The Maximum City's real estate market has been stagnant for quite some time but its all set for an uptick, in light of the new government initiatives announced this year. This will also clear up the cloud of uncertainty and lure more investors. The city's real estate market is getting more and more crowded, with every realtor fighting for visibility and sales. And it's the ones with a consistent record of fulfilling promises who will win the battle.
Read on for some insight into the current market scenario:
The sheer volume of inventory in the ready-for-possession market has made purchasing a resale or ready property a more viable option now. Quality properties from reputed developers, in good locations, are now available for possession at prices previously available to buyers willing to wait for two years or more for possession. Also, you save on rent because you can move in right away. Or even if you do not plan on using it as your primary residence, you can let it out on rent and start earning an income right away. We have noticed this buyer preference with home seekers showing a high preference to our ready-to-move-in properties such as
The Meadows and Aangan.
1. It's not what's on current offer but what has been delivered with consistency in the past that sways consumer sentiment. Only a few reputed builders are known for financial discipline and have been delivering steadily during good and bad times. Adani Realty prides itself on being among these few.
2. Buyer interest has been considerately affected due to the failure of the new players to build credibility.This explains the city's huge unsold inventory.
3. Builders have realised that transparency and expertise pay in the long run and have been seeking membership of industry associations for better learning and to inculcate the best business practices.
4. The Real Estate Regulation and Development Act 2016 that recently came into force, was a game changer.The stringent guidelines and penalties of this Act will drive a never-before transparency in a disorganised market clouded by numerous cash-strapped players. This Act will also ensure more investment as it will address the concerns of every home-buyer.
5. Considering the laws that have been introduced to protect the interest of the buyers, buying a home in Mumbai should no longer stay a dream.
6. Another trend in the city's real estate market is the spurt in the demand for office rentals. The recent start-up boom, along with the financial city’s entrepreneurial spirit, has paved a way to a rising demand for luxurious office spaces in India. Market leaders like Adani Realty, are harping on this opportunity to create opulent office spaces for entrepreneurs. The office suites at Inspire Hub, Andheri, are one such great example. Moreover, government’s policies in favour of entrepreneurs, have further given a push to the trend of startups. Builders have recognised the potential and scope for growth in this segment and are shifting their focus to offices from residential spaces.
7. Another remarkable development is an equal surge in the growth of affordable homes market as against the luxurious segment. At Adani Realty, we are developing a healthy mix of ultra-premium, luxury and affordable projects.
Things are definitely looking up for Mumbai's ever-changing skyline and the state of affairs will only get better from now on. Home-buyers, think no more and just take the plunge. The time is more favourable than ever.