The COVID-19 pandemic has taken a toll on the global economy and there is barely any sector that remains unaffected. One of the major effects of this has been felt on the real estate sector. With residential projects being stuck due to the lockdown and completion of almost all under-construction projects faced with uncertainty, is this the right time for end users to buy a home in Mumbai? Well, the answer to this really lies with you, as to what is your confidence level of invest in property in these uncertain times, and what is your position as far as funding the property is concerned.
Which Way Are Mumbai Housing Property Prices Moving In The Pandemic?
While it’s true that the pandemic has affected property prices in Mumbai, the insignificant variation has not been that much as property buyers were expecting. According to a report by a leading property brokerage firm, the weighted average prices of housing properties in Mumbai showed a flat growth pattern in the last quarter of 2020. Interestingly, the prices did not show any significant downward movement even though the sector has been impacted by the pandemic induced lockdown. Global property monitoring agencies have predicted a long-drawn recovery for India’s property sector, which presents a favourable situation for property buyers looking for a good deal. oberoi sky city borivali east comprises global lifestyle and acres of open spaces
What Factors Are Affecting Housing Affordability?
With the prices almost stagnant or even dipping slightly across key markets, state governments are getting into the act for increasing housing affordability. For example, the Delhi government has announced a flat 20% reduction in the circle rates for all properties. A similar move by the Maharashtra government would certainly help the genuine home buyers by enabling them to acquire their dream home at a lesser price. On the other hand, banks and housing finance companies have also entered the fray and are competing with each other with lower home loan interest rates. RBI reducing the repo rate had made borrowing cheaper for home buyers. Once the impact of the pandemic on the job market is clearly known, these measures will certainly act as a booster for buyers to invest in housing property at a significant cost advantage. oberoi sky city borivali is a finest residency with unique living concept
Is It The Right Time Buy A House In Mumbai?
For the first time in almost 15 years, the real estate market in Mumbai has actually turned into a buyer’s market. With Work From Home and Online Classes for children becoming a reality, people are actually looking for bigger homes in Mumbai. Housing prices in Mumbai have witnessed a significant correction since the time the lockdown began. While expecting any more correction in the immediate future would be expecting a bit too much, the present prices certainly provide home buyers to invest their money in housing property at a comparatively low price point. Our suggestion is that if your funds are ready, this is the right time to start searching for that dream house you’ve been looking for since the pandemic began. What’s more, if you plan to take a loan to fill the gap in the total purchase amount, there’s good news for you! Currently, home loan rates are at record low levels and you can avail housing finance at prices that are comparatively affordable. Last, but not the least, considering the prevailing situation, we suggest you should bargain real hard while negotiating the price and chances are that you may close the house deal at much lower than the price quoted by the seller.