Investors and buyers are demanding more inventory additions to fulfill the demands of the thousands of people interested in buying real estate. While the top developers in the country try their best to provide them with sufficient options, the demand is bigger than anticipated. Following the coronavirus pandemic, the annual highlights pointed towards a bleak future for the industry. However, the changing patterns and interests of buyers, combined with the incentives and profitable opportunities in the country, everyone wants in on the action.
There Are Ample Options Available
Since a large populace is looking to move into the metropolis every year, thousands of property transactions take place in South Mumbai alone. With a surge in demand, developers have made sure that they make available sufficient supply in the real estate inventory.
For example, it’s not hard to find a lavish 3 BHK flat in Byculla, a neighborhood that shares the same postal code as SoBo. Furthermore, reputable developers like Piramal Aranya also have their project nestled in this locality. Moreover, if you’re looking for standalone properties that are located in a friendly neighborhood, you have dozens of communities spread across the area.
The Market is Changing
Where once people preferred small living spaces in the middle of the city, they are now comfortable with suburban communities located at a distance. As long as the location provides access to the Eastern Highway or other major routes, people are fine with living in bigger spaces. The idea is to sacrifice the posh locality for affordable rents on larger residences.
The impact of the coronavirus lockdown has probably something to do with this change of preference. Isolating yourself in your home in a small space will inevitably bring about issues resulting due to the lack of room.
Developments are Underway
The biggest factor that is encouraging investors is undoubtedly the infrastructural development projects that are underway. Consisting of metro lines and a trans harbour link that will connect the opposite corners of the metropolis, these projects are surely expected to change the landscape.
In addition to this, the construction of the Navi Mumbai International Airport is set to bring about prosperous developments in nearby areas. With the advent of such a project, 2 BHK flats in South Mumbai that are available at a killer price right now will witness substantial appreciation.
The same will be the fate of the dozens of slums of Mumbai that will witness development once these projects are fully constructed and ready to be occupied. The metro lines will pave the way for real estate developers to start state of the art communities that will transform these vacant and abandoned land masses into desirable localities.
While some of them will become top-notch residential neighbourhoods, the surrounding areas will eventually generate a need for commercial real estate investment as well. As soon as the metro lines are operational, travel time between the north-south corners as well as the eastern and western islands of Mumbai will reduce drastically.
Suffice it to say, it’s the ideal time to invest in South Mumbai. If you don’t get in on the action now, you’ll probably regret it in years to come.