Residential property in Mumbai is out of reach for middle income buyers

As per a 2014 survey by Savills, a reputed real estate firm, Mumbai was ranked as world’s 12th most expensive city for living and working. Besides Mumbai, cities like London, Pairs, Tokyo, New York and Sydney were also ranked at the 12th position. According to the industry reports, there is a wide gap in demand and supply of residential property in Mumbai. However, this has not pushed developers to reduce the rates in order to sell more units.

Whether you are looking at apartments in Dadar or searching for a flat in Bandra, prices are skyrocketing despite market changes. For instance, in Navi Mumbai, rates are quite high for residential units due to the proposed new airport. Even though the airport is nowhere in the picture, rates have been increasing for the buyers. So, what is causing the prices to increase despite people not buying properties? Some believe that the realty market in India works according to the politicians and real estate companies. Politicians have an incentive in holding the prices at a high level.

As pointed out by the Residex Index of National Housing Bank, rates in the city increased by 18.7% between 2011 and 2014. This increase happened despite the fact that unsold property inventory has grown significantly.

Expensive Areas for Residential Property Investment

Altamount Road is one of the most expensive residential streets in Mumbai. Mukesh Ambani, Chairman of Reliance Industries and Kumar Mangalam Birla, Chairman of Aditya Birla Group have their house on this road which is located in the southern part of the city. This street is also home to various other business families such as Tatas and Mafatlals. Many Bollywood actors also have their flats and bungalows on Altamount Road which is parallel to the Peddar Road.

Reportedly, buyers will have to shell out approximately 60,000 INR per square feet when buying a house on this street. Gentry make this address extra special. Compared to other parts of Mumbai, this location has a lot of greenery. Antilla, the 27-storey, luxury home of Mukesh Ambani is the star attraction of this road.

Can Buyers Expect Price Correction in Future?

According to a knight Frank report, a global real estate brokerage firm, there is a mismatch in demand and supply of MMR’s (Mumbai’s Metropolitan Region) residential property market. This mismatch resulted in a pile up of around 2.15 lacs unsold residential units last year. According to experts, it will take approximately three or more years to sell off these units because rates are too high for buyers to enter the property market.

The realty market in the city doesn’t work on demand and supply. Compared to 2013, demand for properties within the MMR went down by 25% in the first quarter of 2014. City-based developers are not in the favor of reducing prices because this market has a huge holding capacity. There are slim chances of any price correction in near future. Unsold units are mainly located in extended suburbs such as Navi Mumbai, Dombivli, Vasai, Virar and Kalyan.

Travelers Can Locate Many Hotels near Chandigarh Railway Station

Chandigarh is a beautiful city that attracts people from various corners of the world. It is the capital of two Indian states, Haryana and Punjab and plays host to people from different walks of life, including politicians, students as well as corporate and media professionals. These travelers always look for comfortable accommodation, and facilities clubbed with pocket friendly tariffs for their stay in Chandigarh. And the hotels in Chandigarh come as easy rescue for the latter.

These hotels can be contacted through the Internet or with the help of travel agencies. People can grab details of tariffs, the facilities and rooms while browsing the website and also through travel agencies. Most hotels encourage online booking facility, because it is a feasible procedure for travelers to book their accommodation in advance, before reaching the city, giving time to the hotel authorities to plan adequately for the stay.

Travelers can reach Chandigarh through road, rail and air. For those who reach the city through rail, there are several hotels near Chandigarh railway station to choose from. These hotels are classified as budget; deluxe, five and four star, making it easy for travelers to choose as per their requirement. In addition to this, people also reach out to the hotel authorities directly and get the required details about the rooms, their packages, tariffs and facilities on the same day they reach. One can also have a glimpse of the rooms and the hotel and then get on with booking the accommodation. The ambiance of the hotels is sound proof as windows and doors are made using sound proof material. With all outside noises at bay, the travelers enjoy the serenity after a long tiring trip.

Most people look forward to business meetings, family gatherings and celebrations as well as family outings while in Chandigarh. Chandigarh hotels fulfill the need of everyone and help in providing all facilities and amenities for ensuring success of the said event. The hotels have excellent facilities for organizing meetings, sound proof halls to avoid noise, projectors and screens, audio-visual systems for sound clarity, stationary, classroom seating arrangement to accommodate more than forty people, air-conditioners and blowers, depending upon the weather and even snacks/lunch.

For those who wish to organize a grand wedding celebration, these hotels offer enough space for the functions, accommodating even large extended Indian families In fact, these Chandigarh hotels also help in organizing meals, contacting interior designers, electricians and others. Interested people are required to contact the management and discuss the tariffs as well as the availability of space for the required days. The tariffs may vary in comparison to the other available packages. Therefore, it is suggested to plan meetings/gatherings in advance to avoid last minute hassles.

She is an avid writer and specializes in topics like hotels and resorts in India. She provides handy information on hotels, tourist places, business hotels, hotel packages, offers etc. For more information, Visit our site.

Kerala Hotels: Comfortable Abode for a Memorable Stay

Kerala is one of the most alluring states of India which is located in the country’s South-West region. With its beautiful scenery, this state has always been one of the most popular tourist destinations of this country. Often referred to as God’s Own Country, Kerala is known for its lush tropical greenery, tranquil backwaters, alluring beaches, magnificent temples, and above all the amiable people. This state is not only popular among leisure and business travelers, but is also frequented by honeymooners all year round. If you are planning to travel to Kerala in the near future, make sure that you stay at one of the most comfortable Kerala hotels. Also, plan your itinerary in such a way that none of the important sightseeing destinations are left unvisited, even if you are traveling to this state for a short period.

There are a few accommodations in Kerala that offer a close-up view of the backwaters from all their rooms. If you are travelling to Kerala for your honeymoon, booking your stay at the houseboats in Alleppey would be a great idea. For ensuring superior comfort, you can also choose a houseboat that has air-conditioning facility to keep you refreshed during the hot summer months. But if you are going for hotels, then you must know that some of these hotels also provide upper deck Jacuzzi, couple spa therapies, romantic dinner options along with other basic amenities and personalized services that make for a wonderful holiday package.

The spa treatments and massages offered at the Kerala hotels are a perfect way to unwind after a long day at the beach or a hectic business meeting. The ayurvedic spa therapies which are known worldwide for their capacity to detoxify and rejuvenate the body have been one of the most popular alternative treatment procedures practiced in Kerala since ages. These are highly beneficial in curing numerous ailments along with providing physical relaxation and mental well being to the weary travelers. In fact, these healing treatments are another reason why a lot of people visit Kerala every year. So, if you are in the vicinity of this beautiful state, don’t miss the chance to pamper your body and revive your soul. Indulging in a therapeutic spa in Kerala is not at all a difficult task as almost all the good hotels have spa facilities that offer these therapies. However, the initial step taken towards enjoying a relaxing vacation in Kerala should be to find a comfortable and convenient hotel. Along with spa, the best Kerala hotels also provide fine dining facilities, high speed Internet connectivity, round the clock concierge, same day laundry delivery, sightseeing convenience, local transfers, and a number of personalized services. So, if the God’s Own Country is your next holiday or business destination, then make your reservations at one of the excellent accommodations in Kerala and enjoy a memorable stay.