With the property rates expected to rise further, now is the right time to buy residential property in Santacruz west or invest in new projects in Mumbai.
The recent years, 2011 and 2012 in particular have witnessed a sharp surge in the property prices in metros. According to one of the leading real estate research firms, realty rates in the National Capital Region shot up by 22% while Bangalore experienced a 15% increase. Even Mumbai witnessed increase in property rates. As per the reports of a reputed property consultant, buying prime property is costlier in Mumbai as compared to Dubai.
Property rates in Mumbai are expected to appreciate further by 6% by the end of 2015. The residential realty market is anticipating significant buying activity in the fourth quarter, which most likely may get carried forward into the upcoming year. With investors and buyers taking advantage of the current market situation, builders have already seen a rise in the number of enquiries coming in. So if you are considering buying or investing in new projects in Mumbai, then this is the right time.
Majority of the builders have resorted to various marketing strategies to lure buyers. These include festive offers, waivers, freebies, attractive schemes and spot discounts of up to 10% on the base price. Buyers who are keen on getting competitive deals usually prefer to invest during the pre-launch period or in projects which are under construction.
Kalyan, Panvel, Mira Road, Sanpada are some of the favourite hotspots of investors, with Ulwe leading the way currently. Investment destinations in the suburbs include places like Khar, Bandra, South Mumbai and Santacruz to name a few.
Surrounded by the affluent neighbourhood of Bandra, Vile Parle, Khar and Juhu; Santacruz has some of the cosmopolitan’s finest residential properties to its credit. As compared to Santacruz East, Santacruz West offers better infrastructure facilities. The average price of residential property in Santacruz West is 44,688 per square feet. While a 2 BHK flat under construction can cost approximately Rs. 3,40,00,000 in Santacruz’s prime location, the same unit which is ready for possession can run up Rs. 4,62,60,000. The price of ready to move in 4 BHK apartments by reputed builders can be purchased for 18 crores.
Buyers opt for Santacruz West as the area offers good connectivity to major parts of the city via the S.V.Road - Linking Road, Juhu and Western Express Highway. Also, the Domestic Airport and the renowned SNDT College lies in proximity. Other prominent locations include the Juhu Beach, the JW Marriot Hotel and Cartier Road. The recently built Skywalk offers great convenience as it helps to connect Santacruz West to Santacruz East.
Another prime property location which is expected to experience a dip in real estate prices is South Mumbai. Deemed to be one of the premium locations, property prices here are expected to dwindle due to the upcoming Mumbai Trans Harbour Link—proposed to be the longest sea bridge in India.
With the city all set to be transformed into an International Financial Services Centre very soon and reported to be the world's least expensive city to live and work in, what more reason does one need to buy a house in Mumbai.
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