There is much unfolding in the real estate market of the MMR. A lot of people are under the impression that since the downfall that followed before 2020, nothing has changed. While it may be true that the COVID-19 pandemic certainly halts the growth that was anticipating last year, there’s much more to the whole truth. Demonetization, GST implementation along with the RERA realty law, and the notorious NBFC Crisis had indeed shaped a bleak future.
But that’s where one needs to understand that real estate is not an industry that works on a daily, monthly, or even annual basis. Property prices and markets might crash or rise and that might be opportunistic for most. However, there’s a limit to the effect temporary changes can bring and how long opportune moments can take to turn into disastrous catastrophes. In real estate, the main changes that can last along with their effects are causing by economic, industrial, and most of all, infrastructural developments in the overall region.
After having discussed the current status quo and the future implications of Mumbai real estate in particular with industry experts, we’ve painted a bigger picture for the whole world to see. These experts include reputed members of the top real estate developers in Mumbai.
If you’re thinking of investing in real estate in Mumbai in 2021, you should certainly look at the following points:
The Pandemic is Ending but its Effects Won’t
The pandemic has changed a lot of things and it’s not all bad or for worse. Industry leaders have revealed data that suggests that the pandemic has changed buyer perspective with regards to their choices for property configurations. How does this affect the real estate market is a good way, you might ask? The answer is that people are now preferring top real estate developers in Mumbai bigger spaces such as villas, townhouses, and bigger apartments.
This has played a huge role in shifting the interest that has been reflected in the market over the past few years. Before, buyers and investors were sure that bigger spaces weren’t really preferring by migrators who were coming in with their families. Now, even married couples without kids are looking for bigger spaces as the fear of being in lockdown persists. Real estate inventories that were piling up with configurations bigger than 2-bhk apartments are now witnessing a shift.
The Government Supports Buyers
After having taken notice of the developing situation of the real estate market, the government developed plans to offer incentives and advantages to buyers. Particularly encouraging first-timers who were afraid of losing a lot, the plans included simple and effective loans that offered lower interests and preferable LTV ratios.
While the pandemic might have slowed things down in the market, the incentives raised the morale of investors and buyers. Gradually, things have started looking up as developers who were worried about their vacant projects are now dealing with interested parties that are lining up to book their favourite properties.
Transportation Infrastructure Development in real estate
The government has also taken note of the MMR’s current condition with regards to the increasing population as well as pollution. It’s no secret that the time it takes to get from one place to another in Mumbai is downright frustrating. Regardless of which neighbourhood you’re living in, the city facilities are almost inaccessible due to the massive traffic jams.
A lot of this has to do with underdeveloped landmasses that could provide top real estate developers in Mumbai with possible alternative routes. Moreover, the slums have always been brushed under the carpet. Have been brought to light with prospects of future prosperity.
To achieve this aim, infrastructural changes such as the suggested Metro Lines. And Trans Harbour Link projects will be soon underway. The metro lines are projected to make it easier for people who’re living in. Even around Mumbai (in peripheries like Thane) to travel across the region without overcrowding the roads. With an estimated 40-50% reduction in travel time, these projects will also inevitably lower. The pollution index which has raised more than a few issues in the MMR.
Top real estate developers in Mumbai
The Trans Harbour Link is another project that will aim to join the islands of Mumbai. And provide a safer and faster route to travel across for almost 100,000 vehicles. While the project developers estimate that this capacity will eventually increase. Even the first phase of the project will be enough to deter most problems.
There’s no telling how much, but it’s certain that landmasses surrounding these projects will inevitably experience development and growth. Developers will play their part to turn the slums into prospering neighborhood communities. That offers residential as well as additions to Mumbai commercial property.
All in all, the state of real estate in Mumbai is going to witness remarkable. And revolutionary changes that will alter the status quo for the better. Therefore, it’s safe to say that investing in Mumbai in 2021 will be a wise choice.