If there is one lesson we have learned from the outbreak of the COVID-19 pandemic, it is that volatility is the new normal. The equity markets, bullion, forex – nearly every instrument holds uncertain returns, particularly over a five-year period. Add to this the fears of a global recession, and investors are unsure about their portfolios. A recalibration is certainly on the cards, but the hero of your asset portfolio has to be real estate. According to a recent report, the country's real estate market is set to grow to about USD 1 trillion by the year 2030. Going by current trends, most of the demand for residential and commercial spaces will likely come from major cities like Mumbai, Delhi, and Bengaluru.
According to recent reports, nearly 50% of all home-buying activity last year was from Delhi and Mumbai. The realty market in Maharashtra’s capital, in particular, is expanding at an unprecedented rate. With the expansion of the city and the suburbs, the Mumbai Metropolitan Region has provided developers with the perfect slate to amp up construction activities and come up with some top-quality projects that offer top-notch amenities and facilities. As a result, Mumbai has been the hub of luxury projects, and over the next five years, the demand for luxury projects is only set to rise more than it has in the past decade.
The real estate market in Mumbai, India's financial capital, has been a topic of keen interest for investors and homebuyers alike. A forecast into Mumbai's real estate over the next five years reveals intriguing possibilities and potential trends that are worth examining.
Real estate experts believe that Navi Mumbai is the micro market to watch out for. The exceptional infrastructural development in Navi Mumbai is what has it on the brink of a breakthrough. The upcoming Navi Mumbai Airport will certainly attract a great deal of traffic, and with it will come a great deal of real estate development to the neighbourhood. Offices, hotels, medical centres, and shopping malls – Navi Mumbai is at the start of an amazing growth spurt. The Mumbai Trans Harbour Link from Sewri in SoBo to Navi Mumbai is set to cut down the commute to minutes. The Navi Mumbai Coastal Road is another development set to take real estate development in New Bombay to the next level over the next few years.
With fears of the pandemic dying down, most IT companies and big corporations have once more reverted to working from office spaces. Businesses are mushrooming across Mumbai and the suburbs, and this will reflect in commercial estate prices in a major way. One of the key aspects of any real estate market forecast is the trajectory of property prices. Over the past decade, Mumbai has witnessed significant price appreciation, making it one of the costliest cities in the world to buy property. However, it is expected that the pace of price growth may moderate in the coming years. Economic factors, government regulations, and market forces are likely to influence this trend. Current predictors Mumbai property values are estimated to grow between 5 and 6% in 2023. This is likely to go up more in the next five years. This is also very attractive news for investors because the property's value will see a considerable appreciation in this period. It is all the more heartening news for those who have decided to buy into under-construction properties.
Real estate is one sector of the economy that has been late to catch up with the tech revolution. Mumbai developers and builders, however, are waking up to the amazing benefits of leveraging Proptech. With compelling systems and software, efficiency shall be optimised, and construction periods shall be considerably reduced. Another trend that is likely to make it big in Mumbai is the online buying of real estate.
The integration of digital platforms, virtual reality, and artificial intelligence can streamline the buying and selling process, making it more efficient and transparent. Online property portals and digital marketing strategies will continue to grow in importance, enabling potential buyers to explore properties remotely.
The next five years could witness a more balanced market as affordability becomes a pressing concern. Developers might focus on constructing smaller and more affordable housing units to cater to the needs of the middle-income population. This shift could lead to a diversification of housing options and a potential stabilisation of prices.
Mumbai, like many other global cities, is recognising the importance of sustainable development. With the introduction of eco-friendly regulations and incentives, there could be a rise in green buildings and projects incorporating renewable energy sources. This trend not only aligns with global sustainability goals but also caters to the growing demand for environmentally conscious housing.
Furthermore, the expansion of infrastructure and connectivity projects in Mumbai is expected to impact the real estate market positively. Initiatives such as the Mumbai Metro and coastal road projects will enhance transportation and accessibility, opening up new areas for development and potentially increasing property values in those regions.
Propetech websites such as Blox helps homebuyers get access to properties listed directly by verified developers and compare their listings, find personalised guidance and help from expert relationship managers, and buy the property online without the need for facilitators or middlemen. This is all set to be the home-buying experience every Mumbaikar will want.
The buzzwords of the Mumbai real estate landscape over the next five years are bigger, better, and more luxurious. Developers and homebuyers are optimistic and excited about the unfurling opportunities and the wonderful benefits to be reaped.
Vastu is an ancient Indian system of architecture and design that aims to create harmony between humans and nature by balancing the five elements - earth, water, fire, air and space.
In the real estate dynamic, picking between a 2 BHK and a 3 BHK home is similar to organising an ensemble of ventures. Every choice presents its own unique advantages and disadvantages thereby making the choice between them a confusing task. To make your task easier, we have curated this detailed blog to help you choose between 2 BHK to 3 BHK as per your requirements. So, without further ado, let’s dive straight into the blog.
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