The property market in Mumbai is reporting dip in house prices and rentals, with those in the suburbs the worst affected. Residential property sales have dipped by almost 35% in main parts of Mumbai but prices are still stable, according to the latest analysis from a real estate analyst. But in the suburbs there has been a 15 to 20% dip in prices. A slowdown is also starting in the commercial sector.
A meltdown is gripping almost all the segments and sectors of the Indian real Estate market. Property rentals have started to come down in Mumbai and other parts of Mumbai said Mukesh Gupta, director investments at a top property investment company. Property exhibitions mainly showcasing residential properties coming up in suburban Mumbai, Thane Andheri and Navi Mumbai Real Estate have witnessed a large number of curious visitors but the bookings have been poor and not been very encouraging, according to realtors and developers. Sanjay Kumar, Managing Director of Sanjay Constructions, confirmed: 'There is a slowdown in flat sales. But he added that the demand for retail and office space in the Mumbai market is still huge. Well-developed buildings still command a good premium and interest rate. But there is a rationalization happening in the rentals in select market which is good for industry and Real Estate in Mumbai.
The slowdown has prompted developers to offer a range of offers and concessions rather than reduce prices so that this increases the Mumbai property. "Big developers have joined hands and decided not to scale down the prices for another six months. These are developers with deep pockets. Small builder don't have this luxury" said a member of Maharashtra Chamber of Housing Industry. Freebies and concessions being offered include the developers themselves bearing the stamp duty and registration cost and free parking.
A few recent interventions made by the state government are also expected to have a softening effect on the prices and slackening of interest rates by the state government. The state has granted additional floor space index that is more space for construction of Mumbai property in the outskirts of the city. This is expected to give a boost to old housing societies which could go in for redevelopment and encourage the Mumbai Property.
Despite of the recession period the real estate market in Mumbai has very good development and not only Mumbai is getting the better position in its level but over all the major cities in India like Chennai, Delhi, Hyderabad and Bangalore would also has a very consistence in the real estate market. This thing will have a reasonable balance on the classifieds pages which will have a very good number of property details. Check out the below links for the best property details on the major cities.
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