Despite being the costliest real estate market of the country, Mumbai’s realty holds a special place for people in the city. Aanchal Mehra, a software engineer in Mumbai, earns over Rs 15 lakh per annum.
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Mehra is confused whether she should invest in realty or stock market to park the extra money she has accumulated over the years. Looking at the sluggish market, she isn’t sure of either - as the stock market is unstable and the realty sector is slow.
Mehra is confused whether she should invest in realty or stock market to park the extra money she has accumulated over the years. Looking at the sluggish market, she isn’t sure of either - as the stock market is unstable and the realty sector is slow.
Like Mehra if you are a tad bit confused, we bring you the top reasons why investing in Mumbai realty is a wiser option.
Surplus options to choose from
As per Magicbricks data, currently there are over 1 lakh property options available in Mumbai and nearby region. Majority of them are in Mumbai and Greater Mumbai while Navi Mumbai and Thane also has over 40,000 options to choose from.
Good deals
Due to piling unsold inventory, builders are going the extra mile to lure buyers. This includes free furnishing, free car parking, bulk discounts up to Rs 5 lakh, among others. However, a buyer needs to be really smart before choosing the deal. Check out the best deals available in MumbaiBuilders open for negotiations
Local developers who are facing difficulty to clear off their shelves are open to negotiations. Our market sources informed that bargaining can fetch you up to 12 per cent discount in suburban areas while projects along the Eastern Express Highway are available at pre-launch prices.
Prices are still rising!
Prices are still rising!
Recently launched PropIndex (Apr-Jun 2015), an India Apartment Index, indicates that over 60 per cent localities in Mumbai has witnessed price rise. Majority of these localities are along the Western Express Highway. The listed price monitor also saw an increase of 2 per cent, which indicates prices are moving, slowly but definitely.
Buying is always more profitable than renting
In a city like Mumbai where the average cost of buying home is over a crore, the initial down payment involved makes buyers opt for rented accommodation. However, with subvention schemes available, you can opt for customised payment plan which are construction linked and involves minimum down payment.
Hence, check out Buy Vs Rent Calculator (http://advice.magicbricks.com/buy-rent-calculator-financial-advice), before you move decide to buy or rent a home
Considerable Rental Yield
If you are considering property investment to earn extra income, here are the top localities where you can reap maximum benefits:
Potential to grow
Owing to a slew of proposed infrastructures such as Coastal Roads (a road connecting Malad to Nariman Point), Navi Mumbai International Airport, Nhava-Sewa Link Road, Metro Expansion, property pundits are expecting localities in proximity to such developments to be impacted. The classic case of such impact is Ghatkopar West, where property prices doubled as metro construction work gained speed.
Easy financing
Not just builders, even banks are excited to cater to home buyers needs. The interest cut by Reserve Bank of India is fueling buyers’ anticipation of cheaper home loans. Other than this, developers are tying up with banks and seeking approval tag which further boosts the credibility factor in buyers’ eyes.
Property is a tangible investment, it will exist forever
Unlike stocks and mutual fund, property is a tangible investment which will exist forever. Moreover owning a property is a morale booster for a buyer as real estate is always a profitable asset which never loses its value.
Source - MB News
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