With the clearance of Dedicated Freight Corridor in Mumbai by Supreme Court, another feather to the cap of Mumbai's infrastructural development has been added. In addition to being efficient and economical in terms of goods' carriage, the corridor shall be low on carbon emission levels. Another major development that can take Mumbai real estate to next level is the proposal of US based Trump to invest in the city. These developments are expected to rack up the city's revenue, but the rapidly increasing rates for flats in Mumbai have become the cause of concern for an average buyer.
The property rates from past 4 years were analyzed and the results were enough to flabbergast everyone. A massive increase of 66% in the rates of Mumbai flats is not a thing to brush aside. This massive escalation is attributed to the factors like cutback in new launches, shortage of clear land, and developers' role in creating an artificial market. It has put a burden on an average buyer who is unable to sustain such a huge cost for buying a property.
As there is no substantial raise in demand for flats in Mumbai, the result can be seen in terms of considerable increase in the number of unused inventories, which are piling up day after day. In spite of such a grim scenario, developers are not ready to lower the rates. The city is witnessing a property bubble, created intentionally by the builders. So, the prices fail to correct. Recently, Mumbai was declared as the 16th most expensive city for luxury homes.
As if this was not enough, the buyers are facing other problems too. The high rate of frauds by property developers has increased the number of consumer complaints. To tell the truth, of all the consumer complaints that got registered last year, the maximum were from real estate. There are many buyers who, in-spite of paying whole amount, have been waiting to move-in into their properties. The developers, to get hands on more money, wait for the prices to appreciate: in that case, they are able to extort out extra sum from the buyers before granting them permission to move-in. This way, the owners of Mumbai flats are left with no other choice, but to pay the extra money.
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