Mumbai realty prices crack 35-50%
Home buyers should gear up for good news. Home sale volumes seem to be bouncing back but at steep discounts. Mumbai developers have started bringing down prices, and in some cases the dip is as high as 50%.
CNBC-TV18’s Priyanka Ghosh reports.
For those who are waiting to buy a house, this could be a good time. New project launches in the market is witnessing a steep correction, with apartment prices in suburban Mumbai recording a dip by a whopping 50% in some cases, a clear indication of how hard pressed developers are for sale. Not surprising, as many of them have had single digit transactions last quarter.
Sandeep Runwal, Managing Director of the Runwal Group said, “In Thane, if you were selling at Rs 5,000 per sq ft (earlier), prices are down to Rs 3,100 and 3,300 per sq ft (now). So, you have seen a realistic correction of 45-50%… but it has brought the consumers back into the market.”