Property in Mumbai to be subjected to a price correction soon!

For those picking their pockets to buy real estate in Mumbai, here’s news that’ll give you a little respite. Property rates in Mumbai have stopped rising and a price correction could indeed be just around the corner! As per reports, prices dropped 2-5% in the October-December period from the previous quarter, giving prospective home buyers in Mumbai an opportunity to purchase their dream home without blowing up their bank accounts!

Anshuman Magazine, the chairman and managing director for South Asia of the property consultancy CBRE, says, “Pressure is building up. We are likely to see a correction soon if the sentiment remains the same.” A decrease in property sales is termed as one of the reasons for a decrease in price. Reports by CBRE also state that a few real estate launches in Mumbai have started off at lower prices, causing competition to significantly lower price tags to keep up with the pressure. Also, price correction has indeed occurred in some areas of Mumbai while the rest have remained torpid.

There have been indications of sales of property in Mumbai decreasing due to high interest rates and an impending economic slowdown. Anuj Puri, the chairman of the property advisor Jones Lang La-Salle India said, “Developers with large projects in Mumbai are offering lower prices. These prices, which went as discounts earlier, were always available for investors and are now being offered to retail customers too.”

And it isn’t just property advisors who are heralding a correction in prices of property in Mumbai. Prominent bankers have mentioned the same too, confirming a drop in real estate prices in the near future. This perhaps is one of the best times to invest wisely in real-estate and buy property in Mumbai, before the prices begin soaring through roof-tops yet again!

To know more about the best deals in the city and affordable housing on offer, visit www.snapghar.com   today