Property prices going unrealistic in Mumbai
The Bandra-Khar popularly known as Mumbai’s costliest real estate belt is experiencing unrealistic property prices.
As well known, the property prices across India is showing clear signs of real estate market meltdown.
Down the lane, within a span of six years the prices of property in Mumbai is spiraling from Rs 15,000 per sq ft to Rs 40,000 and Rs 60,000 a sq ft.
To prove the same, in a recently developed residential project at Pali Hill the developer is said to have quoted Rs 75,000 sq ft and has therefore, sold an apartment for Rs 40 crore.
It has also been learnt that the builders and developers in Bandra-Khar cooked up artificial land prices, misusing the building areas by bribing the Brihanmumbai Municipal Corporation (BMC).
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Source: The Times of India
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