High-end residential market prices plunges in Mumbai

By Accommodation Times (www.accommodationtimes.com)
According to the property market survey report says that, “luxury home market is facing downturn in Mumbai, it says that city has witnessed of sharpest fall in luxury home prices from the last one year.” On the other hand average property rates across the city constantly increasing.
Reportedly, residential trends in 23 key global cities, the Mumbai luxury market has registered the maximum dip at 18 per cent.
Recently we have reported that, “the quarter end December property market reports shows the record break drop in home sales comparatively in the previous three years, as this happening due to rising interest rates of home loans it has damaged the demand.”
According to the Liases Foras Real Estate Rating & Research Pvt says that Mumbai is the costliest property market across the country. It has dropped by 17 percent comparatively from the last quarter to 7.59 million square ft. The senior official of organization said that, “healthy market” normally maintains about eight months of inventory.

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