Property sites indicate that India property Mumbai is going through a tough phase currently. There had hardly been and sales movement of property in Mumbai for sale. Let us take a look at some of the reasons why people are not willing to buy a flat in Mumbai:
Skyrocketing Prices: Mumbai is one of the most expensive cities across the globe. High property prices have just gone out of reach for the end-user who is now unable to afford a flat in Mumbai even after taking a huge home loan. The Investor on the other hand too is shying away from investing in India property Mumbai as one needs huge money to invest. Also with huge sums of money invested the ROI automatically goes low. The city from the last two to three years has just witnessed single digit price appreciation and that too has happened mostly due to change in government policies and rates.
Bad infrastructure: The city of Mumbai has swelled but the infrastructure is still not able to handle the unabated migration that the city witnesses. The roads have huge potholes and traffic is a huge problem in Mumbai which gets even worse during the rains. People usually travel by local trains but as the years are passing even these trains are becoming immensely over-crowded as it is unable to handle so many people. Most of the end-users prefer to buy property in Mumbai for sale near local train station but then they have to shell out money for their convenience. Property sites highlight that not only the capital values but even the rentals earned by flats in Mumbai that are located near local train station are much higher than its counterparts which are a little far from the station.
Slow pace of development: An area sparks investors interest when some new development takes place for example the price in Delhi doubled after Delhi Metro started its operations. Property sites show the same happened with India property Mumbai when Mumbai Metro started its operations. But the Metro was much delayed and although the prices of property in Mumbai for sale did increase in which the metro served but the metro failed to attract investors’ attention. The development pace in Mumbai is very slow flyovers, and other public works are never completed on time and this turns to be an eye sore for the investor as well as the end-user.