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fall of 30% in rate seen in mumbai

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fall of 30% in rate seen in mumbai

Last updated: June 23 2012
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  • fall of 30% in rate seen in mumbai

    its like tell or don't tell situation for developers, facing very bad patch in sales of flats. may be in next few months fall will be crystal clear for all buyers. luxury apartments sales which is like nil, is creating more havoc to developers.

    having big dept and loans developers will have to open their cards very soon. if you are planning to buy then wait for few more months, this time definitely
    sabar ka fal meetha hota hai
  • #2

    #2

    Re : fall of 30% in rate seen in mumbai

    Agreed

    I spent 2 weeks in Mumbai, and visited quite a few builders close to Easter Express. One of my question to all the sales guys/developers was howz the sale and reply was similar "Thodi mandi hai". When a sales person says "thodi", we have to think of a worse.

    Currently there is no point in jumping until the RE cycle decides the direction. My take based on market condition and data, the direction is pointing to decline.

    There only needs to be a small push now to ensue the scare which will trigger speculators and investors towards exit.

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    • #3

      #3

      Re : fall of 30% in rate seen in mumbai

      Can you list a few projects where there is 30% fall ??
      Ive been hunting for a 2BHK in Western Suburbs (Andheri/Malad/Goregoan) but found no reduction in rates, yes there is a stagnation in rates and very few sales but I didnt find any fall in rates.

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      • #4

        #4

        Re : fall of 30% in rate seen in mumbai

        Originally posted by sh-saxena View Post
        Can you list a few projects where there is 30% fall ??
        Ive been hunting for a 2BHK in Western Suburbs (Andheri/Malad/Goregoan) but found no reduction in rates, yes there is a stagnation in rates and very few sales but I didnt find any fall in rates.
        It has already in most western suburbs, i own a 1BHK apartment there and have seen its value fell by 20% in last few months.

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        • #5

          #5

          Re : fall of 30% in rate seen in mumbai

          Dont be in a hurry, after multi year bull run, there will be some period of consolidation and then the eventual down turn. As they say, cycle of ups and downs.

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          • #6

            #6

            Re : fall of 30% in rate seen in mumbai

            Originally posted by sh-saxena View Post
            Can you list a few projects where there is 30% fall ??
            Ive been hunting for a 2BHK in Western Suburbs (Andheri/Malad/Goregoan) but found no reduction in rates, yes there is a stagnation in rates and very few sales but I didnt find any fall in rates.
            You are correct if you are searching the 2BHK on the net. If you go to broker and show the money you will find that rates are droped in Malad west, Goregaon west, Andheri west has many areas like Lokhandwala, Oshiwara, 4 bunglow, 7 bunglow the rates in Oshiwara Link road is not droped and it is same that was 2 years back. I have talked to Brokers and many have not sold single flat in 2 years. Dont go by asking price. Many are asking 1.5 to 2Cr for 2BHK(resale) in Andheri west but who is going to buy? Those who want to sell have to drop the price. I am not writing about under construction , I will not advice to go for under construction because it may take 5-7 years to compleate the projects.

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            • #7

              #7

              Re : fall of 30% in rate seen in mumbai

              Originally posted by sh-saxena View Post
              Can you list a few projects where there is 30% fall ??
              Ive been hunting for a 2BHK in Western Suburbs (Andheri/Malad/Goregoan) but found no reduction in rates, yes there is a stagnation in rates and very few sales but I didnt find any fall in rates.
              Saxena-ji, usually builders brokers will not negotiate initially, however if you show them that you are a serious buyer (have money, loan approval slip etc)
              then the bargaining begins. I have been looking for a flat in Goregaon/Malad/Kandivali/Borivali areas and was surprised in some cases that flats in Borivali were quoting higher than Kandivali! however once builder/resale owner realizes that you are a genuine buyer then you will notice the change in approach and 10-15% discount is there for the taking a bit more aggressive bargaining might get you 20% (ie if you take out a token amount cheque/cash). On internet there is an unholy nexus between brokers and websites where you will notice that rates go up every month by 1-2%

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