Mumbai has always been a favourite city with those who want to live a quality life for themselves and for their families. With the best of employment, education, education and entertainment opportunities, Mumbai offers a lifestyle that is second to no other city in India. It would not be wrong to say that the real estate market of Mumbai is extremely complex, active and dynamic. Over the years, the real estate scenario of this bustling metropolis has undergone a radical transformation and is speedily moving towards consolidation and transparency. In this article, we will tell you about the changing real estate dynamics in Mumbai. veridian lnt powai
Government support is powering transformation
A few years ago, home buyers in Mumbai were hesitant in investing their money in under construction projects due to the fear that the builder may indefinitely delay the possession and, in rare cases, the project may never be completed. All this is now a thing of the past. With the Maharashtra government bringing in an industry watchdog called MahaRERA, or Maharashtra Real Estate Regulatory Authority, home buyers now have a solid reason to invest confidently in housing projects that are presently in under construction phase. MahaRERA completely controls the entire under construction property market, as the builder has to compulsorily deposit 70% of the amount received from the buyers in a separate escrow account with a scheduled bank. When the builder applies for a MahaRERA number for a project, he has to give a realistic project completion and possession date. Only under exceptional circumstances is he allowed to extend this date and that too only for a few months. veridian powai price
Transformation in configuration
The location of the project defines the interest of the home buyer. Living in a premium and posh
locality has its unique advantages. But then, such locations come with a hefty price tag per square feet, which not many buyers can afford. When this high per square feet price is applied to a big configuration such as a 2BHK in a carpet or saleable area of around 750 square feet, the overall property price balloons to an amount which moves a large chunk of the buyers out of the projects range. To address this challenge and make the projects more appealing to potential buyers, builders are reworking the configurations by offering compact 2BHK and 1BHK apartment in specific projects in localities which home buyers prefer to stay in. This ensures that home buyers do not have to compromise on the locality and also get a decent sized apartment in their budget. However, this applies to nuclear and small families as the overall space in these compact apartments is much lesser than a similar configuration built over a larger area.
Improvement in infrastructure
As we all know, better the infrastructure of a city, better the convenience of living in that city. In the past decade, there has been a massive transformation in Mumbai’s infrastructure, which has significantly contributed to the city rising higher in the liveability index. Whether it is road or rail, these skyline changing infrastructure will enable you to swiftly move across from one end of the city to the other. The Mumbai Metro Rail project will seamlessly connect all important work locations from Mumbai. The importance of this infrastructure revolution will be realised when people start commuting to their workplaces once again after the pandemic lockdown restrictions are eased. Soon, you will be able to reach Versova from Nariman Point in minutes on the proposed coastal road. This will be an extension of the Bandra-Worli sea link on both sides. To make air travel to and from Mumbai more convenient, the Navi Mumbai international airport will soon be operational.
To conclude, if you want to live a lifestyle that complements your desires, and also comes in a budget, then you should consider investing in an under construction project of a reputed builder with a good track record.