Tuesday, 10 September 2013

Real estate market in Mumbai very expensive to stay

Bombay real estate Property market continues to be the most expensive place with 29 - 30 percent of the city's under-construction units priced at over Rs. 1 crore, real estate consultancy firm Mr.Knight Frank said in a report.



This is against 11 per cent and 5 per cent for the National Capital Region and Bengaluru markets respectively.

"Incessant price rise and higher concentration of premium projects with a ticket size of more than Rs. 1 crore in new launches have limited the purchasing ability of home buyers resulting in a decelerating rate of absorption over the previous four quarters," the report said.

Only 48 per cent of the city's under-construction units are below the Rs. 50 lakh mark, which is the lowest among the top six cities including Pune, NCR, Chennai, Bengaluru, Hyderabad, it said.

The large number of new launches in Mumbai, in the previous four quarters, has significantly increased the unsold inventory in the market, it said.

Peripheral locations like Vasai, Virar, Mira Road, Ghodbunder Road and Panvel have witnessed a slew of new launches during the last one year, the report said.

"However, despite the waning interest of home buyers, quoted prices in Mumbai continue to remain high as developers are increasingly offloading their unsold inventory at a discount to investors who are willing to make substantial upfront payment," the report pointed out.

At the time bangalore are having most affordable residential and commercial rates with more than 78 percent of its on going projects. They are actually falling below 50 lakh and even chennai reduced by 75 percent.

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