Downfall in Mumbai property rates

Q: What is the reason for the downfall in the property rates in Mumbai?

Ashish Sharma, Mumbai

18th July 2013

Real estate News in Mumbai

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According to JLL, the real estate market of Mumbai will witness a price check of 25% in the next few quarters and the prices will remain stagnant for the next two years.

Vineet Tendulkar, Mumbai

18th July 2013

Comment

Property experts further corroborate that the residential property market in Mumbai will stagnate in the next few years, only if the rates decline and matches with the income levels and affordability range.

Bikram, Mumbai

18th July 2013

Comment

Lodha Developers, Nirmal Lifestyle, Runwal Developers, Omkar Builders, Orbit Corporation and HBS and Rajesh Lifespaces are some of prominent builders in Mumbai who got clearance for their high rise projects by the committee in the last few quarters.

Shantanu Kumar, Mumbai

18th July 2013

Comment

I have read that an overall 76 proposals for high rise structures have been received by the committee by the end of the second quarter in 2013. Among these, most of the proposals cleared by the committee are for buildings more than 40 storeys, located mainly on the island city and eastern suburbs.

Kishore Pathak, Mumbai

18th July 2013

Key developers and builders in Mumbai have been coming up with a slew of multi-storeyed projects in the city, with the approval of the highrise committee of BMC. The committee has already cleared as many as 62 such realty proposals in the first and second quarter of 2013. This adds up to five times the number of proposals sanctioned by BMC between June-December 2012.

Shantanu Kumar, Mumbai

18th July 2013

Comment

Which are the builders who has got approval from high rise committee?

Arup rajan, Mumbai

18th July 2013

Increasing number of urban homes have further added to the reason for the downfall of property rates in the city. According to Ministry of Housing and Urban Poverty Alleviation, more than 11 million homes in the urban areas are lying vacant.

Kishore Pathak, Mumbai

18th July 2013

Comment

What are the developers doing with such kind of properties?

Arup rajan, Mumbai

18th July 2013

Such properties are held out by developers with a belief that there might be an appreciation in the capital values over the time. When the inventory comes on-stream, it could contribute towards price correction significantly.

Kishore Pathak, Mumbai

18th July 2013

According to realty consultants Knight and Frank, the property values in Mumbai may take a dip of 35% in the next two years. The key driver for such a decline is expected to be higher interest rates and record prices, which are likely to deter the home buyers and cause the builders to slash prices in order to offload the growing inventory.

Vineet Tendulkar, Mumbai

18th July 2013

Comment

What is the reason for the downfall in Mumbai property rates?

Ashish Sharma, Mumbai

18th July 2013

The rise of professional real estate investors is one of the primary reasons for the decline in property rates in Mumbai. Market reports confirm that in the last 10 years, the property market in Mumbai has witnessed a surge in the number of middle-class Indians trying to make a score in the realty sector.

Vineet Tendulkar, Mumbai

18th July 2013

The global economic meltdown has constantly led to slump in property rates of major cities across the nation, Mumbai, the commercial capital of India, being one of them.

Shantanu Kumar, Mumbai

18th July 2013

Comment

But inspite of rising inventory and steady decline in Mumbai’s real estate market, multi-storeyed projects in the city has witnessed an escalation path.

Bikram, Mumbai

18th July 2013