Prices In Mumbai Down By 50%

Published: April 4, 2009 at 11:47 AM | Author: Administrator
News Source: 26 March 2009 - MoneyControl.com

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Here's some good news for property buyers. Home sale volumes have increased but mainly due to developers in Mumbai who have started bringing down prices. New project launches in the market are witnessing a steep correction, with apartment prices in suburban Mumbai recording a dip by a whopping 50% in some cases, which clearly indicates that how hard pressed developers are for sale. Mr. 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." The Runwal Group sold 600-700 apartments in the past three months at a discount of 40-45%. HDIL launched its Kurla Project at a 35% discount and sold 70% of the project in five days. Akruti City, which has ready properties in Mumbai suburbs, is not cutting prices but the area. Floor area of apartments that earlier go for Rs 60-80 lakh is being reduced by 25-30 percent. The price has then been brought down to the Rs 30-40 lakh price range.