If you are looking for stylish 2 BHK flats in Mumbai, don’t forget to check the rates and availability of units in newly launched projects by real estate companies.
Real estate companies in Mumbai are coming up with premium residential projects to lure potential buyers. The city has been attracting investors in the real estate sector, encouraging developers to launch residential as well as commercial projects in the city. From Mira Road and Andheri to Malad and Vikhroli, companies are all set to offer stylish property options to the buyers.
Demand for commercial projects in Mumbai is as high the demand for residential projects. If budget is not a constraint, it is a good time for buying property in the city as various new projects are being launched. Investing in new project can get good returns in the future because realty market in Mumbai is one of the most sought-after markets in India.
Mumbai Continues to be the Most Expensive Property Market in India
Mumbai continues to be one of the most expensive realty markets in the world. Cost of commercial or residential units in the city is not less than New York or London. This market has always managed to show the latest trends in terms of properties. Not just stylish and luxurious projects but affordable housing is also in the pipeline for Mumbai. The Indian government is also taking necessary initiatives to offer affordable housing units in Mumbai because skyrocketing rates have made it impossible for middle-income buyers to find an inexpensive property in the city.
Navi Mumbai, Thane and Central Mumbai are top three favorite destinations where developers are launching new projects. Apart from offering world class amenities, security and luxuries for a stylish living experience, many developers are also luring buyers with discounts and gifts on buying a flat such as – AC, a car, free registration or a modular kitchen.
They are coming up with iconic residential developments with world class amenities for rich and super-rich buyers. Some real estate developers are offering mid and high rise towers that are pre-certified green buildings, offering fresh air, less noise and all every other facility one can ask for a comfortable living in Mumbai. Buyers are also being wooed with ultra luxurious sports facilities and golf-course based home plans.
Are property rates stopping buyers from investing?
There is no doubt that new projects are being launched every year in Mumbai but costs have skyrocketed due to which it is becoming difficult for developers to sell off residential units. For instance if you wish to buy 2 BHK flats in Mumbai, especially in the southern part, you might have to shell around 5 to 7.6 Crore INR. Due to high rates, inventory is piling up. It is being estimated that the current inventory pile-up will take more than eight years to get sold.
As per industry reports, over the past one year, developers managed to sell merely 1250-odd new residential units in South Mumbai which is considered one of the most expensive areas in the city. This sale accounted for less than 3% of the total sale of new residential units in entire Mumbai Metropolitan Region.