The purchase and sale of real estate have always been on the higher side of the economy. As the economy grows, the prices of real estate grow, as more people have the means to afford to buy, more the price is going to increase. As the prices kept on increasing, a major reset was about to take place.
For long it was being predicted that the world is going to face recession by the end of 2021 or we could witness it from the end of 2020, which would put the economy of the entire world on reset and do the necessary corrections which were bound to happen. As we are now witnessing the global pandemic, and the stress which is laid on the economy, within a year or two, the prices are going to drop as there are not going to be enough people in the market to buy and the people who want to sell are not going to get the kind of amount they wanted. We would also witness a lot of defaulting on loans and maybe even witness a good property being sold for a relatively lower price with a much better size in Mumbai which is everyone’s dream.
For quite a long time, the prices of real estate have been skyrocketing, and this pandemic has given us the perfect opportunity to buy one in a really good time. The only troubling issue is the carpet area of the house being sold, and since the space in Bombay is reducing with every new project, the builders are taking new locations for construction. The issue is troubling in Mumbai, as the cost keeps going upward. With many vacant flats, the other problem Mumbai has to face is that the rising rent cost, as many people who come to live in Mumbai debate about the fact that what is better, renting a flat or buying one. With such cost, in many locations renting is a better option, but in many locations, buying is better, but one thing is quite clear if your annual earning is not enough, buying is out of option, and if you do earn sizable annual amount, buying is better. The topic is debatable and never-ending.
THIS ARTICLE DOES NOT INTEND TO HURT THE SENTIMENTS OF ANY INDIVIDUAL, COMMUNITY, SECT, OR RELIGION ETCETERA. THIS ARTICLE IS BASED PURELY ON THE AUTHOR'S PERSONAL VIEWS AND OPINIONS IN THE EXERCISE OF THE FUNDAMENTAL RIGHT GUARANTEED UNDER ARTICLE 19(1)(A) AND OTHER RELATED LAWS BEING FORCE IN INDIA, FOR THE TIME BEING.
Tags : Real Estate, Property