What goes up comes down! That’s more of a generalized statement although. And a few months from now, Mumbai would have been an exception to this saying. But, there has been a gravity shift of sorts in the Mumbai realty sector. The populous financial capital of India where upwards seems to be the only way forwards is being witness to an odd trend; at least odd from its own standards. The city where buying property for a common man was nothing short of a Herculean task, thanks to the high rates, has suddenly drifted towards the lower price band. Industry giants like Nirmal Lifestyle think such a scenario would continue at least for the next two years.
This is an optimum time for the consumers. In an expensive city like Mumbai, fall in real estate price is a pretty rare happening. The average cost of a 2 BHK in Mumbai has fallen to Rs 2.91 crore from 3 crore. Similarly, in the Mumbai Metropolitan Region, the fallen corresponding rates are 1.32 crore. As per Nirmal Lifestyle, this has been largely because of a huge difference between demand and supply. The supply was in surplus and the high prices kept the buyers away from investing. As a result, the developers were holding on to a high level of inventory which they are trying to dispose off now.This is in fact good for the developers as well. Another reason for the already sky rocketed prices was the expensive land. The government should work towards reducing the taxes.
Nirmal is a brand reckoned with over 30 years of development in Mumbai. Its sustained development design for Mulund has earned a reputation of bringing the suburb in the forefront of city’s expansion. It has set a leading example of branded lifestyle residences in the country by launching India’s first Sports -lifestyle apartments – US Open Apartments, therefore adopting its philosophy of active lifestyle. It is an ISO 9001:2008 and ISO 14001:2004 certified company that lives to its promise to provide best in quality and design.