2020 has been a transformative year for Indian real estate. The market saw an accelerated consolidation, digital adaptation and even a decline in sales when the pandemic was at its worst. However, the year ended positively with property sales breaking all the previous records ever since 2013. Even the state coffers saw an increase in the revenue collected by property registration.
Most homebuyers that have been waiting for years to buy properties in Mumbai and adjoining areas took this opportunity and made their first property investment. The reason? It was easy for them to buy a 2 BHK flat for sale in Thane West and other areas since the prices were low and prospects were high. On a similar note, we expect the Indian real estate market to perform even better this year.
According to a recent survey published in the Indian Real Estate Report 2020, 89% of the correspondents think now is the right time to buy property in India. Even the Millennials who were used to the rental lifestyle are more interested in buying properties this time around.
Why is it a Good Time to Buy Property in Mumbai?
If you’re wondering if is it a good time to buy property in Mumbai, the answer, simply put, is yes. Let’s take a look at the reasons that depict the same:
The main reason encouraging a large number of people to buy property now is the low property rates. With the onset of the pandemic, the property rates declined a bit over the last year and even top-notch developers are now offering more economical options for buyers. This resulted in property sales witnessing an increase this year. Suffice it to say, the market is becoming more stable now.
Other than that, the rate of home loans and mortgages have been reduced. Lenders are now making more attractive offers to loan takers at a lower markup, further increasing sales.
Another factor that is acting as a stimulus for property buying is the pro buyer initiatives taken by the Indian Government. The steps taken by the government are going to produce rebound and robust growth in the real estate sector over the coming years.
The Government of India is strongly supporting the housing sector through appreciable funding and easy home loaning to buyers. Even the Pradhan Mantri Awas Yojana (PMAY) programme is aimed to provide affordable housing options to the lower class.
Moreover, the governments of different states such as Maharashtra & Karnataka are also providing subsidies by lowering the stamp duty charges.
Ease of Buying
The process of buying property has become easier than ever. Even many top-notch developers are offering virtual tours of their available listings. There are no complicated and complex steps involved in this process. Due to this reason, more people are now inclined to buy property.
Likewise, buyers can now access all the information regarding property buying in Mumbai by just visiting the government portal developed solely for this purpose. This e-portal serves as a single-window using which they can gather information regarding everything they want. All the information pertaining to property buying is present here.
Anyone looking for property titles records, tax payments, information regarding utility bills can find it all here. But this isn’t all; this e-portal established by the Maharashtra government also contains information regarding the past transactions of that property as well as legal records.
Additionally, the high returns on property investment is another driving factor behind the increasing property transactions in Mumbai. Property buyers are 100% sure that sooner or later, they are bound to get handsome returns on their purchase. This faith that investors have in the property market of Mumbai is a major factor that is contributing to the increase in property sales here.
To sum it all up, if you’re looking to invest in Indian real estate, now is a good time to buy property in Mumbai. So, look up any good flats for sale in Thane West or any other residential area bustling with the latest residential projects and step into the property market. You can pick any area in the MMR and rest assured your investment will definitely pay off lucratively.
Investing in Indian real estate in general and Mumbai, in particular, is indeed worth it, especially in the current market conditions.