Will residential market of mumbai will see any price correction in 2013?

Q: Hi, I’m planning to invest but is confused if i should postpone my investments plans. Please suggest which areas will see the price correction and which areas will see the appreciation.

Nishant Bhat, Mumbai

31st January 2013

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In Worli, Lower Parel and Prabhadevi areas, flats in the 2,000-3,000 sq ft category are going for Rs 19,000-25,000 per square feet. The going rate for 1200-1500 square feet flat in Thane is Rs 84 lakh to Rs 1.05 crore.

Kishore Pathak, Mumbai

11th February 2013

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In the year 2012, the residential market in Mumbai showed good signs after 18 years of slump. It has shown increase in demand and steady pricing. Worli and Prabhadevi in Central Mumbai has shown some improvements..

Sunil Joshi, Mumbai

11th February 2013

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Hi Nishant, the areas which have seen a good demand in the past include Parel, Wadala, Dadar East, Sewri, Chembur and Tilak Nagar. For localities like Colaba, Cuffe Parade, Worli and others, the absorption rate in 2012 did not match the rate of 2011. Absorption was 10-15% below 2011 levels, although capital values rose in the range of 3-4%.

Ravi Waghmare, Mumbai

11th February 2013

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