I have been living in Mumbai for more than 3 years now, and honestly, I have never seen the property appreciation rate in Mumbai go down. Mumbai is not only the dream city of India but is also the city of opportunity. It attracts a huge number of job applicants every year, so I am sure that the property rates in Mumbai 2023 are going to increase moving forward. Let me share a chart to help you know whether property rates have increased in Mumbai or not.
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Is the future of real estate in Mumbai bright?
Mumbai has witnessed at least a 10% increase in property rates on average every 5 year. Here is a chart that can help you understand the price better
| PLACE | AVERAGE PRICE IN 2022 ON CARPET AREA | AVERAGE PRICE IN 2015 ON CARPET AREA | INCREASE PERCENTAGE |
Thane East |
19,300 |
17,550 |
10% |
Borivali |
22,000 |
18,000 |
22% |
Thane West |
19,100 |
15,300 |
25% |
Panvel |
9,000 |
6,900 |
30% |
Mira Road |
14,000 |
10,800 |
30% |
You can see that within 7 years, the property rates have increased drastically, and with the demand, the property rates are not going to fall soon for sure. However, I am not sure or want to say anything about the real estate forecast next 5 years Mumbai. Property rates depend highly on
Demand
Market trends
Properties’ style/design
Location
Commercial establishments
Infrastructure and so on
Before doing the Mumbai real estate forecast, one has to analyse these factors and then only can come to a conclusion.
I believe the property rates in Mumbai 2023 is going to increase, so investing here as soon as possible can bring one a good profit in the future.
Read More:What are the Mumbai property rates per square feet in Mira Road East?
What are the property rates in Thane West? Which is the best property to buy in Thane?
What are 2020 property rates in Vasai East?
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Hey,
According to a Reuters survey of real estate analysts, real estate prices in India are predicted to rise 7.5% on a pan-India base this year, the highest gain in five years. The average home price was predicted to increase 6% in 2019 and 2024. 13 real estate analysts were polled between May 11 and May 27. In a survey conducted in March, economists predicted that this year's growth would be 5.0%. The BSE index of property investment businesses has increased by 21% over the past year, outpacing the broader Sensex's 15% increase, reflecting the improved attitude.
Check out properties in Mumbai on NoBroker and save huge on brokerage charges.The National Capital Region, which includes Mumbai and Delhi, is predicted to see price increases from 4% and 5% this year and next, according to a Reuters poll. Over the next two years, prices are expected to grow 5.5%–6.5% in Bengaluru and Chennai.
According to economists, rising building material costs and increasing home demand are some of the main causes of rising housing prices. However, analysts cautioned that increasing mortgage rates would make homes less affordable, particularly for first-time buyers.
I hope you found what you were looking for.
Read More: Top 5 locations in Mumbai to invest in Good residential projects for investment in Mumbai How to Buy a House in Mumbai Quickly?
Will property prices in Mumbai go up in 2023?
Anonymous
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2022-08-17T12:28:43+00:00 2022-08-17T12:28:44+00:00Comment
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