CNN Central News & Networks / ITDC India ePress / ITDC News /Agencies/ Bhopal: Mumbai. Buying a home in Mumbai is becoming a challenge even for young people and salaried professionals who earn good salaries. Housing prices in the city are rising continuously because of high land prices, construction costs and government charges. The impact is being felt especially by young professionals who want to buy a small home close to their workplace.
According to experts in the real estate sector, even 1BHK flat prices in Mumbai have moved beyond the budgets of many people. Despite good earnings, people are unable to strike a balance between having enough savings to buy a home and paying home loan instalments. Because house prices are high around the city’s major employment hubs, people are being forced to look for homes in far-flung areas.
Abhinandan Lodha, founder and chairman of The House of Abhinandan Lodha, has also expressed concern over the challenge of affordable housing. According to him, the high cost of land and government charges is making it difficult to provide lower-priced homes. He stressed the need for government support and relief in charges to increase the availability of homes priced at Rs 50 to 60 lakh.
Because of this situation, many young people are preferring to live on rent instead of buying a home. Some are looking for homes in areas such as Naigaon and Vasai, away from Mumbai, from where the daily commute to work takes a long time.
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