Mumbai Has An Inventory Of Over 1.41 Lakh Affordable Homes: PropTiger Report
There is no better time to own a property in Mumbai than now, this festive season. Not only are the interest rates at a record low, the market is also replete with fresh ready-to-move-in options.
Bigger price benefit
After consecutive reductions in rates, the Reserve Bank of India (RBI) has lowered the repo rate to 5.40 per cent. Following this, banks have brought down home loan interest rates to as low as 8.35 per cent. Applying for a loan would be a prudent move monetarily since the government has also increased the tax deduction on the interest component to Rs 3.50 lakh annually if the unit is priced below Rs 45 lakh. After years of muted activity, property prices have seen a correction.
Speaking from a purely monetary point of view, it doesn’t get better than the combination of price benefits and the ease of doing business, with the added advantage of a plethora of ready-for-possession options. Additionally, with the upcoming festive season, developers have also launched discounts. Apart from discounts in the form of stamp duty and goods and services tax (GST) waiver, builders are also offering the freebies such as gold coins and electronic appliances.
Available inventory in the MMR
Data available with PropTiger.com show that the Mumbai Metropolitan Region (MMR) developers have currently over 2.93 lakh units of unsold stock. Of these, nearly half or over 1.41 lakh units are priced within Rs 45 lakh.
Locations in the MMR with inventory
Thane (West), Dombivli, Neral, Mira Road (East), Panvel, Virar and Chembur are localities where a large part of this inventory is concentrated. Palghar, Mulund, Bhiwandi, Kharghar and Badlapur (East) are some of the other localities where housing options in various configurations are available for purchase. The affordable units are mostly concentrated in localities such as Neral, Mira Road (East) and Badlapur.