There’s been a major drop in the rates of real estate for sale in Mumbai ever since 2015. Residential real estate in Mumbai, especially, has seen a major decline in its selling price. This is because builders in Mumbai have taken steps to effectively lower prices of properties in order to motivate more people to buy real estate. There was a time when real estate properties in Mumbai had exorbitant price tags and many people could not even dream of buying property in the city.
It is a good time to buy property in the city since there is a lesser number of permissions required for builders to file. This will result in at least a 20 percent fall in the price of properties since builders will save about 30 percent of their budget. The number of permission required has allegedly fallen from 119 permits to 58 permits. The time for acquiring permission has also been lowered. Builders will now receive permission within 60 days.
This fall in prices is sure to stimulate real estate in the city. It is clearly a buyers’ market now in Mumbai. There are a lot of new residential projects in Mumbai which are sure to interest you if you are looking to invest in Mumbai. Builders are shifting their attention to building projects which cater to a broad range of budgets. Mumbai is known for its luxurious residential projects, but builders in the city are making efforts to make real estate more accessible to a wider base of clients.
If you are looking to buy property in the city but have no clue on how to go about it, log on to property sites like Property.Sulekha.com and Magic Bricks for more information and listings of properties in Mumbai.