Mumbai property market has remained steady despite being slow
In the last six months the property sales have been very low in Mumbai and lesser project launches as compare to this time last year which indicates a half yearly report by the real estate research firm PropTiger. Although the figures look bleak the reports suggest that in fact it is a good time for the buyers to make a purchase decision as the developers are ready to negotiate with the discounts.
In order to revive the volume sales there are heavy discounts in the market as stated by Prashan Agarwal the co-founder of PropTiger. The supply in Mumbai has been going down by every quarter due to the delay approvals. This has also led to rise of prices. Post the rise the discounts will also be coming back during the festive season starting from October he stated.
The report further stated that the affordable housing category that ranges in between 30-50 lakh has noted the least amount of unsold inventory that is only around 8 percent as compared to other categories that have noted unsold inventory which is as low as 18 percent and as high as 56 percent.
Source: Hindustan Times (Mumbai Edition)
