Negative growth of residential property in Mumbai
The residential property market in Mumbai has shown a negative growth of – 9.1 percent by the year ended in March 2012. According to a realty analyst firm, the performance of the sales market in Mumbai real estate has suffered by the global crisis.
Though the cost of properties in Mumbai have been increased, the sales index has slipped as the affordability of the apartments in Mumbai has become tough by the rise in the cost.
The customer confidence of the real estate market has been lowered due to various factors like interest rates rise and regulatory issues.
In some areas of the city,the inventory level is rising with nearly 120 million sq ft being under construction in Mumbai. So, many of the prospective home buyers in Mumbai are waiting for an anticipated price correction in the backdrop of oversupply scenario.
The builders of the apartments in Mumbai are also trying to hold the properties for a better market scenario in future.
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Source: Economic Times
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