Home prices in Mumbai may plunge 20% over the next year

[IndianMascot]

Home prices in Mumbai, India’s most expensive property market, may plunge as much as 20% over the next year as record-high prices dent demand amid a glut, according to the country’s largest real estate fund.

Northern parts of the city will lead the declines as developers, weighed down by rising inventory, cave in to attract prospective customers with cheaper offers, Khushru Jijina, managing director at Mumbai-based Piramal Fund Management Pvt. Ltd, said in an interview.

“There is definitely stress in the Mumbai realty space,” Jijina said in an interview in Mumbai. “Sales velocity has slowed. Buyers are sitting on the fence, nobody’s in a hurry to buy. And, now developers are getting tired.”

Mumbai home prices slipped almost 2% in the June quarter from the record of Rs.13,120 per square foot set in the quarter ended 31 December, according to research and consulting firm Liases Foras Real Estate Rating and Research Pvt. Ltd.

 

[Technoglitch]

is it worth to buy flat and pay monthly service charges or buy one plot and construct an home in suburb?

 

[IndianMascot]

In Mumbai or suberb purchasing a plot is impossible. They are hell costly.

However it's always good to purchase a land and construct if one can do that. Else buy row houses.

 

[Technoglitch]

i would never go for an apartment, it is of no use in owning, just for rent it is ok.

 

[IndianMascot]

You may Better invest something now bro before it gets out of hand. Reality sector is booming and gone into Sky now.

 

[Technoglitch]

investing in land is difficult now.

 

[IndianMascot]

Foe working professional like us it's almost impossible.