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Experts Expect Resumed Home Buying in Mumbai in 2014

The increased unsold inventory had influenced real estate prices very badly in some of the areas. The market is expected to bloom in 2014, with the builders expecting the buyers to come out of their shell. The market experts are having a positive outlook towards the real estate sector of the metropolitan cities, particularly Mumbai. The real estate segment of Mumbai is expected to experience a revival in 2014 considering the sales volume.



The expectations

The market analysts suggest that the real estate segment of Mumbai has gone tough owing to tough market conditions over past three years. This has happened because of the sensitivity of the real estate market of Mumbai towards the economic environment compared to other markets. The investors and buyers of Mumbai have been patient enough to wait for the right opportunities because the prices of the properties are very high. New investment opportunities are expected to come up for as the stock markets have started to perform well, thus leading to betterment of the demands in real estate industry. The market has been stagnant for long and this has made the experts to anticipate that the market will experience some good number of buyers.

For 2014, the expectations are:

•             Reduced interest rates
•             Fast forward clearances of the projects
•             Environment check points in Development Control Rules
•             Tax free schemes for low priced homes

Maximum growth zones

In Mumbai, some of the areas are expected to witness maximum real estate developments in the upcoming year, which will bring in some stability and transparency in the property market. The localities that will ensure better connectivity to other areas and have good social infrastructure will witness most of the real estate developments.

New Projects Being Launched

The introduction of new project will certainly change the face of the city. A number of new projects are being launched across different localities, including the suburban areas, which have been flooded with new residential and commercial projects. One of such newly introduced projects is Nirmal Lifestyle US Open Mulund, which will be based on the concept of sports. In collaboration with US Open, Nirmal group has launched Nirmal US Open, Mulund, Mumbai, the first project in India with world-class sports specifications.

Some other luxurious projects will be introduced in areas like Worli, Bandra, Andheri, Lokhandwala, among others. These prime locations will solve the problem of commuting to offices and will offer better access to social infrastructural entities like schools, colleges, shopping malls, and health care centers.

Is it the perfect time to invest?

In Mumbai, the increased inventory levels have made the buyers more attracted towards real estate investments because the sellers have reduced the prices to clear off the inventory. The capital values in south and central Mumbai have gone down by more than 10% in the last quarter of 2013. The homebuyers are also waiting for the prices to go down further so that they can invest in the property of their interest within their budget.

What market analysts suggest!

The market experts are optimistic about the future. They are looking forward to sale of the more unsold units along with new projects in 2014 as compared to 2013.  The market economy is also expected to improve and the demands for housing will keep up!  However, no market analyst is ready to assure that the prices of the properties will remain constant. The property sector will witness appreciation in the prices after 1-2 months.

The investors need to think twice before making any decision over property investment. They should anticipate a realistic return on investment (ROI) after logical calculations and proper study of the market.

Author Bio: Rashmi Karan is a writer and illustrator. Her areas of interest are the area and city specific real estate scenario of the Indian cities. Her articles about the real estate offer exhaustive information on the related topics.