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Things To Keep In Mind Before You Rent A Flat In India

Talk of property and there is not even a little chance you won't lament about the ongoing price rates. And if Mumbai is the topic of discussion, it is mostly about the exorbitant rates that exist there. The prices in the city have outreached a common manís affordability range; even for the affluent, the rates have transcended their heavy pockets. They have appreciated so much so that buying flats in Mumbai has become a distant dream for salaried class. A common buyer is now considering it better to live on rented spaces than to make a purchase of their own property. Letís see how the entire property market has become centred on prices only.

The recession hit the Indian economy too hard and in Mumbai, it resulted in reduction of flat sizes. As the studies have shown, the average size of the flats was centred around 1600 sq ft in 2008, but now, the sizes of the newly constructed Mumbai flats have reduced by about 15%. In areas like Thane and Navi Mumbai, the reductions are around 17 and 18% respectively. But the prices continued to scale new heights with every passing year. Developers did not let them fall, giving the recession as the excuse. So whatís the result? A buyer has to pay more money for a smaller house.

In posh localities like Worli, the flats with price tag of 100 crores have sprung up. Built to offer a swanky life-style and all the mod cons, these flats have been developed keeping in mind the elite class of the society. In spite of all the top-class amenities that they provide, there are only a few takers for them. With such an astronomical price range, even the filthy rich are deferring from making a buy of the flats in Mumbai.

The dwindling rate of the Indian currency, rising inflationary rates, and slow GDP growth are the main hindrances to price correction. The lack of interest of the buyers has resulted in a huge pile of vacant or unused inventories. Developers are finding it very hard to get the sales keep going. So they are resorting to all sorts of flimflamming and deceiving. They con the buyers by producing false information regarding government policies and rising prices. But that does not deter the buyers into making purchases for Mumbai flats.

Buy, sell, or rent 1, 2, 3-BHK rooms, plots, villas, farmhouses, office spaces, and studio apartments at Makaan, the fastest growing property website. Choose among lacs of properties from developers, agents, and owners. Search properties that come with different price tags and are available in different locations PAN India.
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  Published Date - September 20 2013
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  Mr. Vinay Kumar
Get to know about flats in Mumbai and residential properties in Mumbai at, fastest growing inida property sites to search properties from some of the prestigious developers according to your budget and requirements.
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