Investing Property

The Demand for the Mumbai property

Mumbai's realty market, which in recent years witnessed an astronomical price increase bringing it in the league of the worlds most expensive cites, is finally taking a beating. Property sales that have been growing at a rate of about 20% every year which is increasing incrementally every year the first time in six years.

Though the property market in the country's financial capital has been rife with talk of a slump for some time now, this is the first time figures prove the extent of the slowdown. Information about residential and commercial property for sale in delhi from the stamp duty registration office show almost fewer transactions during the last financial year compared to the year before in the apartments and flats categories. From April 2007 to March 2008, A lot of flats were purchased in Mumbai as against the given number in 2006-07. Analysts said this could be just the tip of the iceberg as stamp duty registration figures indicate the trend only among genuine homebuyers. There could be more of a downswing in real estate investments as people are backing off from the sector in large numbers. It is likely to affect the high price areas of the city more than high end locations. The greater challenge will be the limited infrastructure that has not kept pace with the growth of the city.

Signs of the sluggish market were visible when a recent auction of Mumbai Property. Complex turned out to be a damp squib. Just a year ago, a plot of land in the same place had become the national indicator of the euphoric real estate scenario. Developers who are not able to sustain for another six months will set the valuation. Prices have peaked too fast over the last six years, so a correction was going to be on track. Besides peaking of values, when global factors showed signs of stress even the investors in the Mumbai properties segment started withdrawing towards the end of each financial year which will see a growth in the Mumbai Properties category as an overall for all segments.

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