Will Mumbai property prices come down?
Real estate market experts feel that property prices may come down, but however, it depends on the holding power of the builders.
The real estate sales volume has dropped down in six of the major cities in India. Mumbai Metropolitan Region (MMR) witnessed 50 per cent drop, Gurgaon 45 per cent, Hyderabad 34 per cent, Pune 32 per cent, Bangalore 12 per cent and Chennai 11 per cent. Surprisingly, Kolkata witnessed 1 per cent slight increase in sales volume.
Though the sales have gone down, property prices have moderately been increasing in most of the cities while prices of properties in Mumbai remained constant. As an outcome of the fall in sales volume, new project launches have slowed down.
According to Jefferies report, the property volume has come down by 32 per cent year-on-year as an outcome of rising prices and high interest rates. The major problem is raising inventory.
Presently, there is a huge stock of properties for sale lying behind in the inventory. So it is advisable that buyers can wait for some more time to see if the property prices would come down.
To read more real estate news:
Indian realty, NRIs gain while rupee depreciates
Bangalore real estate tops in India
Source: Business Standard
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