Mumbai has seen another growth in the prices of residential properties by around two percent in 2014’s first quarter which was ended on March over the 2013’s fourth quarter ended on the month of December. With the comparison of year after year between first quarter of 2013 and first quarter of 2014, capital prices were remained intact in Mumbai.
According to these reports in the quarterly analysis, around 3% of growth on property prices has been recorded on 3BHK rentals in the first quarter of 2014. This report was published by 99 acres which is based on rental and purchase price trends in residential development for selling, renting and buying all kinds of commercial and residential properties across India.
According to 99acres Business Head Vineet Singh, the market will definitely start improving because there is a clear direction on the policy of economic revival. In the future months, more investments will be done by fence sitters and add the momentum in real estate market. It has high chances that the new supply of properties will surge in the market. Though you can have a look on stock market that is going great, the investment is likely to flow in the market if momentum keeps on going with retail investment and it will dampen the real estate a little.
When it comes to compare the real estate price trends with various metro cities, Bangalore and NCR region didn’t witnessed the change in prices in the form of rentals. No change has been seen on Delhi but Bangalore has around 4% growth in rentals in first quarter of 2014 over last year, if reports are to be believed. In Mumbai, it has always been a challenge for normal people to look for affordable housing. Real estate market is also the important investor driver in Mumbai and it is further strengthening the situation. But the signs of improvement have been seen in certain locations like Central Mumbai and Colaba. There are several real estate developers like Kanakia are offering affordable and premium residential spaces like Kanakia Rainforest in prime locations like Andheri East.
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