The upcoming PropIndex (Oct-Dec 2014), the India Apartment Index by Magicbricks has shown increasing preference for affordable properties in the last two quarters, proving how strongly Mumbaikars are being influenced by the ‘affordable housing dream’ of the present government.
Although the supply remained limited to the outskirts of the Mumbai Metropolitan Region (MMR), rising property prices in the city and even in close suburban areas is pushing demand to the fringe areas suggests industry experts.
“Property prices in the Western and Eastern Suburbs have risen in the last few months because of infrastructural development. Hence, buyers are moving to outskirts as per their suitability,” says Vishwas Kher, head advisor-real estate, Keval Investment Solutions.
Interestingly, another reason pointed out by trend watchers is the strong supply in the MMR by leading brands which is also attracting buyers. “Areas, such as Badlapur, Kalyan, Bhiwandi, Karjat-Nerul Belt and Boisar have witnessed coming up of established realty brands, offering properties within Rs 30 lakh budget, gaining traction from majority of buyers across Mumbai,” says Lakshman Chauhan, one of the brokers’ active in the Beyond Thane region.
Know more about Mumbaikars hunt outskirts for affordable homes
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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
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