Dramatic Fall In Mumbai Real Estate Prices Is Great News For The Festive Season

Ever dreamed of owning a home in the city of dreams itself? This might be your big chance. Reports suggest that real estate prices in Mumbai are poised at the threshold of a big drop. The average costs of apartments in Mumbai are falling and there may even be a dip of as much as 25% if this trend continues. While it isn't great news for the developers, home buyers and investors can rejoice. Now you can finally plan to buy that amazing home you always dreamed of.

Average cost of 2BHK apartments has fallen from 3 crore to 2.91 crore this year. Experts chalk this out to be due to the surge in real estate pricing but the lack of rise in salaries of working individuals. With fewer people purchasing flats due to the soaring prices, there are fewer sales of apartments and plenty of unsold inventories. There has been a sharp decline in transaction values by as much as 10-15% in the last 3 consecutive years and thus new launches have also dropped simultaneously all over the country.

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In light of this, experts believe that in large markets like Mumbai, the property values could come down by half if the market needs to sustain itself.

Considering that the buying capacity of consumers has not stayed in sync with the rising real estate prices, the gap between affordability and availability has greatly dampened the sales. With reduced land availability, land owners too have no choice but to charge a high price tag for the location. As a result builders jack up their own rates as well. But with almost no-response for many projects, builders are forced to keep their prices temptingly low in the first few phases if they hope to sell any apartments at all.

Year on year the prices for real estate have been falling for a significant amount of time now. There has been an annual drop of 3.23% and a quarterly drop of 1.51% in the Mumbai region. With such low demand, builders have no choice but to lower their rates and in some cases even sell at a loss just to ensure that the buildings don't go empty.

With such a drastic fall, buyers can only rejoice. In the months to come, experts expect the prices to plummet even further and that may be the chance for many to buy their dream home in the dream city at the dream price that they always imagined. For more info Visit Globalncr.com