Know why it’s not easy for the bachelors to buy flats in Mira road?

Residential projectsin Mira road are on the rise after a prolonged lull, but it is unlikely that it will reclaim the dramatic rates of growth it saw in the middle of the previous decade. A big reason is the shift in the minds of young professionals. Many of them plan to buy after period of time, and many of them want to stay in rental flats.
The reasons are many. Apartments are no longer affordable. And affordable ones tend to be far from places of work, and involve tedious commutes. Also, many youngsters are not sure whether their work will keep them in Mumbai for long. They worry their “asset might turn into a liability” so why buy flats in Mira road, .

“Young people are waiting more than before as the properties within their budget are in the fringes of the city from where commuting is a problem. They prefer to stay on rented flats in Mira road, Mumbai, closer to their workplace.
A decade ago, it was difficult to find someone who was not looking to buy flats in Mira road — even those who were fresh into the job market. Any gathering would inevitably involve discussions about property. But those were days when Real Estate property in Mira road was more affordable, loans were easy to obtain, traffic wasn’t so bad, and the income-tax rebate on housing loan interest was a huge attraction.
But then came the global financial recession, jobs became uncertain, salary increments slowed down, and banks tightened loan conditions. Today, if you are buying Rs 50-lakh house, a bank won’t finance more than 80% of it, which means you need to put in Rs 10 lakh from your pocket. Not easy for youngsters.
Mumbai recorded a year-on-year rental inflation of 18%, according to the study by a property search portal. Water supply has emerged on top of the list of priorities for tenants in Mumbai. The survey also pointed to very high security deposits in Mumbai. But as some wise old man said, owning a new flat in Miraroad is the dream investment you can make and youngsters better heed!
As you can see, the day by day price keeps on increasing and it’s very difficult for youngsters to buy the property in Mira road.
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