Not very long ago, the prediction was Mumbai, and overall housing prices would decrease due to the Coronavirus pandemic. But it seems to be nothing but wishful thinking or a wrong prediction. Mainly when Mumbai doesn’t function like the rest of the cities. In Mumbai, brokers turn investors to prevent the Mumbai house market from getting crashed.
Instead of reporters being to be believed, then in September, the registration increased by 39 percent. The increase of registration of housing units is based on a yearly basis during the month. Experts believe the housing and shops for sale in Mumbai will pick up soon. With the relaxation of lockdown, the market is opening, and the prices will pick up.
How Are Mumbai Brokers Changing The Mumbai House Pricing Market?
This is a well-known fact that when the demand for properties drops, the prices fall too. However, the situation is different in Mumbai, mainly the Mumbai Metropolitan Region (MMR). As a result, the prices of Mumbai houses, instead of dropping, are ascending. So, what did brokers do?
Holding On To The Properties
During the pandemic and ailing economy, MMR builders held on to them instead of selling the houses at lower rates. This was possible because brokers turn investors were able to flip the under-construction properties. It was more like a derivative of a stock. The situation helped the builders of the properties in holding the commanding prices.
Decrease In Stamp Duty
The other factor brokers are using to their advantage as real-estate investors is the lowering of stamp duty. So whether companies are looking for offices for sale in Mumbai or individuals for houses, properties are there for sale. But they will not be sold at a lower price. So brokers and builders are sticking to their quoted price.
Channing The Situation
Currently, there are 213,742 unsold units in MMR, and most of them are ready to occupy units. Often it is believed that the exorbitant pricing is leading to the units staying unsold. But the reality is different. While people buy shops for sale in Mumbai, new buildings are being developed at a higher pace. So when brokers turn investors into backing the projects, the entire real-estate game plan is being changed in such a scenario.
In the post-pandemic situation, the average rate of houses in Mumbai is more than the rest of India. However, it is worthwhile to note in most places, and the price has been stagnant. It is hence vital that builders are not underselling the properties. Instead, with the help of brokers turning investors, they are creating the bullish phase in the Mumbai housing market.
Whether people of Mumbai want to invest in houses or buy offices for sale in Mumbai as life comes to normal, they cannot expect to pay lower prices. Instead of the different transit infrastructure projects and brokers turning into investors, the prices will rise. The city is effectively getting out of the pandemic and bad loan crisis with the help of real estate brokers.