Property prices in Mumbai down by 1%
A good news for property buyers in Mumbai! Now, is the correct time to invest in properties in Mumbai as there will be a slight depreciation in prices as per the real estate experts.
For the first time in 3-4 years, the average price of residential properties in Mumbai and the Mumbai Metropolitan Region (MMR) has gone down by around 1% in the last quarter.
However, the reverse has been seen for other metros like Pune, Bangalore, Hyderabad, Chennai, Delhi with weighted average prices on the upswing for the same period.
This is a good sign for home buyers as the average per-square-foot rate in the metro region is Rs 11,295 while the average cost of a flat is down to Rs 1.17 crore.
Also, 11,000 new residential projects approximately were launched last year which led to more pile up and decline in upswing prices. Furthermore, the developers are already facing a liquidity crunch.
Maharashtra Chamber of Housing Industry however said that prices are not going to fall any further and this is the right time to buy a property. In Mumbai, 39,295 properties have remained unsold against last year’s 34,000.
The correction in prices can further be seen in plush localities in the metro region like South Mumbai and Navi Mumbai’s Palm beach road where prices hardly fluctuate and not in localities where prices are already low.
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Maharashtra Chamber of Housing Industry, MCHI, Mumbai, Navi Mumbai, Palm Beach Road, Price correction, Properties in Mumbai, Property prices in Mumbai, Residential projects, Residential projects in Mumbai
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