Buying home in Navi Mumbai

What do home buyers in Navi Mumbai want?

One would think that home-buyers’s  wants and demands would also slow down with the economy.  But that doesn’t seem to be the case at all. Recession or no recessions, [tag]home buyers[/tag] in [tag]Navi Mumbai[/tag] don’t believe in compromising.  Home buyer’s expectations have changed a lot since the recession has set in.

Lower property rates

Apartment buyers in Navi Mumbai want more bang for their buck. They know that the property rates have come down but they are not willing to part with their hand-earned cash so easily.  No matter what price the builder might quote, buyers are going to negotiate because they know what they have a chance of striking gold during this time.  At this time, buyers are looking to snap great deals since the prices are low.  While earlier they weren’t buying because the rates were unreasonably high, they now have a chance to actually own a house.

How Builders in Navi Mumbai are reacting?

[tag]Real estate[/tag] builders in Mumbai as well as Navi Mumbai have slashed their rates to meet the new home buyer demands.  [tag]Navi Mumbai real estate[/tag] rates have dropped drastically.  All  areas in Navi Mumbai have witnessed a dip in [tag]property prices[/tag] from anywhere between 15 to 40 percent.

Demand for Bigger Homes

Sometimes back, home buyers in Mumbai and Navi Mumbai were kicking up a fuss for lack of 1 BHK apartments in the market. Now however, the trend seems to be noticeably different.  2 BHK apartments are selling like hot cakes, while the demand for 1  BHKs has dwindled.  From the builders’ point of view, the demand for 2 BHKs is soaring only because the supply of 1BHKs is limited. If a builder decided to construct a building with only 1 BHKs in Vashi ,it would be sold out in 24 hours.  Since there aren’t any new 1BHK structures in Vashi and outskirts, buyers have to look beyond and settle for 2BHKs.

Amenities with Apartments

If you thought that buyers would have become more cautious and would opt for basic homes that give them just a roof above their heads, you have another think coming.  They want all the frills that they can possibly get – from a garden to a gym to a swimming pool.  With a dip in the rates, buyers stand to gain since they are getting all these amenities for a lesser price.  Home buyers in Navi Mumbai are not willing to compromise on amenities. They want them all!

Ready for possession flats

No apartment buyer wants to take risks anymore. Under-construction flats are an absolute no-no. As a buyer, if they are getting a low rate for a ready-for-possession house, they’ll grab it, but they will certainly give it a second thought if the building is under-construction since it would take some 5-10 years to be ready. The creditability of the builder does matter. However, if there’s a huge pricing discount, then some buyers might resort to under-construction flats.