It seems prices has started falling in Mumbai, many builders have started quoting less than what is being advertised, also many flats owners have reduced their prices to sell their flats as soon as possible before the price drops more, any first hand input welcome...:D
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  • Property price index

    Hi

    Is the below attached index reliable?

    National Housing Bank

    May be this is discussed in some other threads too any thoughts?
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  • Some Observations

    I had a chat with an RE broker friend in Borivali East area and here are his few observations

    1) Many builders who have taken up redevelopment works around the area have not started the building work yet, some of these were demolished 1 year back

    2) Many societies are looking for builders for redevelopment but are unable to find builders and many builders are moving out of redevelopent contracts after surrendering earnest money given to society as deposit for tenders.

    These 2 points point to one and only one thing.....lack of investor/buyer interest....which is causing liquidity issues for the builders. I think within 3-4 months we may see a move to price level which was seen in mid 2010 if not lower.

    Dusshera may be a good time to buy this year and we may see many discount offers.. :)
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  • And we are talking about price coming down.

    Record deal for south Mumbai Bungalow:


    South Mumbai bungalow sold for record Rs 350 crore - The Times of India
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  • Originally Posted by pash78
    Record deal for south Mumbai Bungalow:


    South Mumbai bungalow sold for record Rs 350 crore - The Times of India


    I dont know what this "record" means . The plot is 2092 sq meters ans there is a construction of 28000 sq feet on the plot. Also south mumbai FSI was recently increased. One should compare a persq feet cost of the plot taking into consideration the construction FSI available. If someone tomorrow buys a plot twice th size of this at 400 crores media will again report that as "record". But is it a record deal?

    One of a famous company in healthcare/diagnostics bought a plot from HDIL at 70% the rate HDIL had bought it in a full cash deal. That is the reality of today's market.

    Yesterday DNA carried an article on Runwal in trouble due to exit of Singapore fund. Today there is a completely different article with statement from Runwal that the exit of the fund was planned and as per strategy (though with much less returns). Same day Runwal gives a full page ad on front page of ET. Same day this "record" deal is published in Times of India. Isnt it too obvious that we are living in a world where paid news exist.
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  • Originally Posted by pash78
    Record deal for south Mumbai Bungalow:


    South Mumbai bungalow sold for record Rs 350 crore - The Times of India


    The deal was a record coz it was a banglow with a huge piece of land.
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  • pls. check this out....even economictimes ..now talking about correction..

    Real estate market ready for correction - The Economic Times
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  • Originally Posted by jamalq
    pls. check this out....even economictimes ..now talking about correction..

    Real estate market ready for correction - The Economic Times


    if you read the article carefully even they admit that unlike Delhi & Bangalore where a downtrend is seen in the real estate market, in Mumbai prizes have increased and will keep increasing in future.
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  • this article is for sheepeople

    Originally Posted by bhushank3
    if you read the article carefully even they admit that unlike Delhi & Bangalore where a downtrend is seen in the real estate market, in Mumbai prizes have increased and will keep increasing in future.


    sheep + people == who follow and can be herded
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  • Another Article

    Another Article with some figures on the reduction of Buying activities in the Mumbai RE space.

    Mumbai's real estate market drying up - Rediff.com Business

    Hope the Builders read these articles!!!:bab (59):
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  • Builders are only one side of the story - its a big Politician + Banks + Brokers + Builders + Bureaucrats nexus. It wont just unravel so easily. And when it does unravel - it wont be pretty - EVERYBODY has money parked in real estate.
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  • Originally Posted by korchha
    Builders are only one side of the story - its a big Politician + Banks + Brokers + Builders + Bureaucrats nexus. It wont just unravel so easily. And when it does unravel - it wont be pretty - EVERYBODY has money parked in real estate.


    Well, the real problem is even we as a consumer are also helping this..show me a single person on this forum who doesnt want to get his investment doubled in 5 yrs time? it's easy to talk abt all this before buying..ask those who already bought some flats and are still here for future investments..do they want the prices to go down? No way!
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  • Originally Posted by Newcomer
    Well, the real problem is even we as a consumer are also helping this..show me a single person on this forum who doesnt want to get his investment doubled in 5 yrs time? it's easy to talk abt all this before buying..ask those who already bought some flats and are still here for future investments..do they want the prices to go down? No way!


    Exactly! :)
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  • Originally Posted by Newcomer
    Well, the real problem is even we as a consumer are also helping this..show me a single person on this forum who doesnt want to get his investment doubled in 5 yrs time? it's easy to talk abt all this before buying..ask those who already bought some flats and are still here for future investments..do they want the prices to go down? No way!

    Dont blame on poor buyers.
    They do not want their investment to double in 5 years
    Its ridiculous.
    Don't use assumptions and blame the buyers.
    If you do proper research you will realise that buyers want their investments to double in 2-3 years.
    This way soon property prices in Mumbai will be 10 times that of New York and Indians would be rich.:bab (38):
    Please dont be antisocial. Let everyone in Mumbai become rich:bab (3):
    Cant you see that with the property price rise all chawl kholee (room in hindi) owners are crorepatis now. May God let this continue so all Behrampada and Dharavi guys become dollar millionaires.:bab (4):
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  • Originally Posted by Newcomer
    Well, the real problem is even we as a consumer are also helping this..show me a single person on this forum who doesnt want to get his investment doubled in 5 yrs time? it's easy to talk abt all this before buying..ask those who already bought some flats and are still here for future investments..do they want the prices to go down? No way!


    Very well said.. we as a common man also contribute to this,we invest in property only to double the money in 5 years!
    All of us want easy and quick money! :o
    corruption is also the same story sadly, how many us actually fight the corruption with in us!

    I have not raised the rent of the apartment in pune ,that I have rented out,for the last 3 years. Nothing great to rave about , but my small bit against the crazy price trends! in most cases, due to ever increasing greed!
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  • what is stopping us from forming a group

    Originally Posted by MrBean
    Very well said.. we as a common man also contribute to this,we invest in property only to double the money in 5 years!
    All of us want easy and quick money! :o
    corruption is also the same story sadly, how many us actually fight the corruption with in us!

    I have not raised the rent of the apartment in pune ,that I have rented out,for the last 3 years. Nothing great to rave about , but my small bit against the crazy price trends! in most cases, due to ever increasing greed!


    what is stopping us from forming a group and buying a piece of land of land anywhere in Mumbai and asking a architect or a promoter to build to our specifications , it is easier than you think but you and I know that is not going to be possible because some of us are not cut out for that kind of deal in fact you would be surprised how forth coming the BMC and collectors will be , that way you can control the cost and quality that is how Magarpatta city evolved , look it up
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