Mumbai real estate prices stagger with first price cuts
Mumbai- The Mumbai realty market has just blinked after four years of rigorous high prices midst sluggish sales, crippling liquidity crunch and rising cost of capital.
About three popular developers have either cut down their prices by about Rs. 2250 to Rs. 5,000, or have initiated flexible pricing of a single project or have launched innovative schemes to attract buyers who can stump large sums in order to book the properties before the project’s construction stage.
Owing to all these facts, it is obvious that the long due real estate price correction has arrived. However, there are various builders who are secretly giving price cuts to their buyers but are not making it public. The builders are also ready to negotiate with the buyers.
As per few popular developers, there has been a slash in prices of their projects in Mumbai which will majorly impact the realty industry. There are also various developers offering discounts of about Rs. 5000 per sq ft for buyers booking their apartments between January 18 and 28.
A posh three bedroom flat in Goregaon is offered at Rs. 11,750 per sq ft. The complex also has four wings with 50 floors along with basements, podium parking, common amenities and residential floors.
The price has not just slashed down for the residential units but also for commercial units and office spaces. Currently, it is the best time for a buyer to invest in property as far as he/she is not particular about anything specific.
The office spaces in Mumbai are available for Rs 20,750 per sq ft for the first five floors and the rest five floors are priced at Rs 21,750. However, the rates are more for the higher floors.
As per a survey in the last year, Mumbai had an unsold inventory of 80,000 units worth approximately Rs 1,050 billion and that the global economic crisis of 2008 affected the market adversely due to the price dip within the micro markets.
On the other hand, the year 2012, Mumbai saw realty market stagnation due to the buyers being largely kept away as a result of high prices. Henceforth the Mumbai market is now open for better bargains.
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Image courtesy of renjith krishnan at FreeDigitalPhotos.net
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