Mumbai’s resale property market will probably see a price correction
Price correction is apparently on the cards for Mumbai’s resale property market; with trends governing the real estate market having been deciphered by realty experts and investors ahead of the formation of the new Government in India.
Despite the fact that the realty market in Mumbai is a dynamic one, transaction volumes in the city’s resale residential market are currently at a record low. Analysis of the registration data for the secondary residential sales in the city have revealed that the transaction volumes have become progressively more stressed in recent times.
Nonetheless, a close evaluation of the trend shows that the prices of resale homes in Mumbai have, surprisingly, remained assertively high, in spite of the actual transaction volumes failing to justify the high resale costs.
Since the self-evident market cliché highlights that high costs cannot continue for long in a situation where there sufficient volumes are lacking, it is apparent that the Mumbai resale market is set to undergo a price correction in the near future; only then can buyers’ interest in the secondary market be sustained in an effective manner.
In fact, in the wake of the pricing war being waged by the primary sales market, the secondary sales market in Mumbai actually calls for a full-scale correction in prices rather than a mere cost softening for the short term.
Source: Times of India (Mumbai)
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