’s residents, and the dynamic pricing scheme of these operators makes it really economical to commute at non-peak hours. When you’re considering which city you should buy your dream home in, you must consider all the above factors and make Mumbai your city of residence.
