Find Real Estate Mumbai News with latest top stories from all top sources at one place. In this article we daily update news related to Real Estate, Property Market in Mumbai.
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How much does a house cost in Mumbai?
A house is probably the biggest spend for most Indians. And with urban population increasing manifold, buying a house in a large city, which is where most jobs are likely to be, has become difficult—the first and foremost obstacle being the cost of the property.
Unlike the share market where you can see the price of a particular share on real-time basis, or a mutual fund where the value of a unit is declared each day, determining a property’s value is difficult.
A property price depends on various factors such as location (proximity to facilities like schools, hospitals and markets, distance from public transport, quality of roads and so on), neighbourhood, quality of construction, amenities and age of building, among others. Though there are some real estate indices like the National Housing Bank’s (NHB’s) Residex, Housing Price Index (HPI) and Residential Property Price Index (RPPI), developed by the Reserve Bank of India (RBI), their utility is limited.
This Mumbai suburb’s main attractions are connectivity and infrastructure
This week’s realty hot spot is Mumbai’s Andheri East suburb. This is an established micro-market with good physical and social infrastructure and presence of key employment hubs. It also hosts some important job hubs and excellent schools and hospitals.
There are more than 18 schools, 20 hospitals and 18 banks in Andheri East. The area is well connected via the Western Express Highway, JVLR, Andheri Railway Station and Metro Line-1. Popular malls close to the area include Phoenix Marke ..
Relief for real estate sector in Mumbai, say builders
The real estate sector in Mumbai has reacted positively to the Reserve Bank of India’s (RBI) decision on Thursday to reduce the repo rates (RR) by 25 basis points (bps). The move could result in lower interest rates on home loans as well as lower equated monthly instalments (EMIs) for home buyers. Builders will benefit as funds to execute their projects will be available at cheaper rates.
Amit Ruparel, managing director, Ruparel Realty, called it a perfectly-timed move. “Reducing the interest on home loans creates a perfect setting for an optimistic start to new financial year. With Gudi Padwa and Akshay Tritiya a few days away, we anticipate this announcement will result in increased residential sales,” said Ruparel.
Raymond group enters real estate; launches Rs 3,500 crore maiden project in Mumbai
Diversified group Raymond on April 3 announced foray into the real estate sector and launched its first housing project in Mumbai with an expected revenue of Rs 3,500 crore.
Raymond Realty, the new division of the group, will develop a 14-acre housing project at Thane in Mumbai. The company will construct 3,000 apartments in the first phase.