How to find the best time to buy a home in Mumbai
New Delhi: India’s housing market is currently experiencing a sharp decline in property prices as the government continues to implement measures to curb inflation.
This has led to a sharp rise in the number of property transactions across the country.
In Mumbai, property transactions have reached their highest level in more than two years in the past week, according to data from the real estate website Zillow.
While most of the transactions are now priced between Rs 5,000 and Rs 10,000, it’s worth noting that some of the highest-end properties are priced in the region of Rs 10 crore to Rs 20 crore.
The average transaction price of a home across Mumbai has gone up by more than 10 per cent in the last three months, according the latest data from Zillower.
Zillows data shows that the average transaction value in Mumbai rose from Rs 4,200 in January to Rs 6,500 in June and Rs 7,100 in August.
The data comes amid a period of high inflation, which has seen the real value of a house in Mumbai increase by more to Rs 5.4 lakh in the same time frame.
Mumbai has witnessed a steady decline in home prices over the past few years, and the current situation may be the catalyst that drives home prices to the lowest level in the country’s history, according Zillowitz.
It also comes as the Indian government attempts to curb the increase in inflation, with Prime Minister Narendra Modi taking the first step to implement the countrys second national inflation target, known as the 5 per cent target.
According to the government, the inflation target will help the government reduce the price of food, energy, and other necessities.
The government is targeting an inflation rate of 4 per cent to 5 per% by 2020, and it is expected to reach the 5.5 per cent rate in 2021.
The RBI has been pushing to raise the target to 5.8 per cent from the current 5.3 per cent.
The real estate market has also been experiencing a steep decline in the prices of properties, especially in the high-end segment.
The latest data on Zillowers survey, which surveyed a representative sample of Mumbai residents, shows that in the previous six months, property sales have gone up on average by 20 per cent across Mumbai, while the average price of properties in the city increased by nearly 20 per% to Rs 15,000.
According the data, the average property transaction value of Mumbai went up by nearly Rs 3 lakh in June, compared to Rs 2.4 crore in June 2016.
This trend will continue, with Zilloviews data showing that prices are expected to increase further in the coming months.