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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  • Tax benefits on home loan has added to the boom. There are many buyers who buy only to save tax and if they get good appreciation then they just think of investing in real estate.

    economy is growing so there has to be a boom in RE + don't forget Mumbai is still the Financial capital of india.

    I think Mumbai will one day go the New York way, where working class people could only think of renting a house to stay and not outright buy
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  • Originally Posted by ashish908
    Don't forget Mumbai is still the Financial capital of india.


    Things can change / might change.

    Some years back Mumbai used to boast of many things that were not available elsewhere in India. But slowly other cities are cacthing up if not better on some aspects.

    VK
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  • See I think Mumbai will continue to remain the financial capital, but soon we will have opportunities not just in Mumbai but in rest of India.. and so will infrastructure


    Originally Posted by veeemkay
    Things can change / might change.

    Some years back Mumbai used to boast of many things that were not available elsewhere in India. But slowly other cities are cacthing up if not better on some aspects.

    VK
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  • Originally Posted by ashish908
    Tax benefits on home loan has added to the boom.


    Hardly any tax benefits with rising benefits as they are minuscule. For rich ppl who can afford home (1.5L is max allowed under interest repayment as 1L on principal would anyway be used up by PF /school fees for the rich ppl etc) ..i.e a saving of hardly 45k a year i.e 3.8k a month , hardly a reason to pay EMI of 80-90k

    Tax benefits were relevent till rates for house were 30-40L
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  • Some people and brokers esp say the prices are going to go up till Diwali and once they go up they are not going to come down. But it seems there was an article in the paper that there are very less buyes now,so the prices will come down.. Oh buying a flat is so confusing. I think it is like betting on your luck and going ahead... Did anyone see such an article. I did not get to read it personally....
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  • Originally Posted by mathewg
    Some people and brokers esp say the prices are going to go up till Diwali and once they go up they are not going to come down. But it seems there was an article in the paper that there are very less buyes now,so the prices will come down.. Oh buying a flat is so confusing. I think it is like betting on your luck and going ahead... Did anyone see such an article. I did not get to read it personally....


    May be TOI article is not the best researched article :bab (38):, however, few quotes and points made in the article are pointing towards an imminent fall of prices. I don't know if 20% is the right number, however, at the present price levels, it just seems correction is apt.
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  • I somehow don't think that the so-called correction which is so eagerly awaited wil be drastic and severe. It might come very slowly, i.e prices might stagnate for some time (say 6 months -1 year ) thereafter depending upon if the market has still not picked up, it might come down, a little bit at a time.
    This notion that there will be a severe drop (20 % or whatever ) all at one go, doesn't seem possible, unless there is some major major financial upheveal in Indian economy, which under current scenario seems a little farfetched to say the least.
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  • Read today's TOI front page article titled 'Offers rain.....' to see the desperation on part of the builders.
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  • http://timesofindia.indiatimes.com/city/mumbai/Offers-rain-as-builders-try-to-mop-up-demand/articleshow/6766279.cms

    Originally Posted by devil1
    Read today's TOI front page article titled 'Offers rain.....' to see the desperation on part of the builders.
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  • The correction is going to be severe rather that slow Mr. usadesi. The rule of thumb is descent is always sharper than ascent. The builder-Politician-selected media lobby so long applying all kind of tricks to boost the sentiment and jacking up the price. So this is the right time to stick to one principal i.e. not to buy any real estate. You will find the fall will be 40% instead of 20% as reported in the TOI.
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  • Originally Posted by tubaibabu
    The correction is going to be severe rather that slow Mr. usadesi. The rule of thumb is descent is always sharper than ascent. The builder-Politician-selected media lobby so long applying all kind of tricks to boost the sentiment and jacking up the price. So this is the right time to stick to one principal i.e. not to buy any real estate. You will find the fall will be 40% instead of 20% as reported in the TOI.

    Incidentally only Nauzer Bharucha seems to be able to se through the smoke and mirrors .. rest of the journos at Property Times Archana Sinha, Sucheta Patil, Kamlesh Pandya, Shilpa Pandya, Shilpa Dani are nothing but cheap, builder pimps ..
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  • Rather than falling, I want the prices to be corrected!!
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  • Hmm.. Well the article talks about the premium apartments.. I am not sure if there are such issues with the non - premium segment.
    There is no point in getting excited if the rate decreases from 30K psf to 24K psf a good 20% fall.. They are far too high in any case..

    It will be heartening to see the same scenario is repeated for other areas from Andheri to Virar.. and places like Powai.. where rates are 9000 for Rahejas and 12K for Lake Homes...
    I am not sure if there are any transaction in these rates.
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  • It will be good if the prices fall but it seems like prices will only fall in Premium and highly priced segments in Mumbai like South Mumbai.For suburbs and beyond suburbs there still seems enough demand so prices will increase. People with budget for Bandra are now looking for a home in Andheri and those with budget for Andheri are looking for a home in Kandivali and so on...because today Kandivali is what Andheri was till a few years back..so the buyers are adjusting themselves rather than the builders reducing any prices..same is the case everywhere...South Mumbai will be priced out and Suburbs will see all the action and increase in prices.
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  • Originally Posted by tubaibabu
    The correction is going to be severe rather that slow Mr. usadesi. The rule of thumb is descent is always sharper than ascent. The builder-Politician-selected media lobby so long applying all kind of tricks to boost the sentiment and jacking up the price. So this is the right time to stick to one principal i.e. not to buy any real estate. You will find the fall will be 40% instead of 20% as reported in the TOI.


    For all of those who have been priced out of this :bab (5): RE market of mumbai, I hope what you are saying is true. I would gladly accept being proven wrong in this case :)
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