Property prices skyrocketing in Mumbai
At a time when the real estate sector is going through a lean phase and the inventory level of Mumbai is going up propelled by a dip in sales, the traditional upmarket residential enclaves of south Mumbai – are skyrocketing.
The city’s plush Nepean Sea Road area sold for a boggling Rs 1.20 lakh a square foot. A 28th floor 3,320 sq ft flat in the over three-decade-old skyscraper Tahnee Heights fetched Rs 39 crore.
The deal happened during a phase when the real estate market is down in the dumps. The economic slowdown has led to sluggish sales and most builders have found it difficult to find buyers. Despite the melt down, developers refuse to lower their rates.
Suburbs like Borivali in the city’s western belt, where prices were barely Rs 1,500 a sq ft a decade ago, today command rates touching Rs 12,000 a sq ft in new projects.
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