Latest Answer: Apart from that, land is a very scarce resource in Mumbai. Mumbai has either mill land (most of which is already bought and developed) or factory land or slum-encroached/ redevelopment land (and developing either of the two involves complicated procedures). The government does not have any land to offer.
Due to these reasons and because many developers have bought land at market prices, developers cannot reduce their prices further. Many developers would rather prefer to hold supply/ construction than bring down prices and bear losses.
