This is a guest article written by Moupia Chatterjee from an upcoming online real estate platform Commonfloor.com.
It is common knowledge that property prices tend to fluctuate based on economic and market conditions. The prices are also bolstered by general sentiment. This article looks at the varying trends that are presently seen in property rates across two major regions.
Mumbai and Delhi NCR have emerged as hotspots when it comes to real estate. With a fall in property prices, home seekers and investors are likely to get on the bandwagon and invest in property. Trends also veer towards the current market being to the buyers’ advantage. With several builders creating new properties and gated communities, the supply has gone up drastically. The government also has a role to play in the changing trends what with its plan for affordable housing. Here’s an analysis of the changing realty market of Mumbai and Delhi NCR.
Buying a Home that is Easy on the Pocket
Looking at the current trends, the market appears to be beneficial to consumers looking to purchase a new home. With several people looking to make investments during the upcoming auspicious season, real estate developers are cashing in on this and introducing new projects at great deals. As the supply is more, builders will be willing to release properties at competitive rates. This method will help them sell off hitherto unsold stock, a trend that property buyers can greatly benefit from.
The government’s affordable housing scheme has also led to banks and lenders coming up with finance options to help buyers secure a new home. Several banks have tied up with well-known builders to offer consumers attractive funding deals.
Purchasing Property in the City of Dreams
Mumbai is looked at as a viable option for investing in real estate, as major businesses have made this city their home. People seeking employment and better opportunities also migrate to this city, which has led to a demand for property that builders are definitely trying to meet.
Mumbai is also pushing its boundaries with more real estate development happening in places away from suburbs. Areas such as Mira Road and the Vasai-Virar area have seen exponential growth in modern yet affordable housing. Another trend in Mumbai is the rise of safe, gated communities loaded with amenities such as clubs, gyms, play areas, swimming pools and more. Builders are also focusing on developing properties that are in proximity to marketplaces, schools and provide good connectivity to other parts of the city.
Property in the National Capital Sees a Rising Trend
Delhi NCR has found its place in the sun with trade corridors and housing development emerging in the region. Cities such as Faridabad will see major growth, thanks to its connectivity with other places such as Delhi, Gurgaon and Noida. With the sale of property dropping to nearly 50% in the region, builders are also willing to offer incentives to boost sale and dispose of their ever-growing stockpile of unsold property. Again the price trends in Delhi NCR favor buyers, with property rates set to fall, according to industry insiders.
Is the Time Right for Buying or Selling?
Judging by the current scenario, industry insiders believe it is a great time to buy a new property. With the government and private builders making every effort to turn the real estate market around, property prices may escalate soon. Also, with the advent of property portals like commonfloor.com, finding the property of your dreams has never been easier.
All in all, the real estate market looks bright and is poised for growth. Mumbai and Delhi NCR make for a sound property investment. They offer a viable investment option with several industrial zones already present and more coming up. This will only lead to better employment, thus allowing buyers deeper pockets to purchase homes in these cities.
The views written in this article are provided by Commonfloor.com and Banyan Financial Advisors does not take responsibility or endorse, own, advise or agree / disagree with the content mentioned in this article.