‘1 in 3 homes sold in Mumbai comes from redevelopment but at what cost…’: Expert’s reality check on real estate

Mumbai’s real estate landscape passes dramatically, “one of the three homes is currently out of reconstruction project,” according to a financial consultant Akshat Shrivastava. But before these projects bring new, higher structures, they also cause significant infrastructure challenges and provide property prices.

The upgrade in Mumbai is followed by a simple example. “The old buildings are being demolished, and they are replaced by new, tall structures.” This not only increases the supply of houses, but also causes additional tension on the city’s already overload infrastructure.

Mumbai is consumed from a vacant country, reconstructing the primary means of accommodating the growing housing needs of the city. Older, degraded buildings are being demolished and replaced with raises. However, roads, drainage and public transport to maintain the struggle.

“If the city is unable to handle heavy infrared problems, such as water, garbage, traffic, etc., newly tall buildings use more contribution,” Shrivastavan Sunday.

Despite the increase in apartments, prices are “not down” because it is expected to supply the traditional demand for supply. Instead, “Processed projects are published in stages” and are sold significantly at a higher rate than old properties.

“Ideally, with new developments and more supplies of houses, prices must fall. But real estate doesn’t work like that, “Shrigastavava explained.

In these projects, the properties often order premium: “as much 1.5 times higher houses”, making houses less affordable. Despite the mass reconstruction projects, Mumbai remains one of India’s most expensive and unavailable cities. The average prices of the middle houses of the decent apartment are high since Rs 2 Crore.

For buyers, this means “pay more for houses that will eventually stand infrastructure problems.” Before the reconstruction revives the neighborhood, the pressure on roads, water supply and public services continues to be discovered.

“People end up buying more expensive homes, which will stand higher infrared challenges and life in the long run,” Shtrastavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavavava concluded.