Survey indicates that home-buyers prefer flats up to Rs 30 lakh in MMR
Mumbai : As the real estate sector continues to go through its worst downturn in a decade, a recent study conducted by real estate classifieds portal stated that potential home-buyers prefer homes ranging up to Rs 30 lakh. The escalated prices have led buyers to either postpone their purchase or to give up that dream of owning a house in Mumbai-limits and move out to the satellite towns and suburbs, the findings of the study added.
The report states that home-buyers prefer flats in the range of Rs 30 lakh in Panvel, Kalyan, Nalasopara, Kharghar, Mira Road, Dombivli, Kamothe, Ulwe and Sanpada. For a nuclear family, with a couple-working, it is manageable to get a home in that price range.
“The data identifies top investment destinations across the Mumbai region. In-depth analysis has been done for one locality from three different regions across the city, providing information on the various home buying influential criteria such as demand, budget preference, price trends and preferred residential property formats. The top investment destinations across Mumbai region include Panvel, Kalyan, Nalasopara, Kharghar, Mira Road, Dombivli, Kamothe, Ulwe and Sanpada,” the report stated.
The study also points out that sales in these nine locations in the Mumbai Metropolitan Region (MMR) will now be further driven as the government has initiated number of infrastructure projects including the Coastal Road Project, Inland Passenger Water Transport, clearance of Navi Mumbai Airport during the first half of 2015. “The approval of elevated railway line from CST to Panvel with a 6 lane road will reduce the commute time. Thus, increasing demand in this locality,” the report stated.
According to the survey, in Panvel, 76 per cent home buyers prefer investing in properties that are in under construction phase. Nearly 71 per cent home buyers are looking for properties up to Rs 30 lakh. While in Kalyan, nearly 71 per cent of respondents preferred 1 BHK compact housing unit. Statistics indicate that there has been a rise in property price by 12 per cent in the last two years in this region. According to the study, home buyers in Nallasopara also prefer 1 BHK compact housing units and are looking at properties (nearly 91 per cent) up to Rs 30 lakh.
Meanwhile, the report also added that owing to escalating property prices and slowdown in sales, mainly due to consumers postponing their buying decisions, there is an inventory pile up of 46 months in the MMR. “Mumbai has an inventory pile up of 46 months, well above the accepted 8 to 12 months mark. This is a result of high pricing in the MMR. Inflated pricing has also postponed the buying decision considerably,” Ganesh Vasudevan, Chief Executive Officer, IndiaProperty.com, said in a statement.
Vasudevan added that the government’s vision to attract Rs 50,000 crore investment to create one million jobs in the next five years will improve the demand for residential real estate in and around these commercial zones in turn improving social viability of the region.
Swapnil Rawal
