The real estate is having affordable housing in Mumbai which is resulting in the rise in the property prices and this is why the properties that were available in the range between Rs 25 and 60 lakh are now the touching Rs 70 – Rs 1 crore.
As per the various media reports the residential property prices in Mumbai could drop by the 20 per cent but due to the scarcity of the housing units of the property values which are still high and the people just cannot meet the expense of having a house in the big cities like Mumbai.
A number of buyers are looking for the apartment flats in the Matunga and Sion, but there are just about 35 to 40 flats available in these places. The demand side is very robust but the supply side is slacking, thereby pushing up real estate prices.
Industry sources inform that the residential property transactions have gone down by the 20 to 30 per cent in Mumbai, due to the price rise. To tackle this situation and to heighten sales the real estate developers are offering schemes like stamp duty rebate, free parking and interiors. Instead they are holding on to the prices to keep up the thrust. There are projects coming up with good configured apartments in Mumbai to buy.
Real estate brokers state, that there isn’t sufficient affordable housing options in the market but there’s a lot of liquidity in the market, and hence prices are keeping high. Further they feel that gone are the days of sky-scraping growth. The apartments in Mumbai for rent are available in different configuration.