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New launches to keep Mumbai home prices stagnant
Posted on Jan 23, 2015

The property prices in Mumbai, one of the highest in the world, are expected to be stagnant for the next couple of months.

Besides huge inventory, a slew of launches in Mumbai and its suburbs after a long gap is expected to have a cooling effect on home prices.

A dozen of new launches by the likes of Oberoi Realty, Lodha Group, Runwal have taken place in Mumbai in the last one month.

In the April-September period, the number of new launches in Mumbai Metropolitan Region (MMR) was down 51%.

According to property consultants, Mulund, a suburb on the Central line, has over 10 million square feet of residential properties on sale in 2015.

Though a recent launch of Oberoi Realty in Mulund has done well - it sold over 275 units out of 550 units on the launch day - realty experts say the Mumbai market is yet to see a revival.

“Investors are withdrawing from the market as they do not foresee prices doubling in the next three to four years. For end users, affordability is not there… New supply will pose a challenge for developers. That is why I think prices will stay where they are or correct,” said Amit Bhagat, CEO and managing director at ASK Property Investment Advisors, a Mumbai-based fund manager.

Pankaj Kapoor, chief executive of realty rating and research firm, said: “A few developers have launched new projects but sales are sub-optimum and inventory levels are high at overall level.”

The real estate inventory — the number of months required to clear the existing stock at the prevalent absorption rate — during this period rose to 83 months in the NCR (national capital region) and 50 months in MMR.

“Price growth has retarded in Mumbai real estate. Prices have gone up just 6-7% in the last one year,” said Kapoor.

According to the CEO of US-based consultant, who did not want to be named, launches are happening in areas which do not have high demand.

“There is high demand for properties in Bandra to Andheri on western line and Dadar to Ghatkopar in Central line but these suburbs are seeing very few launches,” he said.

However, the status quo on prices are a boon for home buyers as they are already paying higher prices due to recent increase in ready reckoner rates, which is the basis for calculation of stamp duty and registration charges. Maharashtra government increased the ready reckoner rates by 5 to 20% from January 1, 2015.

Rental Rates on the rise
Posted on Jan 23, 2015
Rental accommodation becoming costly due to property tax and Service Tax. Besides this since the capital value is still far not reachable in metros, the rental rates in premium segment is rising. The rates in affordable housing segment still not coming to ages or mature enough as capital market. The capital appreciation though have gone up three ti ...

Top 5 best banks for housing loan
Posted on Jan 23, 2015
Bangalore: Buying or building a home is a long cherished dream for every individual. Now a day, this dream can be simplified by obtaining Home loans. Home loans are mainly designed for fulfilling the dreams of every individual without current income and savings. But before picking out the appropriate Home loan one should be very cautious. While acq ...

With EMI savings on home loans set to increase, avoid fixed rates
Posted on Jan 22, 2015
The Reserve Bank of India went for a surprise policy rate cut for the first time in 20 months ahead of its monetary policy meet on February 3, 2015. The move brought a much needed relief to the existing and prospective home loan customers who have been paying a high interest rate of anywhere between 10.5 and 12 per cent on their home loan. While a ...

Top 5 points to keep in mind before buying a resale property
Posted on Jan 22, 2015
Before buying a property, one needs to be sure of where they are putting their money and what are the benefits it will bring in future. And, when you are buying in the re-sale market, it is important to be extra vigilant because you are buying at a premium.Here is a checklist of 5 main points before buying a re-sale property:NeighbourhoodNeighbourh ...

Mumbaikars hunt outskirts for affordable homes
Posted on Jan 22, 2015
The city with the most ‘unrealistic real estate prices is now being searched for affordable properties. Where? How? When? Magicbricks answers these questions.The upcoming PropIndex (Oct-Dec 2014), the India Apartment Index by Magicbricks has shown increasing preference for affordable properties in the last two quarters, proving how strongly Mumbai ...

75% demand for properties from end users in Chennai
Posted on Jan 22, 2015
In the Oct-Dec 2014 quarter, the Chennai real estate posted optimism in comparison to the Oct-Dec 2013 quarter, as per the Housing Sentiment Index report. However, sentiments dropped by 4 per cent in the last three months. Buyers earning an annual income of less than Rs 10 lakh were the most optimistic.The city has witnessed maximum demand for prop ...

Smaller Developers Prefer Residential To Commercial Development
Posted on Jan 21, 2015
It is a known fact that commercial real estate in India is a lucrative proposition for developers. Why, then, do we see new developers concentrating on residential apartments rather than commercial projects in commercial hotspots like Pune? There are various reasons for this. In the first place, commercial real estate development requires larger la ...

Builders upbeat, hope for more rate cuts
Posted on Jan 21, 2015
ChennaiBuilders are hopeful of speedy revival of real estate market following Reserve Bank of India's decision to cut its key policy rate by 25 basis points on January 15. Some banks like United Bank of India and Union Bank of India have already slashed housing loan rates by a quarter percentage to 10%, and builders are hopeful that more would foll ...

Thane satisfying the housing demand in Mumbai
Posted on Jan 21, 2015
Thane is one of the fastest emerging residential destination in Mumbai city. The growing population in the city has triggered the demand for suburban areas, where homes are available at affordable prices and with more availability of space and open areas and natural environment.Mumbai has emerged as the only solace for the thousands of people livin ...

Top 5 affordable cities in India
Posted on Jan 21, 2015
Affordable Housing or ‘Housing for All by 2022 is a vision that the Central government is pursuing laboriously. The aim is to provide affordable homes in the price budget of upto Rs 25 lakh. This vision has influenced the preference of buyers across the country. As per PropIndex (Oct-Dec 2014), an India Apartment Index report published by Magicbri ...

As RBI cuts rate, should you go for fixed home loan?
Posted on Jan 19, 2015
During the end of last year something interesting happened in the home loan segment. Not many noticed since it was not aggressively marketed, but a clutch of prominent banks launched fixed rate home loan products. Traditionally, home loans are floating, which means they are pegged on the current interest rate regime prevailing in the country. Inter ...

How to sell a property in a slow real estate market
Posted on Jan 19, 2015
As a rule of thumb, it is never a good idea to sell anything when the market is badIn a slow real estate market, selling a house can be a daunting task. Nevertheless, selling a property is sometimes necessary or desirable despite market circumstances – for instance, when the home's mortgage value is higher than its market worth, if one has purchase ...

New Stamp Duty Ready Reckoner in Mumbai will reduce the property rates
Posted on Jan 19, 2015
Stamp Duty ready Reckoner in Mumbai as declared by state government on 1st Jan 2015 will reduce the price in Mumbai. The market rates are almost 400 to 500% higher than what is mentioned in Stamp Duty Ready Reckoner. For example in Mulund the on going rates are 12000/- per sq ft but the reckoner printed the rates as 9800/-. In Bandra W the reckoner ...

Home Loan EMIs May Fall by Up to Rs 8,000 Soon
Posted on Jan 19, 2015
Home loan consumers, struggling under the burden of high EMIs, finally have a reason to smile after RBI Governor Raghuram Rajan cut repo rate by 0.25 per cent on Thursday.State-run United Bank and Union Bank have already cut their base rates - the lowest lending rates - and other lenders are likely to follow suit."We believe that this cut may be ju ...

5 tips to enhance the rental price of your property
Posted on Jan 17, 2015
If you are facing the consistent problem of lowering rental values, then its better to take necessary steps to uphold its value. Let us take the case of Geetika Bajaj, a resident of Powai who undertook smart and trending ways to add value to her apartment.   The 35 year old started renting out her 2BHK apartment from 2009 onwards. She le ...

Premium housing yields high price appreciation
Posted on Jan 17, 2015
BangaloreBengaluru has one of the fastest-growing real estate markets in India, in which luxury housing is emerging as one of the most vibrant and dynamic segments. This growing demand for luxury housing can be attributed to the rise in the number of high net worth individuals (HNIs), the rapid pace of urbanisation, the influx of global lifestyle t ...

Homes loans to get cheaper as RBI cut repo rates by 0.25 per cent
Posted on Jan 17, 2015
In a view to boost the economic growth Reserve Bank of India (RBI) decided to cut the benchmark interest rate by 0.25 per cent to 7.75 per cent. This is the first rate cut from RBI since 2013. With the effect to rate cuts EMIs for home loans is to be reduced.Many leading banks and financial institutions has welcomed the RBIs move to reduce the rat ...

Mumbai: Cut in repo rate may reduce interest on your home loans
Posted on Jan 17, 2015
Homebuyers have reason to cheer as the Reserve Bank of India (RBI), in a surprising move, cut repo rates by 25 basis points. This move may cause a reduction in interest rates on home loans and lower EMIs as well as more funds available to the builders.Repo rate is the interest that banks pay when they borrow money from the RBI to meet their short-t ...

Eco friendly residential architecture, an indispensible paradigm of change
Posted on Jan 17, 2015
A huge amount of resources go into constructing and maintaining buildings. This is even more so for green buildings, given that there is a premium for having green features. Mumbai consists of 20% of green buildings in India and in fact the number is increasing at a faster rate. The government and the construction industry are proactive and are rea ...

Recent Articles
New launches to keep Mumbai home prices stagnant
Rental Rates on the rise
Top 5 best banks for housing loan
With EMI savings on home loans set to increase, avoid fixed rates
Top 5 points to keep in mind before buying a resale property
Mumbaikars hunt outskirts for affordable homes
75% demand for properties from end users in Chennai
Smaller Developers Prefer Residential To Commercial Development
Builders upbeat, hope for more rate cuts
Thane satisfying the housing demand in Mumbai

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