Regarding real estate in Mumbai, it seems that the cities builder’s
expectation from the cities real estate market are boundless. In February of
this year builders in Mumbai unveiled plans to build two thousand new units in the city. This makes sense
since the sales volume of real estate in
Mumbai has been on the ascent and builders most likely hope to sell new
units quickly once the units have been completed.
Consider an example of rising real estate
sales volumes in Mumbai, wherein during February of this year, the number of
houses sold was thirty-three percent
greater than the number sold in February of last year. Annually the price of property in Mumbai has risen by one percent
however prices fell month on month by one percent over the past two months.
The
Star Attractions by Volume in Mumbai
In February of this year, localities on the
outskirts of Mumbai were bought and sold in greater volumes than were
properties in other regions of Mumbai. In increasing order, the regions of
Mumbai’s namely Karjat, Ulwe, Neral, Dombivalli, and Thane West contributed the
most to the sale of housing in Mumbai in February of this year.
Crunching
the Numbers
The property markets mentioned above stack
up differently from one another, for instance, the rate for property in Thane
West is as high as 11,500 rupees per square foot whereas at Neral the property
rate is as low as 3,000 rupees per square foot. Within the locality of
Dombivalli property rates vary from a low
of 5,350 rupees per square foot and a high of 10,250 rupees per square foot. However,
to transact a property in Mumbai
that is located in Ulwe, a buyer or seller can safely assume to pay or receive
a sum proportionate to 6,200 rupees for each square foot. Last but not least is
the locality of Karjat where on the average
property can be bought and sold for as little as 3,500 rupees per square
foot.
Conclusion
Residentialprojects in Mumbai on the outer regions are bought
and sold in greater volumes than are properties in the more central regions of
Mumbai. The low cost of units housed in projects
in Mumbai’s outskirts is one
likely reason why such properties are bought and sold in greater volumes than
are properties in the interior of the city.
