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Real Estate >> News
Mumbai Records A Rise of Buying In Realty Sector
By
siliconindia
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Tuesday, September 10, 2013
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Director General of Registrations, Mumbai, has recorded a rise of 16 % in the registration of properties in the year 2013, when compared to the data for the first six months of 2012. Reporting the figures for the same period in the year 2013, The Financial Express has articulated the rigor of growth that Mumbai has maintained during the last six months.
Considering the depleting liquidity with developers, the last few quarters have been tough for the realty sector of Mumbai. However, with massive redevelopments of residential localities, the construction activity has maintained a healthy pace all through this year. Areas like Goregaon West and Kandivalli, situated in the belt of Andheri to Dahisar, have witnessed upcoming areas of well-planned condominiums. Owing to the meticulously planned outlays, the suburbs of Mumbai metropolitan region have a comfortable connectivity of residential blocks to the venues of commerce, education and recreation.
The record of registrations for properties in Mumbai shows an upward graph due to the mix of enabling factors that have also induced consistency of supplies and absorption rates in this sector. The approval mechanism of Indian administration has been one of the major reasons for delays in delivery of projects and the consequent hike in their rates. However, the approval mechanism has been streamlined in the present day. There has been a multifold increase in the number of properties being sanctioned in the first two quarters of this year as compared to the figures recorded during last year. Another prominent push for the growth in sales of homes has come from the easy and lucrative schemes offered by the developers. Schemes like the subvention plan has lured the home aspirers to cash upon easy payment options that requires not more than 20% of the net value of the property to be paid up-front.
The above mentioned factors have elevated the Mumbai real estate to a stature with growing demand and absorption of residential units. Along with the favorable payment options, the developers have been offering perks in terms of offers including free amenities and other attractive discounts to boost the sale's figures. With the growing gap of demand and supply for homes in metro regions, the rise in number of registration for properties in Mumbai has come as a positive response for the realty sector. Further growth in Mumbai real estate is expected to be upheld with the rising demand for residential units and diversifying sources of investments in the realty sector.
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