Mumbai realty unlikely to witness price correction
Mumbai- HDFC said that there wont be any property price correction in Mumbai as the demand for properties are very strong.
The real estate demand in Mumbai has always been high. The only real elements that may likely to reduce the prices are the dramatic advancement in making by-laws, which will allow more high rises and also increase in the demand, and people losing jobs and low confidence level.
Excess supply of housing has increased the stock of unsold apartments in Mumbai.
HDFC Vice-Chairman and Chief Executive Keki Mistry said that HDFC can minimize rates only when its the price of resources precipitates which will be feasible solely in the scenario of a rate reduction by the RBI.
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