Home/Buy and Sell/Investment/Looking at the present scenario of the economy, are there any chances of lowering down the property rates in Mumbai, Panvel area..Is it advisable to invest in Real Estate?
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Looking at the present scenario of the economy, are there any chances of lowering down the property rates in Mumbai, Panvel area..Is it advisable to invest in Real Estate?
The current pandemic has indeed changed the face of our economy and all the major industries are going through economic crises and real estate space is one of these industries. According to the estimates by the National Real Estate Development Council (Naredco), the real estate industry has lowered the rates to 10-15%. As the sales have dipped down, many builders and developers including the reputed ones are coming up with various schemes to attract the customers. I recently came across an article where a person in Mumbai had bought a 2 BHK apartment from a reputed builder for Rs 2.05 crore. Now, this person decided to sell the property but as the rates have dipped down, people are quoting Rs 1.80-1.85 crore and nothing more than that. This same situation is being faced by many builders and developers. Many real estate consultants are suggesting that it is a good time to invest into real estate if you have a secured job. As this situation would change soon, the real estate market will also come back to normal and then the returns would be more than what you have invested. In addition, a few days ago, the government of Maharashtra has come up with a change in its real estate policy. It has decided to cut down the stamp duty fees by 3% from 1st September 2020 to 31st December 2020. From 1st January 2021 to 31st March 2021, the reduction would be 2%. This decision was taken so as to boost the real estate sector. So, if you have a steady income and are willing to buy a property, I would say, it is actually a good time for investing in real estate.
Panvel is an upcoming hub for real estate investments.
Panvel is an industrial hot-spot, which makes it an employment hub. Since many industrial and manufacturing units have their base in New Panvel, a lot of housing options have sprung up in this region. Followed by development of infrastructure including educational institutes, healthcare establishments and so on.
Secondly, Panvel is very well connected as it is located at the junction of Mumbai-Pune Expressway, Sion-Pune Expressway and National Highway 4. Navi Mumbai International Airport is also on cards and is expected to be functional by 2023.
Thirdly, the proposed Navi Mumbai Airport Influence Notified Area (NAINA) plan by CIDCO is expected to drive up liveability quotient of Panvel.
Fourthly, there are many affordable housing options available in Panvel right now, which will give good returns in next 4-5 years. You can choose from Villas, Apartments, Townships and gated communities. The price for apartments in Panvel is in the range of Rs. 5000 - Rs. 8500 per sq. ft.
My verdict is that, you can consider investing in real estate in Panvel as the property value will appreciate in the years to come.
I would suggest rather than investing in the Mumbai suburbs, investing in properties in Navi Mumbai, Panvel and for that matter, a few areas in Pune would be a great choice. The property rates have gone down drastically due to the COVID-19 situation. Many developers and builders in major cities like Pune, Thane and Hyderabad have reduced the property rates.
In fact, in some cities, the property rates have gone lower than 15% since the pandemic started. This is because many people have lost their jobs or are on salary cuts. Due to this, the demand has gone down for the real estate sector. However, the under process real estate projects cannot be stopped so many developers are coming up with schemes and offer to attract the customers. In addition, the government has reduced the stamp duty by 3% in Maharashtra. Apart from this, many banks are coming up with schemes which will benefit you.
So, if you have a stable job, then I think you should invest in real estate now as the prices are quite low.
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Looking at the present scenario of the economy, are there any chances of lowering down the property rates in Mumbai, Panvel area..Is it advisable to invest in Real Estate?
K.Prashant
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August 30, 2020
2020-08-30T16:35:19+00:00 2021-02-02T22:16:22+00:00Comment
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