Mumbai Property Market

India’s two largest property markets, Mumbai and Gurgaon, are about to see rectification in property prices, according to analysts. When BJP (Bhartiya Janata Party) has been growing up as one largest party in Maharashtra and Haryana, analysts believe that new BJP-led governments are about to speed up several approval processes and push land reforms, in order to get the cost for both users and developers. The richest cities of Maharashtra and Haryana, Mumbai and Gurgaon respectively, have been the most appealing real estate markets always. Several areas of such cities are expensive enough to go beyond the budget of home seekers who want affordable living space. An executive from a real estate company said that they are getting some rectifications in property prices because monopoly of developers is about to end, specifically in Gurgaon. The main outline of BJP government is ‘House for everyone by 2022’. In Gurgaon DLF is a big name. In Mumbai, Oberoi and Lodha are some of the topmost developers. Several major affordable projects are accessed on the suburbs and boundaries of both cities. Cushman & Wakefield managing director and real estate expert, Sanjay Dutt, said that Mumbai is the city which suffered for approvals and costs are being added up. Suppose a developer invested Rs. 1000 Cr on land and paid interest 30%, he had to make at least Rs. 300 Cr from apartment prices. When supply is getting more in the real estate market, the prices are about to correct and stabilize gradually. ASK Group managing director from Mumbai, Sunil Rohokale, added that speed of taking decision will improve because of stable government and Maharashtra won’t require anything extra if pragmatic land Bill, property regulatory Bill and instant approvals are offered. Jones Lang LaSalle (JLL), a worldwide real estate consultancy company, CEO (Residential), Om Ahuja said that if this government tries to cut down the cost of land by enhancing TDR (Transferable Development Rights) and floor space index, and introducing a regulatory body for housing development, the day is not far when real estate prices will get more affordable to middle class families in India.