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Are you waiting or being left behind in the race for a property hunt?

With the current housing sales on the rise in Mumbai, as many as 9523 units of property sales were registered in May 2022, contributing over ₹709 crores to the State revenues, according to the leading news dailies. A 78% jump on a year-on-year basis in residential properties is witnessed, especially around Worli, Prabhadevi, Central Mumbai, and Western suburbs.

The home prices were projected to increase 7.5% nationally this year, the fastest development in five years, according to a May 11-27 poll of 13 property specialists, an upgrade from 5.0% expected in a March poll. Average house prices were estimated to rise 6.0% next year and in 2024.

Some of the key factors influencing the real estate market in the current scenario are:

  • The rise in property markets forecast came. However, prospects for sharply higher interest rates after the Reserve Bank of India surprised markets with a 40-basis point repo rate hike to 4.40% and indicated more are coming soon.

  • The pandemic slowed down the domestic property market while the international markets saw a rise. Post the pandemic; we know the property markets rise in the domestic sector was due to the remarkable increase in demand for housing from the working population.

  • Rising demand and the inflation of primary raw materials in construction, including cement, steel, and labor, are the key influences likely to push real estate prices northwards.

  • The surge in demand for larger homes in well-connected locations, proximity to public transport, and the view also play an essential role in the market for the homes. Homes close to the sea, a good neighbourhood, and centrally located homes to daily conveniences of life have been preferred homes for most home buyers. The preference buying trends are observed in the Worli residential properties due to their infrastructure development. Vraj Tiara at Worli offers 3 and 4 BHK luxurious sea-facing homes with amenities like a gym on the 24th floor, a cafeteria, jogging track, a garden, a kids’ play area, and an observation deck. These amenities have been introduced keeping in mind the affordability in terms of low maintenance cost and maximum value t its residents.

  • The apartment size of 500 to 1000 sq. ft has been the most preferred category of properties that have been registered in May this year.

    The real estate market in Mumbai has held stable despite the weight of inflation, mounting input costs, and an increase in stamp duty. Owing to a paradigm shift in attitude, home buyers, that now consider ownership important for long-term stability, was keen on implementing their purchases. At the same time, the affordability remained within the acceptable range.

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