Mumbai resale market

Q: How is the real estate market in Mumbai? Is Mumbai's resale market heading towards price correction?

Lalit Verma, Mumbai

4th June 2014

Real estate News in Mumbai

mumbai real estate market

mumbai resale market

real estate market in mumbai

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Replies (2)

How is the property price in areas close to Central Business District ( Mumbai) and how much will a resale property cost me?

Lalit Verma, Mumbai

4th June 2014

Comment

Prices of projects launched close to central business districts (CBD) prove to be lower than that of resale properties in some high premium localities. Also, projects closer to the CBDs reduce commute time significantly. Moreover, infrastructure has greatly improved from the eastern suburbs to the western, central and southern parts of Mumbai, and eastern suburbs still command lower property values than other parts

Vineet Tendulkar, Mumbai

4th June 2014

At this point of time which is better to buy a resale property or a newly launched property?

Lalit Verma, Mumbai

5th June 2014

As such, it makes more financial sense to purchase a newly launched property than buy a resale property.

Shantanu Kumar, Mumbai

5th June 2014

The primary market in Mumbai is currently in a stagnant state. On one hand, buyers are expecting a correction in property values while on the other hand, property prices refuse to go down due to increasing construction costs. However, interestingly, the resale market in Mumbai seems to be heading towards a price correction.

Shantanu Kumar, Mumbai

4th June 2014

Comment

Mumbai has an unsold inventory of four years and there are still several under-construction properties coming up in the financial capital. Though several developers seem to be hesitating in correcting prices due to high construction costs and the fear of cascading effects of price correction, there is a huge competition for providing discounts and freebies in order to sell their inventory.

Vineet Tendulkar, Mumbai

4th June 2014

Majority of the projects launched over the last three quarters have witnessed absorption due to the right pricing and positioning. This has made the primary property market in Mumbai attractive and competitive. Added to that is the lower pricing of a property in primary market compared to that of secondary market, at about 15-30 per cent cheaper.

Shantanu Kumar, Mumbai

5th June 2014

Hey People :) :)The Mumbai resale market has witnessed a slump in property transactions over the last few quarters though property prices in this market have gone up. Again, one can see reduced sales in this market is the direct result of increasing prices in this market. One reason for this high pricing is the desirable amenities and good locations of these properties. Some of the home owners also quote premium prices for these properties. Owners of resale properties justify these premium prices by claiming lower maintenance costs.

Jerome Fernandez, Mumbai

5th June 2014