Property rates in Mumbai have gone up almost 15% to 20% in the last 3 months, a 2BHK in Bhakti Park, wadala, which costed around Rs 80 lacs all inclusive is going for Rs 1 crore!
Investors are a confused lot - should they enter at these rates or should they wait for a correction? what if there is no correction and the rates go up another 15% to 20% in the next one year, then one will miss the opportunity.
Actual buyers, who are wanting a home of their own are the ones actually buying, for they want a home in the heart of Mumbai and this home is for keeps, so even if the rates are up by 15% to 20% - They have to buy a home, so they buy.
My sense is that property rates are quite high right now, particularly in the areas my company operates in ( wadala, sion, dadar, Chembur & Ghatkopar) But again my observation is that certain areas where we also operate like Kurla, bhandup, vikroli Nahur and Thane are having some projects which are reasonanble priced in these suburbs as of now.
So, I am advising clients that if wadala, Sion, chembur looks out of bounds with their given budget and amt of housing loan sanctioned, they should explore projects in Kurla, Bhandup, Vikroli, Nahur and Thane.
Happy Investing!
Your's Truly,
Ibrahim Casubhoy
Casubhoy Trident - Investments & Realty
Email:ibrahim.casubhoy@casubhoy-trident.com
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