Long before the pandemic and even before the RERA reforms, there was a time when the real estate scenario was looked upon with a sense of apprehension and distrust. Quality came at a premium, trusted developers were few and far between, and projects could go on for years without an end in sight. The RERA reforms were instrumental in creating regulations that brought stratification and a sense of discipline in the industry. Buyers could now have the assurance and the legal binding to get a certain standard of quality and class from the developers they decided to put their trust in. Project timelines were being stringently followed, bringing momentum and much needed repute to the industry. Just when these regulatory reforms had become the norm and the property market was seen to be moving towards a promising future, the pandemic changed the game forever.
Adversity creates a new necessity
The real estate business of Mumbai came to a standstill because of the pandemic, but started bouncing back as the restrictions were eased gradually. But a certain level of damage to the market had already been done. Therefore, in an attempt to stimulate a sluggish industry, the municipal corporation came up with an idea that drove interest among developers and builders. It provided a steep discount for FSI to developers until December 31, 2021. This led to an unexpected rush from builders (active and previously passive) who hurried to get their new projects approved under the discounted scheme. This move also helped several small and mid-level developers to at least begin the real estate race with multiple projects.
Trust is the name of the game
Move over big names that demand big ticket prices. The post pandemic market has resulted in an interest in niche developers that have created a legacy through a strong ‘word of mouth’ connect – someone who comes highly recommended not because of mere brand value, but because of years of understated trust as well. According to UBS, Mumbai is the country’s most profitable property market, with the megapolis contributing as much as 33 per cent of margins in annual sales revenue. The report also feels that this presents an opportunity for developers with strong balance sheets, including niche companies with a subtle yet strong presence, to meaningfully grow their Mumbai portfolios.
Rising demand empowers supply
One of the most promising developments in Mumbai & Thane’s real estate arena is that the sale of both affordable apartments and luxurious properties have witnessed a significant rise in recent times. Needless to say, niche real estate developers are also rising to the challenge. They are providing contemporary luxury along with high quality construction.
Mr. Deepak Jain, the Founder, Chairman & Managing Director of Harmony Lifestyles Group, feels that the positive trend is here to stay. “As a niche developer with more than 4 decades of expertise in the sector, I feel that the current trends greatly benefit the modern homebuyer. They are getting modern amenities along with smart infrastructure at a never before rate, that too from developers that provide the assurance of transparency”.
As a good home buying environment and the availability of home loans at manageable interest rates provides impetus to positive consumer sentiments, a lot of reliable properties are now up for grabs. Harmony Lifestyles Group is also offering a wide range of properties at their ongoing projects in Borivali, Mumbai. Check them out here to find the right space for you.