While rest of the country is up for a 20-25 per cent price fall, Mumbai will witness the fall in the range of 10-15 per cent, source Housing Development Infrastructure (HDIL). The property boom continuing for the past four years has lead to as much as 300 per cent appreciation in the Mumbai property prices, including the suburban areas of the city as well. But the current market correction is expected to result in prices falling to almost 25 per cent in some areas of Mumbai.
Mumbai Real Estate Developers were holding on to properties for long but now they are releasing them as the market is no longer buoyant. Mumbai has recently been announced as Asia's third and the world's sixth most expensive location to rent a three-bedroom apartment, media reports. Amid that, the news of price correction has bought a much needed relief for the buyers who are waiting for long to buy a house in the city anticipating the fall in Mumbai property rates.
However, Mumbai real estate builders are optimistic as ever. Owing to the fact that people are vying to buy an apartment Mumbai and the demand is robust but supply is limited, the developers feel that there can never really be a crash in the residential property market of Mumbai.
Although the real estate agents and builders accept that there is a fall in the market but they affirms that rental market is still growing strong. The demand for all property types (be it residential or commercial) in Mumbai outstrips the supply, anytime. Due to this demand-supply mismatch, although there would be a market correction in the residential sector of Mumbai, still it is going to be a task for a common man to get a home in Mumbai. Moreover, the realty slump world over is leading to Mumbai properties being flocked by the foreign investors because of its strategic location.
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