The property market in Mumbai is set for another locational price and demand and supply war.
After the New DCR and specially over the past few months no Developer can complain that he is not getting permission from the BMC as if his files are as per the new norms there is no reason why he should not get permissions to construct.
This has spelt good news for the consumer or the home buyer as each location in Mumbai has something or the other to offer to a home buyer.
The only place we don’t have new construction today is South of Tardeo which is proper South Mumbai.
For further location analysis please visit the research section of our website.
We do see certain locations having an oversupply and certain locations still have a huge demand.
Mumbai property market to become very interesting in January 2014.
Brace yourself for new launches by Shapoorji, L&T, Lodha and a lot many top real estate developers in the market.
The Year 2013 saw an amazing trend with Developers having a strategy of pre-launching at prices which were way below the under construction property prices and the ready possession stock. Most of the projects launched with strategy by Lodha, Kalpataru, Shapoorji, Omkar and other developers witnessed superb traction.
Year 2014, should see a similar trend with Builders wanting to exit projects with maximum sales at lowest prices, as unlike 2010 – 2011 markets, there are many more projects in the market and at levels of parity in micro locations.
The market of 2013 and 2014 is going to be similar, but the only difference being that in 2014 Second Quarter, we may see a major bounce back of confidence due to the new government.
If you are a fence sitter, do review the situation that Top Developers don’t launch projects every few month. So do not wait thinking too much if you see a Top Developers project launched in your budgets. With 3-5 years possession you are bound to see an upside in most of the New Launches. It may be difficult to see what kind of returns one can expect, but be rest assured, that you will get better returns than any financial product and a quality asset which you can use in future.
Wish you a Great New Year ahead.
Team – Mumbai Property Exchange.com