Why you will lose your dream home over the waiting game in March 2022!
Mumbai, being the most expensive real estate market in India, has recently witnessed an explosive jump in the residential sector, in the year 2021. In a megacity like Mumbai, where space is at premium corporate groups, business tycoons to celebrities showed a buying frenzy to grab premium luxury flats in Mumbai such as 3 BHK, 4 BHK & 5 BHK flats in South Mumbai, in exclusive neighborhoods of Worli, Juhu, and Bandra. Alongside a home purchased, there is also a surge in demand for car parking space.
With the recent announcement by the state government to hike the stamp duty by 1% from the next financial year, buying flats in Mumbai is likely to get costlier. The government’s two-year concession on stamp duty ends in March 2022. The duty will rise by 1 percent to an actual rate of 6 percent of the agreement value from the current 5 percent. Moreover, the stamp duty on the gifting of property to a blood relation will see an enormous rise from just ₹200 to ₹1 lakh (considering the property cost of ₹1 crore). The ₹200 stamp duty was a base price which will be hiked to 1 percent of the property value. As of now, the stamp duty on a gift of a residential flat to blood relations is merely ₹200. But from April 2022, the same transaction will attract a 1 percent stamp duty on a pro-rata basis, considering the flat’s market value.
Due to the above factors, there has been a conspicuous shift in the attitude of people. There is a rush to own a piece of residential real estate, large enough to give each member some personal space such as 3 BHK and 4 BHK Luxury Sea Facing Apartments in Mumbai preferably in the neighbourhood of Worli, Prabhadevi, South Mumbai, and Bandra. This indicates a steady demand for housing, despite the two waves of the pandemic everyone went through.
The demand for homes with luxury amenities and good connectivity will see an expected rise in the market. Vraj Tiara at Worli offers are 3 BHK, 4 BHK, and 5 BHK luxurious sea-facing apartments with uninterrupted sea views, a desirable proposition for most potential home buyers. Amenities like a gym overlooking the sea on the 24th floor, family-centric terrace amenities like a cafeteria, barbecue pit, observation deck, and mini-golf and kids play area along with an 8 level ramp car parking.
Thus, in conclusion, the growth of the residential segment across the country is now ensured given the robust demand, changing demographics, and realization of the need to own an asset. Prices are likely to increase linearly as demand rises with the receding pandemic and improving economic situation.
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