Raju Kanchwala, managing director, Supreme Group, shares his views on Mumbai's real estate sector
Raju Kanchwala, managing director, Supreme Group, shares his views on Mumbai's real estate sector The current economic meltdown has stabilised the real estate market, thereby benefiting the consumers. It has revived the nearly extinct concept of affordable housing probably the best thing to arise in this crisis. Unlike other metros and cities, where real estate development has almost stopped, Mumbai is faring much better.
This is because of the huge demand for housing in the city. In fact, as per a survey by Knight Frank, Mumbai still needs around 84,000 flats per year. This reflects the immense potential of real estate in the city. Moreover, Mumbai is gearing to project itself as a world-class city.
The ongoing infrastructural projects and proposed developments in Navi Mumbai are steps in that direction. This will definitely bring in some foreign direct investment in this sector.
The current market is more favourable for a home-buyer than an investor. Rates have fallen across the city and home loan rates may also come down in the near future. But at the same time, we need people to invest in real estate.
Thankfully, the government has woken up to this fact and is making efforts to revive the real estate market. After all, this sector provides employment to more than 300 different industries across sectors. The builder fraternity has huge expectations from Budget 2009.
