What has also fuelled this inventory creation is the fact that the Centre recently gave infrastructure status to smaller homes. This will help builders get funds easily and also give them more time of five years from the current three years to complete the projects.
Mumbai, as a matter of fact, demands rental housing to be promoted as the feasibility of such an option provides a broad choice of homes to both the investors as well as the expat professionals. The recent economic turmoil also underscored the many advantages of renting and raised the barriers to home ownership, sparking a surge in demand that has buoyed rental markets across the MMR.
From online presence to virtual tour of the property, and digital advertising to sponsored games & other connecting platforms, the developers are not leaving any stone unturned to touch base with NRIs.
The major demographic profile of the NRIs is from the states of Gujarat, Kerala, Punjab and other parts of North and South India. Going by what the traditional investment pattern of the Indians, the cities that should draw the maximum NRI investment should be Kochi, Ahmedabad and Chandigarh. But then it is the Mumbai city that has over the years commanded the maximum premium from the NRIs.
Amidst all the misleading claims and marketing exaggerations, location mapping is the most glaring one. Generally maps are not to scale and give the wrong perception of the location of the project. For example, the brochure will say 10 minutes from the airport or commercial district; it does not state distance in kilometres.
There is a general apprehension that because of large-scale discretionary concessions given by the planning authority to almost each and every project, it may eventually compromise with the essential requirements once the new DP relaxes the norms. They suggest the DP must ensure that the BMC (Brihan Mumbai Municipal Corporation) should not grant approvals to projects which are devoid of recreational areas, open spaces and fire safety.
The project being stationed at the heart of Borivali East will be a phenomenon spot because of its close proximity to commercial destinations like Andheri, Goregaon and Malad.
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