Real Estate

Why Should You Invest In South Mumbai Real Estate In 2021?

The MMR is going through revolutionary changes that are set to change the landscape for years to come. Even now, plans are underway to transform Mumbai and its peripheries into a well-connected region that can support even more population.

Looking over the past few years, Mumbai has seen a rapid increase in the number of migrants moving into the metropolis. While the megacity succeeds in providing space, facilities and amenities to these migrants, it comes short on providing a reliable transportation network and environmental conditions necessary for healthy living. To cater for this problem, the government has taken the initiative to revolutionize the MMR’s infrastructure.

Investors and buyers that are taking advantage of the pro-buyer incentives offered by the Indian government are already zoning in on possible localities. Among the most popular ones, Byculla, Nariman Point, and keeping in mind future possibilities in the area, Dahisar are noteworthy. The race to own the most luxurious ones out of the2 bhk flats for sale in South Mumbaiis raging everyone on to bid on their favourite properties. Meanwhile, real estate developers are taking the initiative to make formidable additions to their inventories.

If you’re not jumping on the bandwagon, here’s a couple of reasons why you should:

Pro-Buyer Incentives:

There are numerous options available for home loans that are advantageous and opportunistic for buyers and investors looking for a break amidst the COVID-19 crisis. The types of home loans that are available in India include basic home loans, loan for home construction, home improvement/extension loan, balance transferring of home loan, and Pradhan Mantri Awas Yojana Loan.

Among these, the PMAY loan is worthy of attention for first-time buyers. That is because this scheme is dedicated to providing first-time buyers with the opportunity to save over 2.5 lacs on their loan. Whereas, other home loans such as the basic home loan don’t offer this much saving, although it allows you to take 80-90% of the property’s value as a loan.

Since the PMAY loan involves the payment to be extended over a tenure of almost 20 years, it becomes an incredibly attractive option to secure an asset. However, only banks that are operating under the government and registered with it are able to offer this loan to people.

So, if you have finalized a 2 bhk flat for sale in South Mumbai for yourself, consider getting this loan.

Revolutionary Infrastructural Developments

As discussed above, the MMR is due for massive infrastructural change that is going to revolutionise its transportation as well as environmental landscape.

The government is already working on the proposed 3 metro lines that are going to connect the northern and southern districts of the region. Aimed at minimising the rush of traffic on the roads as well as catering to the impending pollution crisis, the metro lines will prove effective means of transportation. Not only will it help clear the streets in the metropolis but it will also allow for further development in all the areas within a specific radius of the construction.

Developers, as well as investors, are anticipating the completion of the metro line stations to get started on multiple projects. Aiming to increase the region’s inventory additions and expand the market, transactions will gradually develop residential and commercial hubs. Eventually, we’ll witness the slums of Mumbai and the surrounding areas of the metropolitan centre in the MMR become an extension to it.

Appreciation Where Due

Considering the above-mentioned facts, it’s impossible to deny the upcoming market bloom. If you think a 3 bhk flat for sale in byculla is ranked among high-tier properties, wait till the Sewri – Chirle trans harbour link is completed. Suffice it to say, prices will nearly double due to the increase in the land’s value. Similarly, the whole city is getting a makeover and this means that everything is going to witness appreciation.

NRIs, OCIs, foreign and local investors are already lining up to secure properties as well as vacant plots for sale. This screams out opportunity louder than anything in the last decade with regards to the real estate industry. Combined with the fact that the government itself is supporting first-time buyers with home loan schemes, investment is being encouraged in the region.

While some may have reservations with the market following the COVID-19 pandemic and the ongoing aftermath, it’s important to remember that real estate isn’t a short-term investment. Although windows of opportunities may demand swift action, you can be sure that the current situation will not repeat itself again. So, take advantage of the situation and profit from it.

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