Everyone’s wondering what the hype is about. Surely, the conditions that the country faces with the COVID-19 crisis can’t be overlooked. However, even amidst the crisis, there have always been success stories, usually in the form of the right investments made at the right time.
This is one of those times. Given the bleak situation of the real estate industry in the country, people are of the view that it’s the worst time to act. Whereas, while transaction numbers might seem to be dwindling, the profit margins soar as high as ever. As property appreciation continues to target specific areas, flats for sale in Byculla, Nariman Point, BKC and other southern districts are witnessing surges in rates.
If you don’t know why, here’s a list of reasons that have made investing in South Mumbai real estate a great idea:
Improvements in Transportation Infrastructure
The metropolis has faced significant scrutiny due to its infrastructural deficiencies and the resulting problems that manifest the city. Not only do people face countless difficulties in getting from one place to another, but the crowded roads and streets also increase the already amassing pollution.
To counter this, the government has signed off on some crucial transportation projects. These include metro lines across the MMR that are going to connect the Northern and Southern districts. Moreover, these plans also comprise a trans harbour link that will connect Sewri to Ulwe and the surrounding districts.
As a result, the population can expect an easier commuting option that will also cater to the traffic congestions on the roads. Travel time will be significantly reduced while allowing vacant land parcels to be cleared and made ripe for development.
Anticipated Residential and Commercial Markets
The above-mentioned improvements in infrastructure will also allow developers to move in on cleared areas. Initially targeting the locations of metro stations and surrounding areas for commercial and residential developments, the development will inevitably give rise to the demand.
Although the metropolis is heavily populated, the living conditions can be greatly improved with the completion of these projects. Developers and investors anticipate these developments with the latter already making formidable additions to their inventories.
As we can clearly see, there are many avenues that will individually come together to cause the market to change. We can anticipate a cleaner and eco-friendlier Mumbai to be in even more demand. Thus, the future will bring about masses migrating into the city in search of opportunities for a better life. Moreover, with better transportation infrastructure, one can anticipate all areas of the city to witness appreciation in property prices.
This means that getting one of the studios, 1bhk or 2 bhk flats in South Mumbai right now is the best choice to make. You can expect at least a 3-5% rise in property prices in the initial years with the figures rising in times to come.
These were the highlights of the real estate market that are proving to be profitable even now for NRIs, first-time buyers and OCIs. Experts are of the opinion that while buying is a better option for now, the tables will turn around and investors will seek to become sellers with reliable inventories. So, now that you know what’s going on, it’s up to you to make the most of the situation.