Future Trends of Real Estate Mumbai 2023

The residential sector has grown exponentially since the COVID-19 pandemic. People who were previously confined to small, cramped apartments without any amenities realized that they wanted a better lifestyle. They moved to B and C-grade locations but upgraded to larger apartments with better amenities.

It is unlikely, this momentum will sustain in the foreseeable future. While it is a fair decision to buy a home instead of renting one, many buyers forget to factor in the cost of property taxes and maintenance.  These costs can be substantial, depending on the amenities and facilities that are chosen.

It is likely that residential rates in B and C-grade locations will slow down or even saturate in the future. However, this may not apply to premium locations and premium properties. These properties have a separate set of buyers, and their prices are likely to continue to rise. This is due in part to the fact that certain industries, such as healthcare, pharmaceuticals, food, and delivery services, have had a boom during the pandemic. As a result, top management in these industries has moved into premium houses in prime locations, driving up prices. However, the growth of this segment is likely to be much slower than what was seen in the past two to three years.

For salaried people who are uncertain about their positions in the companies they are serving still have the option of renting out residential properties. This will ensure that they are not pressurized with a payout of emi etc., giving them the flexibility of relocating themselves depending on the budget available to them

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