If you live in an expensive metro like Mumbai, you’d want to purchase a house at a time when prices are the lowest. Spoiler alert: that time is now! According to Knight Frank India, a global property consultancy, Mumbai has shown the greatest progress in profitability since 2010 . The Home Purchase Affordability Index for 2019 also states that in terms of the housing loan eligibility of average income households for buying a 1,000 sq ft property, the affordability has vastly increased .
The number of days required for builders to acquire a permit has been reduced to 60 days, while the amount of permissions required has gone down to 58 from 119. The recently enacted Real Estate Regulatory Authority (RERA) Act has also had huge implications on buyers, agents, and sellers. It benefits buyers and prevents rampant delays by paving the way for greater transparency. It also helps customers to steer clear of fraud sellers and regulate norms for housing loan interest rates. Buying a house in Mumbai right now guarantees a customer higher security than ever before.
Change in Landscape
Due to the New Sea Link proposed between Versova and Vihar, Mumbai Coastal Road, and building of Metro Line 2, ease of access to different parts of the city has improved drastically. While this makes almost any place in Mumbai a good place to buy property, the best are those which are connected to multiple modes of commute, like Kandivali.
The job landscape also holds advantages – job opportunities in Mumbai are always on the rise too, so you are almost guaranteed to have an opportunity in hand or have options to look for one. This makes Mumbai a good place to settle in, especially for those in the finance and banking industry.
Price and Market
Getting a home loan would also be easier now because the gross bank credit for the housing sector has been raised from 17% to 20%.
Because of the wide range of buyers, real estate in Mumbai is pretty much a buyer’s market now; builders are slowly but surely working on residential projects which cater to a larger range of budgets. Localities like Chembur, which are connected to business facilities, are expected to be the best places to build and buy a home because they take full advantage of the metropolitan nature of Mumbai.
Additional Read: Top Locations in India To Buy Your Dream Home
With the growth in real estate purchases, it is important to choose the right housing finance options. Tata Capital home loans allow you to capitalize on this ripe time for buying a home in Mumbai with an easy online application, highest eligibility, and attractive interest rates along with lower home loan EMIs. Tata Capital is the best option to make buying a house in Mumbai both affordable and sustainable.