Mumbai Properties Prices Still High Despite Weak Demand
The Maharashtra Chamber of Housing Industry (MCHI), property exhibition in Mumbai where citiesâEUR(TM) top 50 developers showcased 2,500 properties across the city and its suburbs. The expo was organized for four days, at Bandra Kurla Complex where properties in the price ranging of Rs 15 lakh to 10 cr were showcased.
Affordable flats and a recovery axis of property prices were the key concerns of the expo. There were a very few promotional schemes on avail but the discount rate was not more than 5-6 pc on the sales price. The property prices have hiked marginally by 8-10 pc from the last MCHI expo earlier this year.
Due to various reasons the Mumbai property prices have not really raised in the last six to eight months, instead builders are still hinging on discounts and freebies to step up the sales. New launches are being offered at an 8-12 pc discount compared to the projects that are nearing completion.
The developers opted to not display their premium projects at the expo as they believe these are positioned for the different set of buyers. Most of the project show cased, the price ranging Rs 22,000-30,000 per sq ft compared to 35,000-40,000 per sq ft earlier this year.
Only 10-12 pc of the developers offered discounts. Very limited offers on discounts or free registration/stamp duty that too given by B-grade developers and the A-grade refused to do so. This dampens the sentiments of the buyers, who were expecting a bigger fall in the prices this festive season.
If the builder is giving 5 pc discount upfront then a discount of 10-15 pc can targeted at the negotiation level. But Property at Mumbai price crash is nowhere near unless there is a huge panic in the market. ItâEUR(TM)s better off buying a home in the secondary market which gives 22-28 pc discounts.
Considering about Mumbai consumer disputed forum that Mumbai properties developers cannot charge apartment buyers for car parking space fails to account for ground realities. I think, there are a lot of car in Indian city Mumbai which is growing repeatedly, paying for parking space ought to become the general norm. this is also the only way prod people towards public transport. Sure, the quality of bus and other means of transport needs to improve substantially. It can happen, when more people use such options and demand better services. As it is. Cities like, Delhi and Mumbai are already reeling an acute shortage of parking spaces. for more info Mumbai Property.
Affordable flats and a recovery axis of property prices were the key concerns of the expo. There were a very few promotional schemes on avail but the discount rate was not more than 5-6 pc on the sales price. The property prices have hiked marginally by 8-10 pc from the last MCHI expo earlier this year.
Due to various reasons the Mumbai property prices have not really raised in the last six to eight months, instead builders are still hinging on discounts and freebies to step up the sales. New launches are being offered at an 8-12 pc discount compared to the projects that are nearing completion.
The developers opted to not display their premium projects at the expo as they believe these are positioned for the different set of buyers. Most of the project show cased, the price ranging Rs 22,000-30,000 per sq ft compared to 35,000-40,000 per sq ft earlier this year.
Only 10-12 pc of the developers offered discounts. Very limited offers on discounts or free registration/stamp duty that too given by B-grade developers and the A-grade refused to do so. This dampens the sentiments of the buyers, who were expecting a bigger fall in the prices this festive season.
If the builder is giving 5 pc discount upfront then a discount of 10-15 pc can targeted at the negotiation level. But Property at Mumbai price crash is nowhere near unless there is a huge panic in the market. ItâEUR(TM)s better off buying a home in the secondary market which gives 22-28 pc discounts.
Considering about Mumbai consumer disputed forum that Mumbai properties developers cannot charge apartment buyers for car parking space fails to account for ground realities. I think, there are a lot of car in Indian city Mumbai which is growing repeatedly, paying for parking space ought to become the general norm. this is also the only way prod people towards public transport. Sure, the quality of bus and other means of transport needs to improve substantially. It can happen, when more people use such options and demand better services. As it is. Cities like, Delhi and Mumbai are already reeling an acute shortage of parking spaces. for more info Mumbai Property.
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