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What’s in store for real estate in Mumbai in 2015

With the inflation hitting an all-time high, property purchases were given the least priority in the beginning of 2014. But with the new government taking initiatives to strengthen the realty market- the sector witnessed a revival and was ringing with various realty registrations towards the end of 2014. And with the Modi led front focusing on developing affordable housing units and infrastructure, the year 2015 is set to be quite a fruitful year for the realty sector. IndiaProperty.com’s recent survey set out to capture the property buyers’ psyche in 2015. The result spoke for itself with 60% of respondents saying that they are likely to invest in properties in this year. While deciphering the realty market of Mumbai, the study showed that 81% of property seekers are intending to invest in properties for their own immediate use and the remaining 19% of home buyers are to make investments for future fruitful returns. Moving away from being just an end users market, the city is fast transforming into a rental hub. Properties in Mumbai are capable of churning out handsome rental yields and investors are not shying away from buying inventories in neighbourhoods like Andheri West, Powai and Andheri East for their quick rental returns. Cited as the top three most preferred rental localities, homes in these localities are estimated to generate rental yields anywhere between INR 23,000 and INR 42,000 per square feet, depending on if the homes are semi or fully furnished. Further in-depth evaluation of the survey threw light on how investments in a flat in a multistorey building is riding high at 79% followed by individual homes at 12%. With the country’s stable economic situation now encouraging many first time home buyers to take the plunge, the survey documented a high demand for affordable homes. 51% of home buyers are looking for homes that fall under the price bracket of INR 30 lakhs while only 12% of property seekers are showing an interest in owning generous living spaces that are priced over INR 1 crore. Some of the neighbourhoods that have fast developed into becoming residential catchment areas for the MIGs for its economical homes include Kharghar, Nalasopara West, Virar West, Vasai Road East, Kalyan West and Badlapur East. The survey also went on to document a few factors that are influencing the home buying decision. First time homes buyers are now checking for some basic parameters like growing infrastructure, availability of public transport and future outlook before investing in a particular micro market. Some of the upcoming neighbourhoods you need to look out for include- Byculla (due to its seamless connectivity), Dombivli & Palghar (for its growing industrial sector) and Andheri & Borivli (because of its growing commercial belt.) Nidhi C Thacker for IndiaProperty.com

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