Some Distinctive Trends in The Mumbai Real Estate Market

With newer trends, there are several Mumbai property destinations that are competing with each other to pull contemporary buyers.

Mumbai has always been a market of extremes and fluctuations, not all of which are necessarily positive and delightful. However, Maximum City has always witnessed the development of several landmark projects and there are several new growth nodes that have been dominating the city’s infrastructure and realty market over the last couple of years. In recent years, Navi Mumbai has become the actual growth hub of Mumbai and there are several areas which are now going neck to neck in terms of popularity, social amenities and overall livability. Several projects are being launched in particular areas in Mumbai while other important areas still witness a relative slump.

Mumbai’s real estate market has witnessed a little slowdown over the last few months. Even several festivals and other occasions could not really boost the sentiments of investors in the Mumbai market. The Maharashtra Government has already hiked the Ready Reckoner rates to almost 15% in specific circles while there are fears relating to further increases in charges of registration and stamp duty. The overall realty index for Mumbai witnessed a sizeable drop in the first half of 2015 while the prices remained almost unchanged in most areas. Supply did remain quite stable during the period between January and April but price corrections did not quite take place as expected in spite of piled up inventory and poor market sentiments. Additionally, most premium localities witnessed a further rise in average capital values.

If you were looking to buy 1 BHK flat in Mira Road or a premium apartment in Mira Road Mumbai, now would definitely be the best time as Mira Road is witnessing unprecedented growth and is attaining huge popularity among home buyers for its social infrastructure and other advantages. There are several affordable flats in Mira Road as well and this has fueled further investor attention in the locality. Additionally, a big chunk of launches of upcoming property in Mumbai is taking place in areas like Ghodbunder Road, Kharghar and Mira Road. There are multiple options on sale in these localities and capital values have remained stable in these areas for long periods of time as well.

Kharghar is another popular locality which offers higher chances of earning rental income as compared to Mira Road. Leased accommodation numbers are higher in Mira Road and the locality is popular with several film and television professionals, Kandivali and Borivali traders and professionals and workers commuting to Malad regularly. Mira Road is popular because of its established social and civic infrastructure and relatively affordable capital and rental values. Kharghar offers a better quality of life on paper and is steadily competing with Mira Road with regard to luring buyers with premium attractions like the golf course and park. Kharghar is a properly planned locality and should definitely offer great investment options over the next few years. Mira Road, on the other hand, offers easy connectivity to the Western Express Highway and Ghodbunder Road and this definitely boosts connectivity options for residents. These two localities are witnessing rapid growth in Mumbai and this trend should continue for some time to come! 

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