Realty experts say residential property rates are likely to come down in the coming months. A builder from the western suburbs who did not wish to be identified told TOI that the Bandra-Khar residential market had almost stagnated. “There are virtually zero sales. Not many builders will admit this. People are just quoting ridiculous prices, demanding Rs 1.5 crore for a one BHK flat in a society up for redevelopment,’’ he said. Interestingly, he added, sales were taking place in Juhu although they were sporadic.

“End users no longer have that kind of money. But so far, there are no indications of a drop in property prices,’’ the builder said. Neighbouring Thane too has been witnessing a slump in the last two months due to the jump in prices. Developers admit in private that the rates are almost 15% higher than what they should be.

Thane property experts say that most of the clients who have bought houses are in the age group of 25-30. However, ever since the increase in interest rates, there has been a sudden rise in demand for rental houses. “The recently organised property exhibition here did not result in a good turnover, although the turnout was good,’’ observed a leading Thane builder.

In Navi Mumbai, after a near sixmonth suspense over the big question of whether the realty rates will slide or not, there’s some good news. There has been an unofficial rate reduction in property prices in some of the weaker nodes of the city, as well as in the posh, better developed areas. While residential rates in developing areas like Kamothe, Taloja, Owe and Khandeshwar have come down by nearly 20%, in better areas like Vashi, Nerul, Belapur as well as Palm Beach Road, the rates have slid by a margin of approximately 5% to 10%.

While developers in this satellite township maintained that they would not bring down the rates in ‘good’ areas even if there was a shortage of buyers, it’s not very hard to bargain on an unofficial level, even for flats on Palm Beach Road.

Developer Mahesh Hemrajani, who has been a resident of Vashi for the last two decades, told TOI, “It’s a fact that builders are now ready to bring down the rates for willing buyers, but they will continue to advertise the old, higher rates in print.’’

Hemrajani admitted that there were very few buyers for high-end flats on places like Palm Beach Road, as also the more far-flung areas. Prices in places like Taloja, Kamothe, Dighe and Owe are now in the range of Rs 1,500- and Rs 2,100 per square foot, while on Palm Beach Road, they have unofficially dropped to Rs 5,000 per sq ft from the earlier Rs 6,000 to Rs 6,500 per sq ft.
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