Whether it’s a commercial or a residential space you are looking for in the bustling city of Mumbai, finding the perfect property can be a challenge. Keeping an eye out on the current realty trends is a great way to go ahead. Here’s a comprehensive guide to start you off.
With the real estate sector of Mumbai facing a major slowdown, developers are looking forward to clearing out their inventory. As a result, property rates have hit a new low, making it the perfect time to invest. Also, with many companies setting up a base in the city, the sale of commercial properties has received a refreshing revival.
A metropolitan city like Mumbai is always a goldmine for property investments as higher returns are guaranteed, be it residential or commercial real estate. So if you are planning on shifting your office or moving with your family into a bigger space, Mumbai might just be the right choice for you.
A Worthy Buy
The most elementary thing that you need to do, before you venture out property hunting, is zero in on your budget. Once that’s fixed, you can go ahead and find locations that would have properties listed within your price range.
In Mumbai, real estate trends point toward home buyers opting to rent space rather than buy one, which is primarily due to high property rates.
Right Place, Right Time
If you are looking for a commercial property, you’ll come across spaces in the city that are valued between INR 12,000 to INR 35,000 per sq. ft. Exciting discounts, attractive schemes, and innovative packages offered by developers only make buying a commercial space in Mumbai a viable option.
Shifting to a residential property in upcoming suburbs like Kalyan, Bhayandar Road, Mira Road, Dombivli, and Panvel will make for a profitable decision, as real estate value is expected to rise again within a couple of years. You could also cut down your costs by investing in an under-construction project rather than moving into a ready-to-possess flat.
Appease Your Wallet
According to recent financial reports, the need for office spaces in the city has grown with an annual rate of 12-15%. If buying a property in Mumbai doesn’t fit your budget, you can opt to rent. With rental rates like INR 13,000 for a space of 650 sq. ft. in an area like Mulund to INR 2,50,000 for 3500 sq. ft. in Andheri, you are bound to find the right space for you.
If you are on the lookout for a residential property, areas like Bandra, Andheri, and Malad would offer you rates between INR 4000 to INR 18000 for areas of 250 sq. ft to 500 sq. ft. The easy access to transportation, medical facilities, entertainment, and schools, make these areas a complete residential hotspot. The rates of real estate across the city of Mumbai vary according to demography, job opportunities available, and government subsidies. With many developmental projects spanning across the city, you might just end up making a valuable investment for yourself.
With more jobs being created and more companies expanding their businesses, the real estate market is bound to flourish. With new jobs comes new companies, which lead to new residents; with new residents comes the need for housing, which is why both residential and commercial properties are potentially valuable investments. If you want to delve into the real estate scene, now is the right time to hold your breath and take the leap.