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Mumbai buildings soar higer, rates drop
Published on Wed, Jun 20, 2007 at 10:35, Updated on Thu, Jun 28, 2007 at 11:01 in Business section
Tags: Mumbai, Real Estate , Mumbai
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Mumbai: The buildings in Mumbai may be soaring higher each passing day, but the property sales charts in the city are experiencing a slump.
Developers are now bending over backwards to make that sale, and are ready to offer huge discounts freebies such as free parking space and stamp duty payments have become commonplace.
In suburbs such as Andheri, Goregaon and Malad builders often offer a 10 to 15 per cent discount on bulk deals. Those discounts could reach 30 or 40 per cent if it will them clinch the deal.
“A builder might quote Rs 10,000 per square foot. But if you sit across the table with money in hand, he will reduce his price by 30 to 40 per cent.†says Bastvi Estates Agent, Rashid Bastvi
Because the sales have fallen, the rate in some cases rates have gone down by 90 percent in the past six months
“In my opinion, overall sales have gone down by 60 to 70 per cent, also in the second-hand property market, sales are down by almost 80 to 90 per cent,†President of Estate Agents Association of India, Yashwant dalal says.
The sales slowdown is playing heavy on the psychology of the developers. Even A-grade developers are now calling on brokers with a hope to turn the sales graphs up. But there is no reason for the common man to get worried, as it is the ideal time to cash in on this real estate market slump.
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the prices will depend on the housing policy expected to be declared within a month,scrapping of the U.L.C, F.S.I,pending T.D.R.case
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I differ on the comments of both my colleagues in the real estate business. The top builders are still holding
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This shows that a "HOUSING INFLATION/DEFLATION INDEX" is necessary to be published for ALL INDIA LEVEL,STATE LEVEL,CITY LEVEL and even
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I DONT UNDERSTAND WHAT YOU MEAN TO SAY? ARE YOU IN FAVOUR OF CUSTOMERS OR REALTORS ?
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Real Estate market was artificially jacked up as lot of politicians and bigwigs are involved across the country.Banks were doling
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