Mumbai continues to a hot property market

Mumbai remains the top favourite of property buyers, reveals a recent survey. The survey, conducted by a private portal included a 2,583 strong sample of 40 percent respondents in the 25-35 age group and the rest above the age of 46 year.
One-third of the respondents felt that the time is right to make a property investment decision, while 49 percent plan to wait and watch for some time, with the remaining 16 percent saying the time is not right yet. Interestingly, two-thirds – 62 percent – of all respondents expect property prices to soar in the near future while the rest feel that there will be an escalation in the next one-two years, but a total of 79 percent prefer to go for long-term investments in property.
As far the preferred mode of investment goes, flats or apartments top the list with 40 percent of the respondents, followed by individual bungalows with 24 percent and residential plots favoured by 23 percent of the people. Commercial properties found favour with just seven percent and country houses and row-houses were chosen by three percent each.
After Mumbai come Bangalore and Chennai which are hot favourite for all property investments even now. The other cities next on the rankings include Pune, Kolkatta, Delhi-NCR and Hyderabad.
More than half – 55 percent – of the respondents expect the Modi government to reduce home loan rates and the rest demand better infrastructure and setting up of a real estate regulator.