The Current Situation of Mumbai Real Estate
Mumbai as we know the property is bought and sold like hot cakes.So what’s the current situation?As we know the best revenues have come from Real Estate Mumbai, and the whole appreciation goes to the scarcity of developmental land &high rental revenues. It is true that investments in properties have become the prime investment in markets for investors all over and in Mumbai itself in the few years’ time The values and also the rental values in Mumbai Real Estate has gone soaring high and still increasing like the melting of ice in Alaska. According to Prime Relators (leading real estate consultancy) the availabilityof decent class properties inthe city and the sought after localities are very rare. While the realty rates are lessening outside Mumbai in India, the properties in real estate agents hands is with more higher price tags.
Mumbai Real Estate is now one of the main international commodities, with investors around the globe and Non-Resident Indian (NRI)consumers are driving the prices above the level.Now the joke is on Mumbai when the Worldwide Cost of Living Survey surveyed by aninternationalresearch company Economist Intelligence Unitsaid Mumbai is the rank third amongst cheapest places to live in, while several Mumbaikarsfind it difficult in buying any property and a middle class family can never afford decent living placethey wish to live in.
This survey has been a complete shocker among the top five cheapest real estate in Mumbai City.This is really a problem to any common man as they can’t afford it.This is not enough but even the rentals are as high as the rates of estates. Venture capitalist who has more than 50 percent of transactions in the city, have been successful in turning Mumbai in a flea market driven through exchange rates more than home loan interest rates. Rich investors and NRI’s are the main players in this as they see it as the safest and effective way to invest their never ending money.
In Real Estate Mumbai news there was a fresh report saying that every single day prophesying changes of whether the estate prices are soaring high again and again or is it going to set it’s hard in what tobelieve in. Many expertise in real estate who deals in Mumbai property rates say that the city’s property bubble will soon explode.Unaffected by this news of declining house prices, sanguine sellers are increasing more of their regular prices in every week. Many people living in Mumbai are usually forced to rent any property be it for residential purpose or commercial purpose as many real estate dealers have priced out the rates in market due which a middle class man is left nowhere. In this cold war of buying and selling a day will surely come common people living in Mumbai city has to either leave the city or live in the outskirts of Mumbai (which is also costly) just like people working in New York (NY)city lives in New Jersey due to high cost of living in NY.