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Mumbai home sales dropped 9% in 2014 on a yearly basis, said a new report. According to Knight Frank's India Real Estate Outlook, launches have degrown by 43% in Mumbai. The consultancy expects price growth to be marginal during the first half of 2015.
"On the back of better consumer sentiments, absorption improved moderately in the second half of 2014 and developers taking cognizance of the lower –than-anticipated pickup in sales, have curtailed launches. .. We foresee the market to show further signals of recovery in the next six months and a tapering of the quarter to sell ratio.," Knight Frank said.
"In terms of office absorption the Mumbai Metropolitan Region is on three year high levels and vacancy level will move in 22-23% in the six months due to increase in new completions" said Samantak Das, chief economist and head of research at Knight Frank.
