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Mumbai: Correction in property prices by around 1%

Real estate experts anticipate good news for home buyers. According to survey report of Liases Foras, a real estate firm, in last quarter residential property prices in Mumbai and its suburbs have gone down by around 1%. The prominent areas where prices have gone down include Navi Mumbai’s Palm beach road and metro region South Mumbai. These are areas which have reached saturation points in terms of prices of residential property. In comparison, other metro cities such as Bangalore, National Capital Region, Chennai etc. have shown reverse trend.

 

Pankaj Kapoor, Managing Director – Liases Foras stated, “Though marginal, this change in property prices is favorable for home buyers. Though 11,000 new residential projects were launched last year, large stock of unsold units have caused decline in skyrocketing prices. The marginal fall will be welcomed by buyers looking for affordable houses.”

 

According to Paras Gundecha, President – Maharashtra Chamber of Housing Industry, “This is the right time to invest in property, as there is no expectation of further decline in prices. Increasing land prices and growing cost of construction material will result in rising property prices.”

 

Favista Views: Though correction in residential property prices may bring good investment opportunities for end users and investors, it may not be a favorable situation for developers who are already facing liquidity crunch.

This entry was posted in Bangalore, Gurgaon, Investment, Mumbai, NCR Delhi, NOIDA and tagged . Bookmark the permalink.

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