If we compare the statistics of 2018 and 2019, you’ll realize that the housing registration has dropped by 10% and 25%. Although the level of inventory remained elevated, the prices are severely down across the board.
However, according to Matoshree Nisarg, if all the stakeholders play their parts meticulously, the results will be boosted. The state government eliminated stamp duty which ultimately reducing buyer’s cost. Additionally, developers not only offered lucrative payment plans but also cut the prices.
As 2021 began, it’s the perfect time to evaluate how this year will shape the real estate in Mumbai.
This is by far one of the simplest aspects to call and the consensus is overwhelming on it. Judging by the elevated inventory level, prices will remain weak and sluggish. As no one is aware of the FSI premium cut by the government, it’s very hard to determine. However, the developers who gain knowledge will be able to pass some benefits to the other end of the customer. This will help the price to keep under pressure. Apart from that, the impact on the resale market will increase.
One of the best things that will be recovered by a massive extent is the demand. This is because the lenders and developers will show aggression to attract the demand from the end-users. The stamp duty was at level 3 during the first quarter of 2021. A decent effort from all the stockholders will help the registration process to surpass 68,000 units.
As developers giving constant effort to increase the affordability, the size of the apartments will shrink. In 2018, the average size and space of a 2BHK flat were around 680 square feet. However, in 2020, the size has decreased to 622 square feet. In the upcoming years, the size of apartments will shrink more and it will be decreased to 600 square feet. Don’t forget that these sizes are included with internal walls which are not usable. The usable carpet area is always 5% lower. As there is 2 bhk flat for sale in Mulund East, it’s the perfect time to purchase them before the size shrinks.
Due to various reasons, the credibility of branded developers has gained around. However, there’s no confirmation of the assumption. There are many branded developers with influential names who failed to deliver a single project. Several other developers have delivered some projects, but the performance was very unsatisfactory. This will change in 2021 as the project delivery rate has been accelerated. Upon delivery, it’s important to determine whether the charged premium is worth the final project or not.
Do you know that developers face constant blames for their mess in redevelopment? However, the reality is that society also chooses the wrong developers for the projects. This is because many people are corrupted due to greed. However, as the awareness amongst the owners has been increased, 2021 will be much better than 2020 in terms of redeveloping transactions. The financially stable and better developers will boost their impact in the micro-market. The redevelopment will increase the effectiveness of 2 bhk for sale in Mulund.
It’s a fact that 2021 will become the market of the end-users as well as buyers. The developers, who will follow that theme, will be able to develop and price products accordingly. Not to mention they will experience growth in their business. The developers who don’t follow that theme will face severe failure again.