Mumbai Real Estate Market

The Mumbai real estate market has been always a hot investment market. There are many reasons which make vast residential growth in Mumbai suburbs like

1. High disposable income.

2. Easy availability of housing finance.

One of such locality is Malad in which residential demand increase significantly and appeals from the commercial and residential developer and investor. This suburb area in Mumbai now boasts of large commercial complexes, gated communities, and shopping malls. [1]

The year 2016 was one of the interesting years for real estate market. The number initiatives taken by government are

  1. The passage of the Real Estate Regulatory Bill in March 2016.
  2. Amendments to REIT guidelines in budget 2016–17.
  3. Notification of the Benami Transactions Bill in August 2016.
  4. The announcement of the third list of smart cities in September 2016.

The 18 states in India ratified Goods and Service Tax (GST) and GST council and secretariat was constituted. The government takes efforts towards incentivizing affordable houses with budget 2016, which gives additional Rs 50,000 tax exemption for first home buyers. The government demonetized Rs 1,000 and Rs 500 currency notes and government war against black money across all sector and especially real estate sector.

All these initiatives make real estate market

  1. More transparent
  2. Less cash dominated real estate sector
  3. Holds the promise of low risk and stable returns

The Mumbai real estate markets will offer attractive projects in the Kharghar, Ulwe, Taloja and Kalamboli locations for end-users and investors. [2]

According to the report of Asia Pacific Real Estate Market Outlook 2017 India, “the outlook in the real estate sector for the year 2017 is appearing positive. One can not only expect a steady growth in the realty sector but also a revival in the property market”

In real estate market, the cities like Mumbai, Bangalore, Chennai, and Pune are expecting to a more stability in housing sales by the end of 2017. [3]

Source

[1] http://www.business-standard.com/article/pf/commercial-real-estate-driving-interest-117062200036_1.html

[2] http://www.moneycontrol.com/news/business/personal-finance-business/best-residential-real-estate-investment-options2017-941836.html

[3] http://accommodationtimes.com/revival-in-property-market-asia-pacific-real-estate-market-outlook-2017/