Mumbai is the financial capital of the country. It recently received a bit of a blow when it was toppled by its satellite township, Navi Mumbai to make it to the list of the top 100 smart cities in India. However, this has resulted in Mumbai stepping up its efforts to become the number one destination when it comes to luxury real estate in the country, with a large number of big ticket projects coming up all across the island city and its suburbs, especially in areas like Parel, Worli, Juhu, Wadala and Sewri. This demand for luxury real estate has been fuelled by the trend of Bollywood celebrities buying flats in Mumbai. There are several luxury apartments and flats are available in Mumbai.
A very short while ago, the scenario was completely different say experts at property.sulekha.com. The real estate market in India was a sellers paradise and no matter how disreputable the builder was (due to delays, bad construction material etc), there was always a queue of buyers eagerly waiting to lap up all the residential infrastructure and commercial complexes that were being developed. However, this trend has reversed and now it is a completely buyer’s market with the customers dictating what they want and the developers developing plots according to the needs and demands of the consumers. Earlier, the builders chose the size of the projects, the scale of the flats etc. However, now that is no longer the case with projects in Mumbai and its suburban locations.
Developers are using customer data to decide the sizes, they are reducing prices, they are indulging in re-designing, and even delivering apartments on or even before scheduled time. They are also offering discounts of about 8- 10%, and along with that, developers have taken to giving a lot of free incentives like gold coins, lottery win cars, customized furniture and even lucky draw free foreign tours to attract several home buyers. They have also redesigned payment plans to suit the needs of consumers who are looking to buy a good place at an affordable rate. In several new cases, the usually exorbitant booking amounts have been reduced to as low as Rs 1.
This has resulted in the industry being perceived as much more customer friendly than ever before. Developers are giving an unprecedented level of attention to home buyers across the country. This trend is being observed widely in Mumbai as well.