Residential values going down in Mumbai
Mumbai is witnessing supply outpacing demand in the residential sector.
On one hand, upcoming projects are witnessing very subdued response from the buyers and investors. On the other hand, pace of construction is slow and almost 70 per cent of the total residential units under construction in the northern fringes of the city remain unsold as per data.
Lower rate of absorption and delays in possession is one of the prime reasons that have resulted in stagnant values of homes. The residential values dropped by 5-10 per cent during the past 6-8 months. Total number of transactions too fell by 20 per cent during the same period.
However, capital values of have remained stable and upcoming apartment values range from Rs 5,000-10,000 per sq ft.
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