"What RERA has to Say about Mumbai Property Rates...!!!??!!!"

Property Proctor | Property Management Company

Property Proctor | One of the Reputed Property Management Company in Mumbai highlighting points on: “What RERA has to Say about Mumbai Property Rates…!!!??!!!”
We all want to have our own dream house within the affordable price. House becomes home from the day one where our thought process starts dreaming to have our own house, the struggle and the battle which we have to face during property buying process and this all gets accumulated under one roof and that roof turns to home from the house. Home is the attachment of emotions, love, pain which created at the time of purchase.

Are you thinking of buying Property in Mumbai and stuck on questions which are bothering you and your thinking to back off!!??!! Let me guess what set of questions your mind is flooded with. It’s natural to have fear and brain loaded with numerous thoughts while thinking of taking any huge step in life and buying property are one of them since we are human mind does hits on the threat. So here are few questions where you might be stuck on:
  • Will I get the property with in my budget?
  • Will I have to pay the high chunk of black money to the builder?
  • Is the property legal?
  • Will I be eligible for the home loan?
  • Can afford to pay house EMI?
  • Will the property value increase faster than the loan interest rate?
  • Will buying property lock up my other dreams?
  • Will home loan be the burden to me and increase the stress level of mine?
So on, people do want to buy property but they are scared of end numbers of question which they have. Hence most of them back out from buying flats in Mumbai though they can afford but still remain to stay on rent. Therefore they try to save money for other purposes. Believe in leaving life burden free and with no worries of House EMI.

Half of the population of Mumbai has the home loan and to pay their EMI’s on time they slog month on month. Recently RERA introduced in India and it was asked all Realtors to register themselves under RERA. Some time period was given and also later, the time period for registration was extended but still half of the crowd did not register themselves under RERA. It was been told RERA will bring the huge change in Real Estate market plus there are chances of decreasing property rates all over India and so in Mumbai. Let’s check on the analysis of RERA effect on the properties made by media and their tons observation. After several research on RERA, we found few question from respective medias and their team. Therefore property rates will go down or no…..??? Questions answer is still roaming in the air. No one has the accurate data on. Let’s check what media has talked about RERA and its upcoming changes:

“Economic Times posted an article on RERA stating: Will RERA impact on property rates in Mumbai? Here’s the answer: (Regulation and Development) Act, 2016 is effective all over the country with certain rules and regulation in place. But property rates reducing after commencing of RERA, answer to this question is not straight as an arrow. Whereas new rules have very strict compliance and translucent, which might raise real estate price instead of dropping down, especially under new construction.”

“India Today’s article talks about: Mumbai property rates might not go down after RERA implementation. The reason behind this question is: According to the report of India Today: expert feels that the property rates in Mumbai are already at the lower side. So introducing of RERA will not change the price of real estate market it may remain constant or might go on the higher scale. Out of 13 states, Maharashtra is one them who executed Real Estate Regulator Act. In May 2017 RERA was allegedly introduced in Maharashtra and since then it’s been improvising.”

“Financial Express Report say’s: Mumbai real estate market might plunge by 40% from the current rate say’s RERA: This statement was commented by news media during Land auctions hosted in Navi Mumbai transmitted by Industrial Development Corporation where the bidding amount was lower by 40% on current value.”

Likewise, many media reports claiming property rates are expected to increase in Mumbai once RERA comes in the flow. Not only in Mumbai but all over the country. There will be no chances of constructing illegal construction, hence buying property will be safer in the coming future. It’s true that property rate might not go down but it might remain same or go high. But there is no confirmation or declaration made by the government as such, regarding the increment of property rates all over India. We can just wait and watch which is the next battle for us to fight on, “After GST.”

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