Click to play videoMumbai: Property prices across the country have been losing steam, and builders seem to be getting a little desperate across Mumbai.
Smaller developers are cutting prices to offer discounts and lure buyers.
Property prices across the country have begun their slide and Mumbai is no exception. Small developers, especially in the suburbs have cracked under the pressure of a cooling market.
Builders are now ready to offer huge discounts to attract customers.
RS Associates in Andheri East is quoting Rs 7,000/ sq ft, for an apartment in Rassaz Castle. However the builder is ready to give the apartment at Rs 6,500/ sq ft. That works out as Rs 6,28,000 discount on a 1,256 sq ft 2 bhk apartment.
“Yes, in the past few weeks we have noticed that a few B & C category developers have slashed their prices and this is owing to the pressure because of no sales, because the past few months have been very dull for them and they need to recoup their losses,” said mumbaipropertyexchange.com CEO Sandeep Sadh.
In the eastern suburbs, Khargar is worst hit.
While reliable builders is quoting Rs 3,500/ sq ft, for their building Balaji Amrut, they are willing to strike the deal at a discounted rate of Rs 3,300/ sq ft. An apartment in highrise tower by maharaja dream home, too can be bought at a discounted price of Rs 3,250/ sq ft, while the builder was quoting Rs 3,500/ sq ft just a few months ago.
And while smaller developers have given into the resistance posed by homebuyers, large developers too are feeling the heat.
"Investors are selling out at Rs 200 to 300 lower to buyer all across," said Kharghar Property Broker K P Ramesh.
Nahar Amrit Shakti in Powai, by Nahar developers is easily available at an attractive price. While the builder is quoting Rs 5,500/ sq ft, investors are ready to sell their apartments Rs 700/ sq ft lower than the builder's price.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)
More on IBNLive Right Now
TOP NEWS
MOST SHARED
PHOTOGALLERY
