Interest in buying homes decreasing, sales dropping; experts point out why

The traditional view of owning a home is not only financial but also emotional. Many people spend all their hard-earned money to make their dream of owning a home a reality and take home loans from banks. However, the latest reports that are coming out indicate that people are losing interest in buying their own homes. There has been a huge decline in house sales in Mumbai compared to last year.

There has been a 25 percent decline in sales when compared to the number of houses sold in April-June last year. One of the main reasons for the decline in sales is the concern that the international conflict situation will lead to an economic recession. However, experts working in this field say that this is not the only problem.

Another observation is that people do not like to spend their entire savings on a house and pay EMIs throughout their lives. The real estate expenses in cities like Mumbai are many times higher than in cities in Kerala. Those in the real estate sector expect that sales will increase in the wake of the Reserve Bank of India's reduction in repo rate. Meanwhile, the number of people renting buildings is increasing significantly in Mumbai.

Rental rates in Mumbai have skyrocketed with the opening of Metro 3. Rents for residential complexes and office spaces have increased by up to 20 percent. The increase in rents is close to 30 percent compared to the figures for the last three years. It is estimated that this rate hike, which has started in Mumbai, will gradually spread to other metro cities.