Sky-high property prices in Mumbai
Mumbai, being the most expensive city of India, has the highest cost of real estate properties which compete with other Asian centers such as Singapore and Hong Kong.
It has been recorded that an apartment in 28th floor, facing the Arabian Sea in Mumbai, was sold at 390 million rupees. At a present situation of economy’s slowdown too, the flat was sold at a record-setting price and this indicates the extent of stability of prices in Indian real estate.
It is estimated that property prices in Mumbai will remain high as there is no hint of reduction any soon. People prefer to buy house as it is difficult to get houses for rent in Mumbai. And this makes it clear that there is scope for sale of properties in the city.
According to industry estimates, sales have witnessed a downfall of around 40 per cent over the last one year. Demand for properties and supply have both slowed down. And this in turn has resulted in better holding power of property owners.
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Source: CNBC
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