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Property Makes Profit
buying property is a serious decision, but if it is accompanied by big profits then one must consider buying property seriously. Price of property, especially in mumbai, has increased tremendously and its the best time to invest in this business.
Diwali is the time of the year when every one rejoices over their years efforts and it is considered as a very auspicious period for an average Indian. Generally, the sense of a family decision and the spirit of Diwali combine in the decision- making exercise for buying real estate.

It is generally seen that many people decide to purchase their new homes during this time, and builders/ developers also announce new projects. Housing finance companies and a few builders also have marginal discounts to woo clients. The sentiment is high, which in return is encashed by both the buyer and builder.

The property market this year has seen an upward movement and in most parts of Mumbai, Navi Mumbai and Thane, prices have gone up from Rs. 3,000 to Rs. 4,000 per square foot. The market is running at a pace parallel to the Bombay Stock Exchange, but only northwards, as compared to the ups and downs of the Sensex.

Compared to last years escalation in prices, 2005 overall has shown a significant increase.

Last year prices in the Bandra-Khar-Santacruz belt were hovering around Rs 8,000 to Rs.l0,000 for top-of-the-line premium projects. Similar properties today are quoted and sold anywhere between Rs.ll,000 to Rs.l5,000 PSF.

Andheri to Borivali has also seen a large scale increase where the average rates were varying between Rs-2,500 to Rs-4,500. These are now between Rs.3,000 to Rs. 6,500. There are close to 40 new buildings launched in these areas by reputed builders offering the latest amenities.

The Prabhadevi and Worli belt, where there are a few new projects launched, are quoting anywhere between Rs.12,000 to Rs.l5,000 PSF. A few of the projects launched in this belt last year were in the range of Rs-7,500 to Rs.l0,000 PSF.

In Thane, Mulund and the Central Suburbs belt, prices last year varied from Rs.l,800 to Rs. 2,200. They are now between Rs.2,200 and Rs. 3,500 or more in certain buildings and projects.

Navi Mumbai has also been shining this Diwali. Areas like Kharghar, Koparkhairne, Nerul, and Vashi have seen the launch of new projects over the past year and the Queens Necklace will in times to come will be dotted with some great looking buildings. The prices in Navi Mumbai have gone up by as much as Rs.l000 PSF in select areas and projects over the past year. Navi Mumbais planned areas like Kharghar and Koparkhairane are actually still a bit affordable as prices in these areas, despite having grown, are in the range of around Rs.l,500 to Rs.3,000 PSF. The properties on Palm Beach Road are priced between Rs. 3,000 to Rs. 4,000 PSF.

Over the past year, what has come out is that the Indian property buyer is getting conscious of amenities. It does not matter, if the apartment block is not close to a station or a main connecting road; what matters most is that it has modern amenities like vitrified tiles and a modular kitchen in the apartment and that the building has a garden, swimming pool, health club etc.

The next few months for the property market in Mumbai look to be unstable still owing to the High Court Orders on the mill lands and in awaiting the decision related to TDR.

Summing up, if you need a house go for it!
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Posted on : 8/11/2005
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