Is This the Right Time for NRIs to Buy Property in Mumbai?

Mumbai, the City of Dreams, has a place for almost everyone, including NRIs! From a sea of high-rise buildings to premium projects by top developers, the city can offer a homecoming like no other.

Especially now, with falling property prices and home loan interest rates touching a record low, investing in a Mumbai-based property is a wise move.

Whether you want to settle down or rent out, the hustle and bustle of Mumbai is going to make you feel right at home. Here’s why.

1. Depreciating Rupee value

You can take advantage of the depreciating rupee value to buy a property in Mumbai for a comparatively lower price. Consider this: One US dollar, which was worth Rs. 63 in January 2018 is now worth Rs. 73 in September 2021. So, as an NRI, even if you get a premium property on the steeper side,you can still get immense value for money based on the current exchange rates.

Besides, if you rent out the property, you can also cover the home loan interest rate using the rental income itself.

2. Mumbai is a commercial hub

If your job has been affected by the global pandemic and you are looking to start a fresh chapter, property investment in Mumbai might be a good idea for you. With Mumbai being one of the biggest commercial hubs in India, you will have an abundance of career opportunities and world-class amenities to enjoy a comfortable life. Even if the houses are a little too pricey, you can always avail of a home loan to finance the purchase using easy EMIs.

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3. Connectivity

Buying a house in Mumbai would always be a good choice because of the seamless connectivity throughout the entire city. The foundation for many metro-transit projects has been laid out already and is expected to be completed soon. This can go a long way in strengthening the real estate scenario in Mumbai and improving the price appreciation in effect.

A live example of this is the metro line from Wadala to Thane that has made Thane a real estate hotspot today. So, should you decide to put the property on sale later, it can fetch you a sweet deal!

4. Stamp duty relief

The Maharashtra government had reduced stamp duty on residential property in Mumbai by 5% to 2% till December 31, 2020, and 3% from January-March 2021. The government often provides such temporary slashes on stamp duty rates to boost demand for real estate. So, make sure to take advantage of such incentives and time your property investment right.

To sum up

Waiting for the opportune time to buy a property in Mumbai? There is no better time than now. Whether you like the suburbs or prefer apartment living, there is no dearth of choices. What’s more, most lenders now offer loans at relaxed home loan eligibility criteria, financing the property won’t pose a problem. So, shop around the housing market, narrow down on a suitable property, create a budget using a home loan EMI calculator, and start planning your investment today!

 

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