Have you been thinking of buying property and are looking for the right time to turn your dreams into reality? If yes, then there is no better time than now to invest in Mumbai real estate. There are several factors that make the present time a good one to buy property. Relatively affordable home loans, the market showing signs of stability, and the pandemic at an all time low are just a few reasons why homebuyers should immediately close the deal. So let us examine in detail the reasons why this is the perfect time to invest in property in Mumbai.
Home loan interest rates
The past few months have seen a rise in home loan interest rates. Though this has impacted borrowers to some extent, home loan interest rates are still affordable compared to what they were a few years ago. However, there are chances that the coming years may see a further rise in home loan interest rates. So if you are thinking of buying a home, do it when the rates are low. However, when you invest in property, make sure to buy from the best real estate developers in Mumbai.
The decrease in Covid cases and post-lockdown period have witnessed the market returning back to normal. The situation is much better today and the Mumbai real estate market is seeing strong demand. Moreover, the city is the financial capital of India and regularly witnesses an influx of workers from all across the country. This has led to a demand for good residential apartments. According to reports, the second quarter of 2022 saw Mumbai’s real estate market doing well and witnessed the launch of around 20,000 new residential units. So if you are looking for higher return on investment, now is the right time to invest in property in Mumbai.
Mumbai has a robust infrastructure and it is considered among the best in the country. However, the future will see more infrastructure development taking place in the city, which will boost the growth of the real estate sector. The Colaba-Bandra-Seepz Line, which is the Mumbai Metro’s Aqua Line 3, is spread over 33.5 kilometres. The line is under construction and will connect Navy Nagar and Aarey Depot. Once completed, the line will be a boon for commuters as it will make commuting easy and less time consuming.
The Mumbai Trans Harbour Link is another upcoming structure and will link Mumbai with its satellite city, Navi Mumbai. These and other developments in the city will not only make the life of residents easier and convenient, but may also push the price of real estate in the city. So you should seriously consider buying property in the city as early as possible.
Mumbai is a great place to live and work. The quality of infrastructure, transportation, and residential apartments is outstanding, which makes it the perfect place for homebuyers. Though Mumbai is an expensive real estate destination, there are many emerging areas where the prices of property are relatively affordable. You can search for the property of your choice on real estate portals like Blox. So if you are thinking of buying an apartment in Mumbai, now is the right time to do it.