Real estate property in Mumbai Nallasopara

A region of Mumbai with affordable property is Nallascopara.

Providing a consistent repertoire on affordable housing in Mumbai can never be complete without the inclusion of this neighborhood.

Some upcoming projects in Mumbai at Nalascopara include developments by Shri Ganesh builders, Evershine and Sai Crystal Developers.

Evershine has 2 BHK flats for sale in Mumbai at Nalasophara for approximately 51 lakhs per unit. The size of the flats is over 1000 square feet and project was completed nearly 7 years ago.

Sai Crystal Developers have a property in Mumbai at Nalasopara where the buyer can part with 23 lakhs and become the proud owner of a 600 square foot 1 BHK flat in Mumbai.

Although there is no shortage whatsoever of luxury apartments in Mumbai, the vast multitudes of the citizens of Mumbai are salary men or government servants who cannot afford luxury apartments in Mumbai.

With the growth of the middle class in India a unique pattern is emerging which shows a tendency towards the ownership of flats as opposed to homes built on a plot of land. Despite the abundance of land within our national borders, the citizens of the country prefer to live within the confines of a community. Such a trend is unlikely to change in the foreseeable future or over a greater time horizon.

With a preference for flats in top real destinations in the country like Mumbai and NCR the Indian consumer has voted with a resounding yes to flats located at regions of the city with easy access to most other parts of the city

Over time as more and more rural and agricultural people move out towards the cities (as has been the global trend for at least the past 50 years) properties which are not exclusive today may be considered so in the future.

Mumbai property is a vast construction of homes and building connected by a network of roads and railway lines which while not keeping the city running smoothly, certainly maintains some semblance of an organized system which, while chaotic and decentralized, keeps its human inhabitants in a lively atmosphere where they need for nothing outside the city.

The vast numbers of upcoming residential projects in Mumbai at localities like Nalasoparra point to a dynamism in a city the likes of which may have last been seen in what is now New York over one hundred years ago.

What is in store for Mumbai as a city of the future? It is possible that within a few decades it could become a financial center as important as Shanghai or Tokyo are now. If or more likely when that happens much of the property under construction today as affordable housing In Mumbai would have mutated into luxury homes at premium locations.

Real estate in Mumbai is already among the most expensive in the world and with valuations rising greatly over time shall become more expensive.

Hence a 1 BHK flat at Nalasopara may be an ideal investment for your grandson or granddaughter which he or she could capitalize on 30 to 40 years in the future.   

Real Estate in Mumbai – Get the Facts Right

Real estate in Mumbai is probably going through its darkest phase. The word has been in around since the beginning of 2015 that the ‘year of recovery has arrived’. However, nothing much has changed; in fact, the property prices in Mumbai have been overall dented by 15 to 20%. This does not mean that the rates have physically gone down by that much, but it implies that taking into consideration all the factors like inflation, growth rate, incentive schemes etc. the property prices have not gone up and nor has the market sentiment turned positive. 2016 has been no better and the slow-down has continued in the residential real estate in Mumbai. 

Residential real estate in Mumbai today is almost sitting on 1 lakh unsold inventory which would take anywhere between 2 to 3 years to liquidate. Out of this only 5% inventory is ready for possession balance is either under construction or is a part of stalled projects. These are alarming figures by any standards. Further, out of this 1 lakh inventory 75% is priced over one crore and therefore is not in the affordable segment. These two aspects are the most counterproductive for the Real estate in Mumbai. 

The real estate builders in Mumbai are awaiting a miracle to happen, with their hands tied to the back. Though the cost of cement, steel and transportation has come down, the labour and land costs have gone up; thus leaving no scope for the builders to bring down the costs any further. The individual investor remains confused and is willing to play the ‘wait and watch game’ as nobody is able to predict the market turnaround. Mumbai real estate market was or is heavily dependent on foreign investments in terms of NRI investors. This market sentiment has been shattered with the present slow-down, it may take quite some time to recover and would in all probability follow recovery by the domestic market. 

This has very serious implications for the real estate in Mumbai; it implies that the market would only go through a ‘timed correction’ i.e. to say that as years go by, the per-capita income increases, the individual investor would have more capital; will be able to pick up more loan amount and therefore would be able to invest in real estate at the prevailing rates, probably after 1 to 2 years. The real estate prices in Mumbai may not undergo any further correction; however, they may not enjoy any further growth as well, in the next couple of years.

 Mumbai for one is the financial capital of India -the ‘King City’ and has the mojo to fight back and recover. The turnaround may take some time, but is bound to happen. Real estate developers in Mumbai just need to keep patience and faith.