Being a city of varied cultures and having attained pinnacle of success as the nation’s financial capital, Mumbai draws thousands and thousands of people from all over the nation. This would make it clear, why residential and rental properties are in huge demand in this city. When compared to other cities, Mumbai properties are highly priced making them a far-fetched reality for many.
Though there is a high demand for properties in Mumbai, it is also true that many properties still remain unsold. According to media reports, this down turn in sales is believed to be due to either exorbitant pricing or because of the low buying capacity of the potential home seekers or buyers. Inspite of this realty scenario many property developers are continuing to develop properties with a belief that they would be able to sell them at competitive values. They are of the view that social, economical and political scenarios would improve and in turn boost the sales of the properties. Some are even more confident that buyers would take the quality of construction and brand-value into consideration and make their decisions shortly.
Certain real estate developers also have shifted their focus building luxury Apartments in Mumbai and villas exclusively for the wealthy and the powerful. Since this affluent segment can afford to pay huge sums irrespective of the national economic situation. This move of the developers is believed not only to help them stay in business but also to help them recover the losses they have experienced by building 2 bhk and 1 BHK flats in Mumbai that have not sold for a while now. On the other hand, the middle class and lower middle class segment still have their hopes pinned on buying their own property somewhere in Mumbai. Hope their dreams come true soon.