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Exploring the Real Estate Market of Mumbai in 2023

Why is the Mumbai real estate market one of India’s most vibrant and dynamic? It has numerous factors pushing its development over the years. With the current economic recovery and increasing demand for residential and commercial properties, trends in Mumbai real estate are estimated to continue their growth trajectory in 2023. 

The COVID-19 pandemic considerably affected Mumbai’s demand for both residential as well as commercial properties. But since the situation has significantly improved, the two sectors are slowly but surely bouncing back, with developers adapting to the altering market conditions. 

With Mumbai’s increasing population, the city’s status as a powerful commercial and financial hub, the government initiatives such as affordable housing and infrastructure development will propel the real estate market in 2023. 

However, according to the latest Mumbai real estate market forecast, challenges, like rising construction expenses, liquidity issues, and regulatory changes, could affect the market. When you comprehend these factors and their possible impact, it will be important for developers, investors, and homebuyers to make knowledgeable decisions in the Mumbai real estate market in 2023. 

Factors Pushing Real Estate Trends in Mumbai 

Let’s take a look at some of the key factors that are propelling the real estate trends in Mumbai in 2023:

Growing Population: Mumbai’s population has slowly risen over the years, which is expected to continue. As a result, there will be an increasing demand for residential apartments in Mumbai. Developers are working on new projects to cater to this increasing demand. 

Status as a Financial Hub: Mumbai is dubbed the financial capital of India. Its powerful status as a commercial and financial hub will play a huge role to lure businesses and professionals to the city.This, in turn, will push demand for commercial properties in Mumbai. 

Budget-Friendly Housing Initiatives: The central and state governments have come up with numerous initiatives to promote affordable housing in Mumbai. These initiatives comprise offering subsidies and incentives to developers and decreasing the expenses of land. This will make it easier for developers to construct housing projects and benefit low and middle-income families. This is one of the real estate trends observed in Mumbai. 

Infrastructure Development: One of the real estate trends in Mumbai is infrastructure development.The MMRDA has been working on numerous infrastructure projects to enhance the city’s connectivity. These projects comprise the construction of new highways, metro lines, and other transport links. Enhanced connectivity will make it better for people to travel to work and open up new places for development. 

Growth of Businesses: The corporate arena has been developing quickly in Mumbai with numerous major companies establishing offices in the maximum city. This has resulted in an increasing demand for commercial real estate, especially in places such as Bandra and Andheri. 

Foreign Investment: Mumbai has also drawn foreign investment in the Indian real estate sector. According to the latest real estate market forecast, this investment is estimated to continue in 2023, as the city continues to stay a lucrative destination for investors. 

In a nutshell, the Mumbai real estate market showcased specific trends that will continue in 2023. These above real estate trends will continue to make the city a great location for real estate – be it for commercial or residential properties. 

CRE Matrix is a leading real estate data analytics firm that can offer real estate insights on various projects developing in Mumbai.

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5 Reasons Why You Should Invest in Commercial Real Estate in Mumbai

Mumbai has been dubbed the ‘City of Dreams’ because millions of migrants migrate to this cosmopolitan metropolis every year. People leave their villages and hometowns to shift to this city and try their luck. Considering the ever-growing population who have shifted for job opportunities, it is not surprising that more and more commercial developments have come up in Mumbai to cater to the increasing demand. 

If you have decided to set up a commercial space in Mumbai, here are a couple of top reasons why it would be beneficial to invest in real estate – commercial sector.

Great Real Estate Market:

Mumbai has a plethora of great upcoming commercial real estate projects that are currently being developed by well-known builders that offer world-class amenities and comforts for job-goers. Apart from that, Mumbai is the financial hub of India, thereby ensuring that real estate prices will continue to be at an all-time high, thus ensuring not only high appreciation value but also excellent returns on investment which benefits the commercial real estate in Mumbai. This is why it is fruitful to invest in real estate in the city.

Seamless Connectivity & Accessibility 

Mumbai has incredible physical and social infrastructure. Mumbai always has something that is coming up – be it the monorail in the suburbs or a new metro line. The city prides itself on having an incredible highway system for those who like to travel by road. Traffic can be managed thanks to the expressways and the famous Bandra-Worli Sea Link decreasing travel time significantly. This is one of the major reasons why more and more developers want to invest in real estate in Mumbai and wish to set up commercial space in the city. 

Great Employment & Business Opportunities 

Mumbai is the financial hub of the country. So, it’s not surprising, that more and more people from all over the country are shifting to this metropolis for job opportunities and to build a life here. It offers abundant job and business opportunities, in terms of employment as the market in the city for any industry is huge. This is why it will prove to be fruitful if you decide to invest in commercial real estate in Mumbai. 

Easy Financing 

If you’re worried about raising capital to invest in real estate in Mumbai, then don’t fret! Banks have come up with schemes to offer construction finance loans to real estate developers and builders. This can help make it easier for you to invest in commercial real estate in Mumbai. 

Cosmopolitan Vibe

Mumbai is a melting pot of different cultures. Since millions of people migrate to the city from all over India, this metropolis is an amalgamation of differing religions, caste, language and culture. And yet, people live in harmony and co-exist beautifully with each other. Given the cosmopolitan vibe exuded by the city, it is hardly surprising that more and more real estate developers wish to invest in commercial real estate in Mumbai.

In a nutshell, these are some of the main reasons why builders want to invest in real estate in the Maximum City and set up commercial space. If you wish to take look at commercial real estate in Mumbai, then head over to CRE Matrix, a leading real estate data analytics firm in India, to acquire more details and information. 

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4 Real Estate Trends That Will Emerge Popular in 2023

The real estate market in India has slowly but surely bounced back in a major way after the pandemic. The year 2022 proved to be a fantastic year for the real estate market in the country. The nation witnessed significant new launches and home sales that did a considerable performance. 

The real estate market is considered to be immune to the vitality of the market. They are believed to have stayed true to the expectations of real estate investors despite the highs and the lows in the last couple of years. However, positive expectations and a surge in the momentum of development have showcased the market’s ability to stay put and will continue to perform in 2023 and the following years as well. 

Let’s take a look at the real estate trends that are emerging in 2023:

Shop-Cum-Offices in Commercial Real Estate Sector

One of the emerging real estate trends this year is shop-cum-offices. Also referred to as SCO, it is a commercial real estate class that has witnessed huge development in the last couple of years. When it comes to locations, Gurugram is renowned for being the most popular and lucrative destination for shop-cum-offices in the NCR. SCO plots are available for development as well as investment in numerous areas of Gurugram. Due to this, a new era of commercial SCO plots has come up. Fortunately, SCO markets have witnessed massive development and the early investors’ capital has increased numerous times well. 

House Hunting is Now Digital 

When it comes to real estate trends, housing hunting going digital is one of them. While digital platforms have existed for a long time, the requirement for them has increased multifold, especially during and after the pandemic. For some time, many people have made their home bookings while using a digital platform. Moreover, other factors included in the home-buying process are a home tour, brokerage amount, rent amount, lease agreement, deposit amount, and so forth, have gone digital as well. Moreover, home loans can now be made online too. This can be the basis for buying and selling real estate projects in 2023. 

Sellers’ Market 

The upcoming housing market in 2023 will be observed as a sellers’ market. It is expected that the rates of the housing market will increase for some time owing to the increasing demand for homes combined with limited supply. It is said that Generation Y will be initiating real estate investments for the first time this year. Accordingly, the housing demand for residential and commercial spaces will witness a surge as well. When it comes to the future of the real estate market in India, it will be signified by a rise in demand and a limited supply, thereby creating a seller’s market.

Tier-II Cities Becoming Residential Markets

A rise in the proportion of investments will be shifting to tier-II and tier-III cities in 2023 are one of the real estate trends observed. Specific government programmes including AMRUT and Smart Cities Mission have aided these cities and turned them into amazing residential hubs. Additionally, with a rise in job opportunities and economic development, these cities are more likely to have a more solid residential population. Moreover, numerous tier-II and tier-III cities are either home to a few Indian as well as international MNCs or are well-connected to cosmopolitan cities of India. This, in turn, will result in residents shifting to tier-II and tier-III cities and travelling for work daily. 

In a nutshell, above mentioned are some of the major real estate trends that are emerging in 2023. If you wish to know more real estate insights, then head over to CRE Matrix, a leading real estate data analytics firm in India that offers authentic information on the real estate market in India.

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4 Facts You Need to Know About Security Deposit in India?

When leasing a commercial property, the tenant is required to pay a specific amount of money upfront before moving into the space. But many are not fully aware of the facts connected to it such as how much money has to be paid as a security deposit and what vital elements that need to be included in the security deposit clause of the lease agreement. Once you’re aware of these pointers, you can go ahead and sign the lease. 

What is Security Deposit?

Security deposit in India is a significant amount paid by the tenant to the landlord at the time of moving into the leased property. It is held all through the tenure of the lease and paid back once the lease is over. This money is important for the landlord as the amount is kept aside for unforeseen conditions that may come up during the tenancy. For example, if the tenant does not adhere to the contract and damages the property or does not pay rent, then the landlord can utilize the security deposit for repairs or rental compensation.

Let’s take a look at 4 vital facts about security deposits you need to know before you sign the lease for commercial property:

Security Deposit Amount Varies in India

The security deposit for a lease that is required before moving into a commercial property varies across different states in India. In major cities, the landlord charges a security deposit as per the cost of living, the type of area, and the locality. The higher the property’s value, the higher the lease as well as the security deposit.

The income level in cosmopolitan cities also plays a role in the monthly rental as well as the security deposit. For instance, the security deposit required by landlords is up to 10 months or 1 year’s rent in Bengaluru.

Awareness of Laws Surrounding Refund of Security Deposits 

According to the Model Tenancy Act, it allows the tenant to reduce rent arrears and other repair charges from the security deposit and refunds the remaining deposit when the tenure of the lease ends, and the tenant leaves the premises. So it’s important to be aware of all the laws surrounding security deposit for commercial property before you sign the lease.

Reasons for Losing Security Deposit

In certain cases, you don’t get your security deposit back. Some of the main reasons why a landlord will not return your security deposit are when there are damages that are done to the property when you have leased it. This includes tampered wall paint, broken tiles and floorings or damaged furniture, among many others.

What Happens if the Landlord Does Not Return the Security Deposit?

In such a scenario, the tenants are free to file a civil suit against the landlord, particularly if the security deposit is not refunded within the stipulated duration. Moreover, criminal charges of charges can also be filed against the landlord. Furthermore, a police complaint can be filed if the security deposit refund is denied.

In a nutshell, these are some of the facts about security deposit for commercial space in Mumbai.

CRE Matrix is a leading real estate data analytics company in India that showcases crucial details about security deposits as well as the leasing status of numerous companies across various sectors to stakeholders.

For more such exciting analysis and details on real estate, visit CRE Matrix.

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How can CRE Leases Help Companies Keep Track of Leasing Trends?

The commercial real estate sector in India is huge. As more and more startups are emerging, it has increased a need for more and more office space. This has led to an increasing number of businesses taking up more commercial space for leasing. Considering how important leasing is for a business and the revenue it can generate, it is extremely vital for companies to keep track of leasing trends of various brands and organizations across industries.

This is where a firm such as CRE Matrix can hugely benefit. It is a leading real estate data analytics company India that allows stakeholders from various industries to view and compare crucial lease-related data that can prove to be immensely useful for making informed decisions about their businesses. CRE Matrix offers various tools – for both commercial & residential. One of the platforms that companies can use to understand more about the leasing trends of the market and compare their performance with their competitors is CRE Leases.

Let’s talk a little bit about CRE Leases and how this tool can help businesses comprehend the newest leasing trends.

What are CRE Leases?

CRE Leases is a tool offered by CRE Matrix that can aid companies and brands to understand a little about the leasing trends in the market today in this country with respect to offices, warehouses, retail, and so forth.

How Do CRE Leases Work?

The client can seek leasing data from the number of filter buttons available. Some of the important ones are:

Lease Status: Here, you can select the status of your lease or the status of the lease you wish to view. The options that you can choose from are: active, inactive, active due to renewal, active as co-working and in-active as co-working.

MacroMarket: Once you have chosen the market, you need to select the macromarket. For e.g.: If you have selected Mumbai as your market, then the macromarket can be Central Suburbs, Western Suburbs etc.

MicroMarket: After you have chosen the market, you need to proceed to pick the micromarket. For e.g.: If you have chosen Mumbai as your market, then the micromarket can be Andheri (E) or Borivali (W).

Grade: Here you can choose the grade of the building. For e.g.: Grade A, B, C, shopping mall, 3 star, 5 star and so forth.

Area Leased: In this filter, you can select the range of the area that has been leased.

Tenant: You can choose the tenant whose details you wish to view.

Landlord: You can select the landlord whose information you wish to take a look at.

Agreement Type: Here, you can pick the kind of leasing agreement you have been seeking. For e.g.: Lease Deed, Leave and License, Transfer Deed and so forth.

Lock-In Period: In this filter, you can select the duration of the lock-in period.

Rent-Free Period: Here, you can choose the start and the end range of the rent-free period.

Security Deposit: You can select the range of the security deposit in this specific filter.

To sum up, the above-mentioned filters are just some of the many options available for you to get lease data of a number of companies across industries. There are many other filters available that can give you the complete picture of the information you’re seeking.

CRE Leases is a comprehensive and robust offering, powered by CRE Matrix, which allows you to compare crucial leasing data. Trends and patterns emerge from the vital information provided.

If you wish to be the recipient of significant lease information, do subscribe by visiting CRE Matrix.

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5 Challenges Faced in Securing a Profitable Commercial Lease in India

As the world slowly bounces back after the pandemic, office space leasing in India reached an all-time high this year.

What is Commercial Lease? 

A commercial lease is an agreement between two parties in which the landlord permits the tenant to use their land or buildings exclusively for a particular duration (the tenure) in exchange for rent or a premium. 

Let’s look at some of the challenges companies face when trying to secure a profitable commercial lease India: 

Space

When looking at a commercial space in Mumbai, it’s important to determine how much room is encompassed in the rental. It is pertinent to clarify whether your rental expenditure was estimated using rental square footage or available square footage. If you have a good understanding of the space that makes up the rental, you will be able to determine whether the quoted rate is fair or not, and if needed, you will be able to negotiate well. 

Lease

The duration of the lease is referred to as its ‘term’. It talks about the commencement and end dates of the agreement, as well as whether or not there are any particular renewal options. It is extremely significant to keep the company’s requirements in mind when looking at a lease. A longer lease implies less flexibility in adjusting to change as the company grows. Moreover, if the market price of the rent drops, accepting a long lease period in advance could lead to the company paying above the market rent for the leased space. 

Dispute Resolution 

When you’re looking to lease an office space Powai, it’s important to pay attention to the terms of the contract, particularly for any dispute resolution. Expenses of litigation can easily exceed those for a small business with fewer resources. 

Legal Compliance 

Commercial spaces in India are generally subject to a horde of laws and regulations. Usually, a landlord is considered to be in charge of making sure that the entire property is in adherence with the law. But it’s vital to understand the expectations for any individual leased space. You need to ask the landlord to explain in detail the conditions of the lease if it’s not clear who is tasked with ensuring compliance with pertinent laws. 

Termination 

Any commercial tenant needs to be fully aware of all the procedures involved in terminating a lease early as well as the stipulations that come with ending a lease before any renewal. If the lease does not address any right to cancel, it might be wise to secure a right to end it early in exchange for the payment of a specified amount of liquidated damages to the landlord to give yourself an out. 

In a nutshell, these are some of the challenges that need to be addressed before securing a profitable commercial lease in India. 

CRE Matrix is a leading real estate data analytics firm in India. It gives access to several companies where you can take a look at the status and minute details of numerous commercial leases in the country. 

For more such exciting analysis and details on real estate, visit CRE Matrix.

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Real Estate 101 – A to Z about Fit-out Period in India

When it comes to a lease agreement in India, there are some general clauses in a contract to a lease or a lease deed. These provisions are commonly connected to the term of the lease, right to renew the lease, rent-free period, payment of the lease rent, security deposit, covenants of the parties, termination & penalties of termination of the lease, indemnity provisions, force majeure events, and several other miscellaneous clauses. 

What is the Fit-Out Period? 

The fit-out period in real estate India is essentially a rent-free period that is mutually approved by both the relevant parties in which the lessee is not liable to pay the rent and the time span is used to facilitate the lessee to set up important equipment for them to use the property for the intended reason. The fit-out period in India is generally agreed upon by the parries and may span from 3 months to 1 year, contingent upon the requirements of both the lessee and the lessor. 

The fitout period might be lengthened if both parties determine it to be necessary. Similarly, the maximum time duration for extension of the fitout period for office space in Mumbai would probably be agreed upon by the concerned parties. 

When it comes to commercial spaces, fit-out plays a significant role as the lessor/developer is needed to improve upon the basic structure and hand the same over to the lessee for them to begin fit-outs. Both parties might decide that upon the termination of the lease, the fit-out may be eliminated by both the lessee and the lessor. 

Advantages of Fit-Out Period 

Saves Time & Money

Your firm will gain a lot in terms of time when shifting into a building that had a fit-out completed. You will not have to worry about any delay while finishing your own fit-out, thereby letting your business get started immediately. You will also be able to save a lot of money as the fit-out will enable you to not pay for the office fit-out yourself. That can be a pricey procedure.

Flexible Lease

A lease for commercial space which has the fit-out already conducted by the landlord can imply a more flexible lease for the tenant. For example, a lease duration of 1-3 years is not considered to be unusual for a space that already had the fit-out completed. If the lessee leases an empty space and then finishes the fitout themselves, it’s rare that the lease period would be lesser than 3 years. 

In a nutshell, a fit-out period can benefit tenants looking for office space in the commercial real estate market in India. 

CRE Matrix is a leading real estate data analytics firm India that allows you access to crucial leasing data of a number of companies across industries. It lets you view the fit-out period, rent-free period, and security deposit details of many firms that can give you an idea about the market condition. 

For more such exciting analysis and details on real estate, visit CRE Matrix.

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3 Reasons Why Startups are Leading the Demand in Increased Office Space in India

In India, the startup culture has been around for decades but has witnessed massive growth in the last decade. According to the joint study ‘Startups Scale Up’ by CRE Matrix and Colliers India, startups in this country have generated 6.6 lakh direct jobs and 34 lakh indirect jobs in the last decade. Overall, the startup landscape is growing with more depth and has bigger corporate participation. 

From the perspective of the commercial real estate sector India, startups have slowly but surely become a major force to be reckoned with. As per the report, Startups in India have demonstrated the demand for increased office space in 2021. The rise in office space from startups is only witnessing more traction in metro cities but also in non-metro cities as well. 

Let’s look at some of the reasons why startups are leading the demand in increased office space in India:

Key Government Incentives for Startups 

As per the report, 

  • The government has allotted 10,000 crore INR to provide capital to startups, via funds of funds scheme. 
  • 283 crore INR has been allocated to Startup India Seed Fund Scheme (SISFS)
  • Income Tax is waived for about three out of ten years from the date of incorporation 
  • Extra focus on digitization and fintech in budget 2022 can drive a boost to startups. 
  • Emergency Credit Line Guarantee Scheme (ECLCS) is applicable till March 2023. Under this policy, emergency loan facilities are to be delivered to businesses that have been afflicted during the pandemic. 

Preference for Collaborative Work Environment 

Startups have demonstrated a preference for collaborative and flexible work culture. A friendly, collaborative and creative workspace is usually believed to be the norm in a young startup’s (1-3 years) culture. Generally, there is a high preference for fully-managed commercial space India and flex spaces owing to lower capex and flexible lease terms. 

As startups become more prevalent and expand their services, their reach has also increased, leading to preferring quality Grade A buildings with enhanced wellness standards. A preference for a collaborative, flexible and hospitable work environment is one of the factors contributing to the popularity of startups that has led to the rise in the demand for office space. 

Pandemic Led to Increased Demand for Office Space 

COVID-19 witnessed reverse migration, with more and more people returning to their hometowns. This led to more opportunities for newer startups to emerge and step up as well as the chance to solve local challenges. Availability of talent, stronger & deeper internet reach and lower cost of living has made a powerful case for non-metro cities. According to the report, approximately, 40% of the new startups that were launched in 2021 were observed from non-metro cities. This suggests the rise in popularity of startups in non-metro cities. 

In a nutshell, these are some of the reasons why startups have been leading the demand for increased office space in the commercial real estate sector India. 

Visit CRE Matrix, a prominent real estate data analytics company in India that offers various tools and resources to check crucial real estate data with regard to companies and brands across industries. 

For more such exciting analysis and details on real estate, visit CRE Matrix.

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Co-Working in India: A Growing Trend in Smaller Cities

There was a time when small businesses used to pay rents for the entire premises to conduct their business. Now, start-ups and individual business owners can rent a desk in a co-working space instead of paying for the complete space. Currently, this trend is not simply limited to the metro cities of the country, as start-ups of small Indian cities are also observed using such office space for growing their businesses. 

Nowadays, Tier II and III cities of India are witnessing a massive rise in the number of startup businesses. It is believed that the need for startup office space is also surging in smaller cities. For this reason, now co-working spaces have become extremely popular in these cities. 

In this blog article, we will discuss coworking meaning and how it has become a growing trend in smaller cities of India:

What is Coworking? 

Coworking in India is an arrangement in which employees or different companies or even freelance individuals share an office space, thereby saving cost and convenience by using common infrastructures like equipment, utilities, receptionist and custodial services, and in specific cases refreshments and parcel acceptance services. 

This concept is beneficial to independent contractors, freelancers, independent scientists, remote workers, and so forth. Moreover, co-working assists workers to avert the feeling of social isolation they may experience while working remotely or if they are in transit. This is a great way to remove distractions and focus on your work completely. The majority of co-working spaces charge membership dues. 

Changing Startup Culture in Smaller Cities 

Even though metropolitan cities such as Mumbai, Delhi, Hyderabad, and Bengaluru demonstrate a dynamic startup culture, the Indian innovation landscape isn’t restricted to them. Startups in smaller cities have begun to make significant differences these days and have made strong strides to establish themselves in the country. 

Currently, startups are established in cities such as Pune, Ahmedabad, Bhubaneswar, and Jaipur, amongst others. This is due to the infrastructure support, local investor confidence, state government amenities, and the availability of talent. With the growing development of the Indian metro, startups are rapidly increasing across smaller cities alongside bigger ones. 

Surge in Requirement for Coworking Space in Smaller Cities 

Since innovation is increasing and growing across India, the availability of shared workspaces is also needed. Startup culture has slowly but surely become popular in Tier 2 and 3 cities. These office spaces also offer young talent and startups a solid platform for growing irrespective of where belong to.

With time, rental rates are also surging a lot. This is why it’s difficult for a small startup business to sustain itself on its own. It’s extremely expensive for a company of any size to lease a traditional workplace in an urban area. The condition is far worse for individuals and startups that are looking to establish but are apprehensive about the cash flow. 

To lease out a traditional workplace, you will need to determine a fixed initial capital that integrates advance maintenance fees, refundable money, and other expenses for mandatory entities such as setting up electrical fittings, gadgets, office furniture, and so forth. In order to curtail costs and the rise of startups, it has led to the concept of coworking in Ahmedabad or coworking in Pune. 

CRE Matrix is India’s leading real estate data analytics company India. It offers accurate and authentic data on co-working spaces that can help in competitive analysis.

For more such exciting analysis and details on real estate, visit CRE Matrix.

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Real Estate 101 – A to Z about the 99-year Lease Concept in India

In the Indian real estate sector, the concept of ‘freehold property’ and ‘leasehold property’ are a couple of the common jargon that one usually comes across regularly. When it comes to freehold property, the development authorities use the auction to sell the land to the developer. The property was constructed for such land and belongs to the owner for an unspecified amount of time. As for leasehold property, the developer can acquire the property via a lease for 30 to 99 years, from the time the construction commences. 

What is the 99-Year Lease Concept?

The landowner allows the land for lease for 99 years which commences from the date the allotment was conducted. The developer will have to abide by the specific terms and conditions of the government and the landowner for the lease. The developer is allowed to construct the property and put it up for sale. The buyer will be the owner for 99 years after which the landowner can assert ownership of the land again. The landowner is also given some ground rent which has been approved by both parties. 

The property owner can look at extending the lease by the lease renewal at the end of the term. The leasehold property can also be turned into freehold property by paying the fee for it. Moreover, it is also possible for property owners to purchase another lease when the original lease ends or even extend it to 999 years. 

Other than India, the concept of the lease being 99 years is also a globally-accepted concept. As per the conventional American common law, it is a subjective period to encompass the life expectancy of any lessee or lessor and safeguard the property ownership of the lessor. Moreover, the duration of 99 years is believed to include not one but three generations. 

Pointers about 99-Year Concept 

  • Numerous authorities provide land to develop apartment projects but only on a leasehold basis.
  • It is possible to lengthen the lease duration to 999 years by paying a fee. 
  • On buying a leasehold property, the home buyers need to verify whether the seller has been provided with a transfer memorandum from the local development authority. 
  • Developers choose to erect flats on leasehold lands since the expenses of such parcels are lesser when compared to freehold lands. 
  • Banks do not favor funding the purchase of a leasehold property, particularly when the remaining lease duration is lesser than 30 years. The value of such properties also drops down as the end of the lease period looms ahead.
  • The main benefit of buying a leasehold property is the rate, which is usually lower than properties that were constructed on freehold land. 

CRE Matrix is India’s leading real estate data analytics company in India. The firm offers significant crucial data in the commercial and residential real estate arena through its various tools and resources. 

For more such exciting analysis and details on real estate, visit CRE Matrix.