As per the reports, any value that is accepted so it is clear that support in Mumbai real estate is huge. About a valuation of $800 billion, it is equal to 43% of India’s total stock market value & 29% of Gross Domestic Product(GDP). Complete value of all property homes in the US is $33.6 trillion.Approximately, housing property value in the US is 160% of the country’s GDP.Amount of homes in New York only is similar to the GDP of India.
In Mumbai, even though it was decided to do movement in valuing total property.Likely the conditions in India's data collection including the type of the real estate business, so that is not simple.But it does not mean that genuine try is impossible.
PROPERTY TAX TO PROPERTY VALUE – CLEAR CALCULATION
A property holder is bound to pay property tax.Other cities calculate property tax on different limits.In Mumbai, it is placed on capital amount through a formula settled by the municipal corporation. It allows weights to different limits of the construction. The capital amount is generally much less from the market value of the property.Every year property tax collection by the municipal corporation is Rs 5k Cr.
According to an expert committee report, there are important & powerful cracks with regards to property tax collection in various cities of India. It is due to dull valuation rate, poor collection efficiency & improper
property valuation techniques. As per the analysis, “Financing India’s Urban Infrastructure: Present Practices and Rebuild Options”, it is mentioned that nearly 44% of the properties are brought into being from outside the tax net.
Failure & argument in payment of property tax are very different. In Mumbai present reports mention that outstanding cost of property tax has moved up to Rs 15K cr with above 70% pending because of arguments. Discharge to specific institutions & individuals also occurs. In India,not amaze then that property tax income as a percent of GDP is lower than half that of even developing countries.
As per this aspect, annual property tax income in Mumbai is expected to be in the limit of Rs10k – 12k Cr.Just to conclude the combined property value in Mumbai. The property tax amount is mainly between 0.1% - 0.4% of property amount of the residential properties at the smaller limit of the area even though commercial properties at the bigger limit of the area. Normally 0.2 % indicates Mumbai’s property value is among an extraordinary Rs 50 lakh Cr to Rs 60 lakh Cr. It is expected 80% of this cost is residential, that causes a residential realty valuation only of among $533 % $640 billion.
PROPERTY RATE DECREASE
Presently, almost all members of the city involve developers too, there is no argument about rates have fallen & are falling. Property rates are rectified among 10 -15% from the year 2016. In prime products, the reduction has been extreme in direction. It indicates Mumbai real estate has experienced a money decrease of over $100 billion. During the period the market affected the COVID-19 situation, it is not beyond reason that money decrease would be in a level nearly to $200 billion. Just to keep in mind, developers deduct rates of their own projects & it decreases the cost of nearby properties and also affects the revenue of property owners too.
According to the experts, property demand always appears to decrease income growth. In India, Personal paper income growth is down averaging an absolute 10% for each year from the year 2015 compared to average growth of more than 13% among 2005 & 2015. This is shown in smaller property demand, in change in concluding property prices. Some of the experts even said that they have a different tool for measurement. As utilising satellite images that arrange all micro markets of Mumbai on different limits involving closeness to the central business district, schools, open space, existence of prime brands, density etc. Where they settled values to areas & agreed it with Census 2011 data on around 20+ lakh ordinary settlers there. Their valuation of Mumbai residential real estate is more than $900 billion.
Most people are aware & clear about stakes in Mumbai real estate are very huge. At an estimate of around $800 billion, it is similar to 40+% of India’s total stock market value and around 29% of GDP. As a section that consists of a huge base of revenue, it is not good that there is still such faulty data & and information from the authorities.
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