Mumbai property trends
The Introduction of global companies to Mumbai has impacted the property values. Their arrival of Multi nationals, Information technology giants and other big companies in Mumbai has spurred the latent demand for high-end and luxury properties. The professionals employed with these companies have high salaries hence they prefer fully furnished, lifestyle homes instead of the regular apartments in Mumbai and affordable housing.
New developments like the coming of Airoli and widening of the highway Road have also fuelled the demand for land in and around these areas. Property prices in areas like Bandra properties have also increased. Land prices have already touched Rs 12,000 per sq yd in adjoining areas where Infosys and financial banks have their set up. Many NRI investors are buying land banks here for investment purpose which will help the development of the country.
However, the latest property trends indicate that real estate in Mumbai may be heading for a slowdown phase. Over-supply, especially in the luxury housing segment, and high rentals are causing this retardation in the segment's growth. High home loans interest and high property values which in turn translates to high Equated Monthly Installments are making it difficult for a common man to buy property in Mumbai. Event the short-term real estate investors are not finding this market lucrative. It is only the serious end-user who is driving the market.
Real estate analysts say this will be a temporary phase. The highlight of the property investors and buyers will shift to the city's suburban areas where housing is still affordable. Localities like Andheri, Chembur, Malad and Mulund are poised to take advantage of this economic slow down. Huge land banks are available here by interest and the property rates are still competitively lower. Hence, this phase of stabilization for the properties in Mumbai will also spur some growth in the city.
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