 "Mumbai home prices may appreciate by 6% this year: JLL")
Mumbai home prices could appreciate by 6% this year due to increased buying in the coming six months, said Ramesh Nair, chief operating officer, at JLL, a global property consultant.
“Mumbai’s residential property market will start seeing a lot of buying activity in around six months, with buyers taking advantage of prevailing market conditions to get good deals. The increased market activity is expected to continue next year too,” said Nair in a note.
Nair said developers expect the market to recover in the months ahead. Currently, they are offering discounts, freebies, waiver, festive offers to increase sales velocity.
“In some areas, builders are offering spot discounts of up to 10% on the base price of a property to buyers who are serious about making purchases. In other cases, buyers can negotiate the floor rise charges or get these waived off completely,” he said.
He recommended that buyers who are not in a hurry to move into a new house, to book in the pre-launch stage of a project and get very competitive prices.” To illustrate, booking in a pre-launch project in south Mumbai can easily translate into a discount of about 8-10%. In one of the eastern suburbs, a pre-launch project is offering a price of around Rs 8,000 per sq.ft., while a completed project nearby is charging Rs 14,000 per sq.ft.”
“Mumbai’s residential property market will start seeing a lot of buying activity in around six months, with buyers taking advantage of prevailing market conditions to get good deals. The increased market activity is expected to continue next year too,” said Nair in a note.
Nair said developers expect the market to recover in the months ahead. Currently, they are offering discounts, freebies, waiver, festive offers to increase sales velocity.
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He recommended that buyers who are not in a hurry to move into a new house, to book in the pre-launch stage of a project and get very competitive prices.” To illustrate, booking in a pre-launch project in south Mumbai can easily translate into a discount of about 8-10%. In one of the eastern suburbs, a pre-launch project is offering a price of around Rs 8,000 per sq.ft., while a completed project nearby is charging Rs 14,000 per sq.ft.”