2022 has been a milestone year for the Indian Real estate market. Post-pandemic, the average number of homes sold in India’s residential market has increased significantly. In our today’s conversation, we will be discussing the changes we can expect in the Real Estate market in the new financial year 2023-2024 with a renowned Real estate Developer and Philanthropist of Mumbai, Mr Ravindra Shankar Sawant, proprietor of Raviraj Realty.
1. What are your views on Investment in real estate at an early age?
Times have changed and we certainly have seen millennials who are on both ends of the spectrum. While some are looking at renting as an option on the other hand we have seen many who start investing in real estate before the age of 30. In a country like India, real estate investment is surely one of the sure and safe ways to help you retire early. If done correctly, real estate investments can be an excellent source of wealth creation. Especially considering the tax benefits and the rental income opportunity it has to offer. We at Raviraj Realty have seen multiple young investors enjoy an almost double ROI in their investments from launch to possession.
2. The number of NRIs investing in the Mumbai real estate market has increased. What do you think is drawing them towards Mumbai?
From being the financial capital of India to an educational hotspot and a noteworthy centre for medical resources, Mumbai has certainly been a popular place for NRIs. The real estate in Mumbai is one of the most expensive in the world and is compared to cities like London and New York. Considering the way Mumbai is an inclusive city that supports people from different walks of life, it isn’t much of a surprise that NRIs are drawn to Mumbai. The number of NRIs investing in India and particularly in Mumbai has certainly increased over the years for both end users and investors. Looking at the depreciating rupee value and favourable exchange rate we can expect more NRIs to invest in Mumbai this year.
3. What is the state of India’s real estate market now and what is the expected outlook for 2023?
2022 has been a good year for the real estate market in India. Post the pandemic, 2022 helped people resume normalcy and in turn, helped the real estate market recover strongly. We noticed a spike in the house sale ratio and client demand which in turn resulted in newer project launches. In 2023, we can expect an increase in high-end housing. With a growth in the population of the metropolitan cities and the standard of living on the rise of the middle-class segment, we can safely say that high-end properties with top-notch amenities would be the only thing that would appeal to these homebuyers.
4. RERA has changed the Mumbai Real Estate market. What are your thoughts on it?
In the past homebuyers have had the dilemma of choosing between properties that are ready for possession or taking their chances with an under-construction property. The cost difference between the two has always been at a considerable margin of 25-50% varying on location, amenities and size. This difference in cost has surely been an enticing factor to both the end buyers as well as investors. RERA has certainly changed the market scenario in Mumbai as homebuyers have become more vigilant and this in turn has helped them gain confidence in investing. We have certainly noticed a spike in homebuyers investing in the initial phases of the construction post RERA implementation. It is still necessary for homebuyers to invest in a property from a trusted developer who can deliver as per promised timelines.
5. What can we expect from Raviraj Realty in the coming year?
Raviraj Realty has always believed in upgrading the standard of living of its customers. In the near future, we will continue to strive to provide quality and timely delivery of all projects. For the past 3 decades, Raviraj Realty has been considered one of the top real estate developers in Mumbai and we plan on building on that name and trust. Raviraj Realty has delivered landmark projects that have changed the Mumbai skyline one project at a time. We aim at providing not just affordable housing options but also will be catering to our niche clientele who want to opt for luxury housing in Mumbai. Taking our projects to the next level we will be going ahead with a much more sustainable approach in the new financial year.