Maharashtra is a state in India that holds a significant place in the country's economy. It is home to major industrial hubs like Mumbai, Pune, Nashik, Nagpur, and Aurangabad. With its rapidly developing infrastructure, Maharashtra is becoming one of the most popular destinations for real estate investment. However, the real estate market in Maharashtra is dynamic and is influenced by several factors that determine property rates.
Getting into Bangalore's real estate market has become more convenient thanks to financial institutions like Bajaj Housing Finance offering convenient home loans. With substantial loan amounts, flexible repayment schedules, and a streamlined application process, purchasing a residential property in this region is now within reach.
Factors influencing Maharashtra property valuation
Property rates in Maharashtra are influenced by multiple factors that include market forces, government policies, and infrastructure. The location and the type of property also play a crucial role in determining the property rates.
- Market forces
Like many other states in India, property rates in Maharashtra are influenced by market trends. The demand and supply scenario of the market directly impacts the property rates. If the demand for property in a particular location increase, the property rates in that area will also rise. Similarly, if the supply of property exceeds demand, the property rates will fall. - Government policies
Government policies play a significant role in shaping the real estate market in Maharashtra. These policies directly or indirectly impact the property rates. The policies related to property taxes, stamp duty, and registration fees impact the overall cost of the property. The implementation of the Real Estate (Regulation and Development) Act (RERA) has made the market more transparent and has restored the faith of buyers. - Infrastructure
Infrastructure plays a crucial role in determining the property rates in Maharashtra. The quality of infrastructure and connectivity to various parts of the city can significantly influence the property rates. Improved connectivity and access to social and civic amenities like schools, hospitals, and markets make an area more desirable for living and can improve the property rates.
Residential property rates trends in Maharashtra
Maharashtra has a diverse real estate market with various types of residential properties. Maharashtra's capital city, Mumbai, is known for its high property rates. According to property valuation reports, the average price of residential property in Mumbai is Rs. 10,000 to Rs. 30,000 per square feet. Locations like Worli, Bandra, Juhu, and South Mumbai have the highest property rates. In contrast, locations in the suburbs have lower property rates.
Apart from Mumbai, Pune is another city in Maharashtra that has a resistant real estate market. The average price per square feet of residential property in Pune is Rs. 6,000 to Rs. 12,000. Suburban areas like Kharadi, Hinjawadi, and Wakad are gaining popularity among home buyers due to their affordable property rates.
Maharashtra property valuation - Commercial
Maharashtra property valuation for commercial real estate market is rapidly expanding, with cities like Mumbai and Pune leading the way. Mumbai is known for its commercial real estate market, with locations like Lower Parel, BKC, and Andheri being the most sought-after. The average price per square feet of commercial property in Mumbai is Rs. 15,000 to Rs. 50,000.
Pune is also emerging as a hub for commercial real estate with locations like Hinjawadi, Baner, and Kharadi becoming popular among investors. The average price per square feet of commercial property in Pune is Rs. 5,000 to Rs. 10,000.
Upcoming infrastructure projects impacting property rates in Maharashtra
Maharashtra has several upcoming infrastructure projects that will significantly impact the property rates in the state. The proposed Mumbai-Ahmedabad bullet train project, the Mumbai coastal road project, the Navi Mumbai International airport project, and the Nagpur-Mumbai expressway project are some of the major infrastructure projects that will improve connectivity and enhance the quality of life in the state.
Buying guide for property in Maharashtra
Purchasing a property in Maharashtra can be a daunting task, and it is essential to do thorough research before investing. Here is a step-by-step guide that can help you in purchasing a property in Maharashtra.
- Decide your budget
It is imperative to decide on your budget before buying a property. Knowing your budget will help you narrow down your options and save time. - Research
Research is vital before making any investment. Do thorough research on the location, developer, and the legal aspects of the property. It is also essential to consult with a property valuer to determine the correct property valuation. - Legal aspects
It is essential to check the legal aspects of the property before making a purchase. Check the property documents, title deeds, and clearances from the local authorities.
Managing your financial needs
If you do not have the necessary funds to manage any planned or unplanned financial needs, you can opt for a loan against property. Loans against property are the best financial option available for individuals looking for funds in times of need. Here are a few benefits of opting for a Bajaj Finserv Loan Against Property:
- Substantial loan amounts of up to Rs. 10.50 crore*.
- Repay over long, flexible repayment tenures of up to 15 years*
- This allows you to manage your cash flow and budget better.
- The loan amount is disbursed to your bank account swiftly after a quick online application process.
Apply for a Bajaj Finserv Loan Against Property and easily manage your financial needs.
