Is Mumbai now a buyer’s market?

Looking to invest in new property in Mumbai? Mumbai is now reportedly turning into a buyer’s market for some time with a correction in real estate prices. Real estate prices in Mumbai have always been sky-high for a long period of time. However, for the very first time in the last 8 years, they have come down sizably by 11-12% in the MMR (Mumbai Metropolitan Region) and by more than 10% overall, which makes it a great time to buy a new house in India’s Financial Capital currently. As per experts, more than 80% of real estate developers in Mumbai are lowering real estate prices considerably in order to clear unsold inventory and attract new buyers. This will attract more investors and end-users alike. Several millennial investors are also expected to grab this opportunity to own Mumbai real estate at a considerably lower price point. The reduction in real estate prices is basically being offered through a lower base price which is the actual property price and also via offers which are often given to early buyers where developers pay the registration fees and give other incentives. Some similar attractions include zero floor rise charges. The higher one wishes to live in Mumbai, more is the amount that has to be paid due to floor rise charges. However, several real estate developers are offering lowered and single prices for homes at their projects. The high unsold inventory seems to have spurred real estate developers to act accordingly. 1 lakh of apartments out of a total of 2.67 lakh apartments which remain unsold in the MMR (approximate estimates) are reportedly located within city limits. Real estate developers are now giving several discounts in a bid to clear housing stocks and attract more buyers according to experts. Most buyers, particularly early investors will definitely consider this a golden chance to own their dream homes in Mumbai. These schemes make it more convenient to own a home in the Mumbai Metropolitan Region or MMR. Mumbai has always been one of the world’s most expensive housing markets. As per several studies, Mumbai is only second to Hong Kong in the list of expensive real estate markets based on the ratio of realty prices to income.