hi all,

due to recent speculation in the market mumbai prices have skyrocketted...there has been some news on recent correction, as high as 20%....which i dont even see when i am looking for properties...where has the correction happened? do you think there will a bubble burst or prices are still going through the roof....

your thoughts will be appreciated

vik
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  • It is a good time to buy in tier 2 and 3 cities.

    It is a good time to buy in tier 2 and 3 cities.
    Not in Mumbai.
    REITs will boost the market still up.
    REITs will generally opt to invest in Tier 2 and 3 cities instead of high investment cities like Mumbai.

    Suburbs of Pune are best buy at this time...
    :)
    Cheers
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  • According to some brokers etc the prices in Mumbai will not come down sky rocketing and the change will not affect the prime, high end areas. However Mumbai is a fairly risky market, but if you're going in for short term gains, then you could go for it but cover your liabilities and risks well. Mumbai is the only city where demand exceeds supply according to DTZ, if I'm not mistaken (will have to check if that is only commercial or over-all etc). But if you're going for long term then why not go for tier 2 like suggested.
    Bear in mind, these are just my thoughts.
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  • re:

    thanks devang and puni for your comments....is pune considered tier 2...can you give me a list of the few tier 2 and 3 cities....

    tier 2 - pune and pune suburbs
    tier 2 -
    tier 3 -
    ...
    ..

    thanks
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  • If you click on the latest posts tab at the top of this page, you will see on the right a few of the different tier cities, classified. :).
    Think those would be enough to get you started.

    On a personal note, I think Ahemedabad may pretty soon jump into a comfortable position in tier II. It's already ranked no. 8 by C&W.
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  • The builder lobby seems to have gone nuts!!

    They are quoting totally unreasonable rates, demand is there but no one can afford the prices. It is high time the builders get a sense of reality, parking spots itself are being sold for more that what complete flats used to be sold just a few years back. Imagine paying thrice the price of a car just for parking .. where are we headed to??

    Almost everything in the suburbs (Andheri and beyond) is priced close to a Crore today, towards town the situation is even more alarming. To give a comparison, in places like New Jersey, which would be a rough equivalent of our suburbs in the New York City area, one case easily get a two bedroom HOUSE (I am talking about an independent HOUSE with a yard etc not a co-op apartment like we are used to here) for about 250,000 i.e. about a Crore of rupees, our incomes are nowhere near those of the US to sustain these kind of prices.

    Someone needs to drill some sense into these builders .. instead of trying to create hype by spending their money on huge advertisements, glitzy events and paying off journalists to write one sided articles, they’d be better off lowering prices so that people who will actually use these flats can buy.
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