Mumbai House Rates: According to experts, home prices in Mumbai suburbs are likely to increase by at least 25 percent in the coming year.
Mumbai Real Estate: Everyone in Mumbai (Mumbai Samachar) dreams of having his own rightful house, no matter how small it may be, but he is its rightful owner… his dream is fulfilled. Many servants are working hard day and night to do this. But the skyrocketing house prices in Mumbai are enough to make dreams come true.
In such a situation, big news is coming for those who are planning to buy a house in Mumbai. If you too are dreaming of the perfect house in Mumbai or Mumbai suburbs, then you may have to spend a little more money. Because, it is being said that house prices in Mumbai suburbs are likely to increase by at least 25 percent in the coming year.
Mumbai including Mumbai suburbs are witnessing a huge increase in Transfer of Development Rights (TDR) rates for slum redevelopment. The real estate market is suffering due to huge increase in TDR rates in slums. The increase in TDR rates is having a major impact on the profitability of the real estate market. Additionally, this increase is also hampering the construction time of ongoing projects.
The real estate market is suffering from a sharp increase in TDR rates in slums, affecting their profitability and hampering the construction time of ongoing projects. According to industry experts, the TDR in Mulund was Rs 3,500 per square foot six months ago and has now gone up to Rs 6,000. Rates in Borivali have increased from Rs 3,000 to Rs 5,700 per square foot in the last six months.
Panchayat of developers on increase in TDR
Although 30,000 square meters of fresh TDR has come into the market in the last 15 days, no one is buying. No developer wants to take the risk of buying TDRs at double the rate and hampering their projected profits. While most people are waiting for it if possible, some have no option but to buy TDRs at increased rates to meet customer commitments and RERA deadlines.
Meanwhile, the real estate market is in turmoil at the moment. On the one hand, construction costs are increasing, causing delays in the implementation of projects. This makes it difficult for builders to meet the Real Estate (Regulation and Development) Act or RERA deadlines.
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