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Mumbai Property Hub (Property Consultant & Advisors)
Real Estate in Mumbai Mumbai also known as the city of dreams and opportunities is a major hub for real estate developers. Mumbai is a metro city of India and is well connected to the world, hence the real estate in Mumbai has to also grow in the same proportion to meet the needs of its citizens. Mumbai real estate is increasing exponentially with an idea of meeting the increasing demands of the people and also for the investment point of view, but the ratio of supply and demand/investment must be maintained and also the cost ratio should also be maintained which can benefit the people.
Current Real Estate scenario in Mumbai ? The New Year 2017 started on a positive note for real estate sector with a number of banks cutting down interest rates on home loans sharply. India's biggest bank SBI, for example, is offering interest rate of as low as 8.5 per cent on new home loans. For many people, housing prices remain unaffordable, especially in urban areas. The house price to annual income ratio in Mumbai is 9. It should not be more than 4 at any point of time. This makes the homes in urban areas unaffordable for people. Home developers will have to think about building homes in the price range of average income of their customers.
Current Real Estate scenario in Mumbai ? Lower rates alone may not lead to actual sale of housing units. An ability to service the loan over a long period of time which in turn requires the economy to maintain a high GDP growth will play a key role in decision making prior to the purchase of a house. The past few years have been bad for the real estate sector, leading to a huge inventory pile-up. Real estate consultancy Knight Frank estimates that the unsold inventory touched 1.5 lakh homes in Mumbai and about 1.8 lakh in the Delhi-NCR region by the end of 2016.
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