5 Factors To Focus On While Buying Residential Projects In Mumbai In 2022
Time to look back on the year that has passed and look forward to the year ahead as 2021 draws to a close. After the initial increase in the first quarter, the current year was largely predictable.
Demand remained constant for residential projects In Mumbai. Pricing was aggressive as always. There was a noticeable lack of new product introductions. Uninspiring marketing and branding were used to revamp a few older products. The volume of large-ticket acquisitions that we haven't seen before has been one of the most notable aspects of 2021. The year 2022 is projected to be one of the most significant in the past decade for the market.
1. The Ideal Choice for Families
Everyone can find something special in Mumbai. As a result of the excellent educational options available in the area, your children won't have to cope with the hassle of long commutes to school. There would be no delays in getting medical attention because of the proximity to reputable hospitals. Additionally, there are numerous shopping malls and market complexes in the region to meet your basic needs as well as opportunities for socialising.
Mumbai also boasts a wide range of housing options to suit any budget. residential projects In Mumbai can be chosen to meet your needs, whether they are for personal use or as an investment.
2. Pricing Factor
For the first time in a few years, there will be a flurry of new residential projects In Mumbai being launched in densely populated areas in 2022. There may be as many launches in 2022 as there have been in the preceding five to seven years in key markets.
Prices will be squeezed in the coming year due to increased supply from new launches. However, for the majority of homebuyers, the fierce competition in under-construction developments will ensure that costs are reasonable and affordable. Due to the government's reductions in FSI premiums, developers will have enough room to raise prices aggressively.
3. Rental Market
To say the last two years have been difficult for homeowners would be an understatement. Due to Work from Home, rental demand for residential projects In Mumbai was low. This significantly decreased rental rates. Demand for office space will begin in earnest in 2022, resulting in rent increases. Rents may grow excessively in popular micro-markets. This is also because a significant amount of supply will be lost as a result of redevelopment, which will include the demolition of existing structures and stock.
4. Emergence Of Resale Market
Historically, two-thirds of property market demand has come from the resale sector. Home purchasers stayed away from the primary market due to their apprehension about under-construction projects. This pattern has shifted in the previous 12-18 months, as developers have significantly reduced their rates, making their offerings more appealing. Thus, primary sales accounted for over half of total demand. With more well-planned and funded projects, sales aggression for new releases will initially be less robust. This will reintroduce the resale market to prominence and real estate builders have taken note of it.
The shift in demand dynamics and driving forces for residential sales that resulted from city workers adopting a hybrid work policy and working from home has been profound. In 2021, search inquiries for flats with 3+BHK configurations climbed by 15% year-on-year, while the online search for properties with a ticket price of more than INR 2 crore improved significantly. In addition, a gated community's proximity to healthcare facilities, security, and safety was a major factor in the buying of a home in 2021.
5. Safety & Habitability
Find out if there is 24-hour surveillance and modern safety protocols and facilities in place at the property you're looking at purchasing. High-end gated communities use cutting-edge technology to ensure total safety and hence homebuyers should choose appropriate real estate builders. Builder's at-home security systems should be checked to make sure they meet your needs.
The pandemic has now been going on for three years, and most of us have adjusted to the new normal. In 2020, the Indian economy was caught off guard, but in 2021, it showed great preparedness and resilience across the board. With activity at an all-time low, the real estate sector, which has been in a cyclical downturn since 2013, suffered its worst phase.
As a result of a single element, the sector rebounded far more quickly in 2021 than it had in 2020, a year in which it had fallen into a deep depression and was only in the news for the wrong reasons. As the pandemic's uncertainty has heightened the importance of owning a home, this sector has received a much-needed boost.
Hence, It is expected that a well-informed end-user in 2022 will be looking at affordability and habitability before purchasing because online search trends are leading predictors of demand offtake.
Conclusion: Final Thoughts!
If you're trying to find a place to call home, residential projects In Mumbai might be the best place to start. Other upcoming infrastructure projects will further enhance the area's accessibility, making it even more convenient in the future.
You may buy 1 BHK Apartments or 2 BHK Apartments in Mumbai and enjoy the best accommodation and services thanks to high-rise communities. Now is the time to seize your opportunity to become a member of this fantastic community.
Author Bio
IM Buildcon is a popular brand name amongst the finest known for innovation, lucidity and excellence amongst a ton of other adjectives that any real estate company in Mumbai must be associated with. The company has a high benchmark of erecting excellent residential & commercial construction projects spread across the prime areas in Mumbai, Palghar & Chennai, delivering many important landmarks in the cities.