Housing demand witnesses an uptick across the key locations in south Mumbai
The property registrations in 2022 have scaled a new peak in the country’s most expensive real estate market- Mumbai. The highest stamp duty collection was Rs. 1,131 Crore in March 2022 in comparison to the Rs. 875 Crore in March 2021, a time when home buyers were taking advantage of the low stamp duty during the pandemic.
On analyzing the buying trends in early 2022, it has been observed that the sea-facing luxury flats in Mumbai are seen as an asset by many mainly due to the high construction activity and infrastructure development in the centrally located parts of south Mumbai such as Worli, Dadar, and Prabhadevi.
Homebuyers have now shown keen interest in purchasing residential properties due to low-interest rates, stable pricing, and healthy wage growth. While most sales across the property markets have been in the sub- 50 Lakh category, many buyers have shown keen interest in luxury residential properties worth Crores. This category saw about a 25% increment from last year’s 18%.
Home buyers’ investment in residential properties is witnessing a rise in the 3 BHK and 4 BHK flats in south Mumbai. This rise in demand is due to the awaited offline academic year for the schools and colleges and those working offline from offices.
The trend among home buyers has been towards locations that have good connectivity, social infrastructure in the form of schools, colleges, hospitals, shopping complexes, hangouts, provision stores, and other conveniences close at hand. Physical infrastructure such as connecting roads, commutes, and transport facilities garner a high liveability score.
Residential areas that are centrally located, such as Worli, Dadar, Prabhadevi, and Mahim, are considered for their reputed education institutes, railway stations, easy commute by road, and offices. Homes closer to infrastructure development like the coastal road, upcoming metro, Bandra Worli Sea Link, or the Worli Sewri Elevated Corridor are also in high demand.
For many homebuyers, investing in residential projects is based on the choices of reputed schools, commute, and infrastructure development that improve the quality of life. Homes such as those in Vraj Tiara at Veer Nariman Marg in Worli not only give one the access to a luxury lifestyle with their rooftop amenities such as a jogging track, cafeteria, mini-golf strip, sky lounge, and a dedicated gym on the 24th floor but also offers effortless commute to commercial hubs, a few minutes away from Bandra Worli Sea Link and the upcoming Coastal Road.
This, in conclusion, 2022 home-buying trends have shifted to centrally located larger homes for the convenience of the family members and the convenience of being conscious living of a fulfilled lifestyle caused by the pandemic.
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