Housing prices in Mumbai may see a marginal drop

Q: According to the latest report, property prices in the Mumbai Metropolitan Region dropped by the maximum among leading metros during the quarter ended March 31, 2015.

Kaushik Bardia,

25th May 2015

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Replies (2)

The reason being that the builders, who have purchased land is unable to afford to sit on it any longer and were forced to to launch projects.

Dinesh sahu, Ghaziabad

25th May 2015

Comment

This is because, the weighted average price per square foot saw a 2.10% decline. On the other hand, in spite of the decrease per square foot, weighted average price of a new house in MMR continues to be very high at Rs 1.29 crore while it is Rs 2.95 crore within Mumbai Municipal limits.

Suresh,

25th May 2015

Comment

@Suresh,
Whereas the home prices stayed flat in the National Capital Region, Chennai and Hyderabad and rose 1% in Pune and Bangalore over the same period. Property prices have peaked across metros and they will continue to move. Is there any reason behind it? Kindly express....

Ananya,

25th May 2015

Hi Ananya,
This is due to inventory pile up. There will be a downward pressure on prices and a reasonable improvement in sales. On the other hand, the rate of sales will be way lower than rate at which unsold inventory is growing.

Suresh,

25th May 2015

@Suresh,
It has always been reported that MMR had the maximum number of new launches at 17000 during the quarter ended March 31, 2015. Do you know that there are over 1.69 lakh unsold flats in MMR and 59322 unsold houses within Mumbai.

Ananya,

25th May 2015