Mumbai real estate bosses were forced to take some drastic measures to keep up the interest in real estate in the city, after there was a slump in the beginning of July. The total real estate intake of the city was been left at just thirty percent of what it was. Of course prices have been affected by this slump with them going done anywhere between 10 to 15 per cent in most places. Industry insiders say that this is also the case in Delhi.
Affordable Housing in Mumbai is what Everyone Wants
Today, for many people in Mumbai, owning a house is a distant dream. The rates of real estate are quite unaffordable to the middle class man. Many people look at properties that are away from the main cities to far off suburbs such as Vasai, Virar etc. But a number of people find even these places quite unaffordable. In addition, many complain that the crowd and the amenities are just not worth it.
While most of the central places in Mumbai seem to be out of reach of the Middle classes, a place that has become increasingly popular for real estate is New Panvel. There are plenty of up coming residential projects by builders such as Neel Group, Harware, Marvel Realtors etc.
A common problem found in new buildings in Mumbai these days is that of leakage. This is a problem that used to be traditionally found with old building as they begin to weaken. Finding this in new houses is just an example of shoddy or overlooked construction. More often when repaired it becomes worse.
An opinion on why this happens by a builder, is that the materials used for construction in Mumbai have a large amount of salinity. This has to be negated before these materials are used in the construction of the house. If this is ignored then the salinity makes the walls leaky. In the case of a house already built with such materials, there is a chemical method of treating this, which if done right can solve up to 95 per cent of one’s leakage problems.
Mumbai real estate developers, Housing Development and Infrastructure Ltd, is predicting a drop in real estate values all over the country of 25% this year
But their predictions don’t hit the Mumbai property investment market really hard as they say that their prediction of the drop will exclude Mumbai which will experience considerably less of a hit – a 10 per cent drop instead. Prices they say, in Mumbai will fall by 10 to 15 per cent. This expected fall in Mumbai’s real estate rates will be lower than the rest of the country’s rates because of the constraints in supply.
Like any of the other the rates of investment property in Mumbai are going up with absolutely no limit whatsoever. The rising trend of price rises of investment property in India, and particularly in Mumbai is unfortunately going bonkers – not because there is a need to price it that high or that life has just got a lot more costly to justify it.
Mumbai’s real estate bosses were forced to take some drastic measures to keep up interest in investment property in Mumbai after there was a slump in the beginning of July. The total real estate intake of the city was been left at just thirty percent of what it was. Ofcourse prices have been affected by this slump with them going done anywhere between 10 to 15 per cent in most places. Industry insiders say that this is also the case in Delhi.
Every day that passes sees your building passing through many structural changes. Across Mumbai, there are many buildings that are under severe structural damage. Nearly 500 crores of Rupees is spend each year for restoration of buildings in Mumbai and this figure is likely to go up in the coming years.
A monsoon investment property bonanza was held from June 20th to 22nd with the Times Property Expo at Bandra. This event was held at Hotel Taj Lands End. Well known developers from the metros such as Pune, Delhi, Hyderabad, Bangalore, Mumbai amongst others displayed all their various projects that they had as well as the projects in the offering.
It looks like the property tax in Mumbai is soon going to be placed on a logical and rational basis. In all likelihood an amendment to the BMC or the Brinanmumbai Municipal Corporation Act of 1888. The amendment will see a shift of the calculation of property taxes from the current ratable value system to one that is based on the capital value of the property.
More on A Change Likely To Be Seen in Mumbai’s Property Taxes
