Monorail Impact On Real Estate Market In Mumbai

The 19.4-kilometer monorail line spanning the wide corridor across Chembur and Jacob’s circle has created news for all the right reasons. The project post becoming completely operational for the public in 2019 has helped in solving transportation woes amongst other problems along the pathway it runs and has hence, created ripples in the housing market. If you are considering investing in property in and around the surrounding areas, understanding the impact the monorail has had on the overall housing market will help you refine your search and shortlist the right piece of property for your requirements.

What is the impact the monorail has had on the housing market?

Helped in reviving the real estate market: The monorail has improved the connectivity of the surrounding residential areas and has helped in reviving the cost of property in areas that have been sluggish for a while.

For e.g.: Parel was witnessing a slump in property prices and witnessed a rise post the inauguration of the monorail.

Lead to a sharp increase in property prices: The announcement and the construction phase of the monorail witnessed a massive uptick in the cost of property in the surrounding areas. During the construction of the project, property in surrounding areas like Chembur and Wadala witnessed a sharp increase in property prices.

Property appreciation: Given the proximity of Wadala to the Eastern Expressway, monorail and the Metro-4 corridor, the MMRDA has proposed to increase the Floor Space Index (FSI) to 4 as a part of the Transit-Oriented Development Plan to increase the capacity of the market. Investing in property in the construction phase of the metro can enable homeowners to get the most out of their investments.

Choosing the right property to buy is doubly advantageous. It helps you to have firm control over your EMIs. It also ensures that the rate of interest does not get out of hand.

Improves connectivity: Purchasing a home in the vicinity of the monorail and in the surrounding areas can provide seamless connectivity which can prove to be a boon in case you are a frequent commuter.

Why should one consider opting for a home loan to help finance the purchase of housing property?

We, at Grihashakti, offer home loans required at attractive rates of interest to enable you to give wings to your dreams. Here are some reasons why one can consider borrowing from us:

Quick processing: Gaining access to the funds required can help you finalize the property faster and invest in the property at the right time. Our loans are processed within 72 hours subject to verification of loan documents.

Seamless loan application process: We have simplified the home loan application process to ensure that applicants can apply for funds without hassle.

Competitive rates of interest and flexible repayment tenure: We offer attractive rates of interest and flexible repayment tenures upto 30 years* to ensure that our customers can repay the loan comfortably without compromising on their standard of living.

Who can apply for a home loan?

The basic eligibility criteria for applying for a home loan include:

Salaried professionals

Salaried professionals employed by private limited companies, partnership firms, closely-held or unlisted firms, etc. can apply for a home loan.

• Applicants of multinational, government or listed public limited companies are eligible to apply for a home loan
• Minimum salary of INR 1,20,000 per annum.
• Must have a credit score of at least 700 with good credit history
• Must have worked at the current organisation for at least 1 year

Must Read : How Much Home Loan can I get on My Salary?

Self-employed professionals

• Self-employed businessmen, professionals, sole proprietors, partnership firms, etc. are eligible to apply.
• Minimum income of INR 1,20,000 per annum
• Must earn a minimum yearly profit after tax (which depends on the nature of your business and industry)
• Must have business experience of at least 3 years

Applicants must have all the required documentation including those pertaining to the property. Please note that final eligibility will be determined based on several other factors such as existing debts, past repayment history, etc.

In addition to the application, what are the documents required for a loan?

The documents required to be submitted in addition to the loan application include:

Salaried professionals are required to submit documents that include a copy of their PAN Card, Voters Card, Driving License, etc. as Proof of Identity They are also required to submit proof of income by submitting documents like previous 3 months’ salary slips, a copy of Form 16, etc. and Proof of Residence documents that might include Ration Card, Aadhaar Card, Property Tax, etc.

Self-employed applicants are required to submit Proof of Identity documents by submitting documents like PAN Card, Voters Card, Driving License, etc. They are required to submit Proof of Income documents including CA audited financials, last 2 years ITR with computation, etc. . They are also required to submit Proof of Residence documents like Aadhaar Card, Ration Card, Property Tax, etc.

Applicants must also submit Bank statements for the past 6 months

Applicants must provide the complete documentation pertaining to the property they wish to purchase