Properties in Mumbai Ideal for Long-Term Investors
According to a latest survey conducted by a private real estate website, Mumbai continues to reign as the most preferred choice of property buyers. Out of the total 2,583 samples included in the survey, 40% of the respondents belonged to the age group of 25-35 years while 60% of the respondents were above the age of 46.
One-third of these respondents were in favour of making a property investment while 49% preferred to wait and watch before taking any decision. The remaining respondents however felt that this is not the right time to make any investments in real estate.
Though 62% of the respondents were optimistic about a rise in the property rates in the near future, the others felt that the prices will surge in the forthcoming years. On the opposite end of the spectrum were 79% of the respondents, who were confident that it is the right time to make long term property investments.
Nearly 55% of the respondents are hopeful that the present government will reduce rates of home loans and the remaining 45% insist on improved infrastructure and establishment of a real estate regulator.
Choosing the Mode of Investment
Respondents had a difference of opinion when it came to choosing the type of real estate for investment. While the majority of the 40% respondents preferred apartments and flats, 24% opted for bungalows. The remaining 23% decided to go with residential plots, 7% with commercial properties and a mere 3% chose row houses and country houses each.
As per the Apr-Jun 2014 quarterly report generated by a reputed realty portal, infrastructural development projects in the city such as the Mumbai Metro, the Mono-rail, Santacruz-Chembur Link road, the Eastern Freeway and the Sahar Elevated Access road as well as other prominent upcoming infrastructure has been a major reason why new buyers prefer to invest here.