Downfall in property rates in Mumbai

December 13th, 2008 - 2:54 pm ICT by ANI  

Mumbai, Dec 13 (ANI): As global economic meltdown and recent terror attacks have lead to downfall in property rates in Mumbai, builders feel it’’s the right time to buy property.
The November 26 Mumbai terror attack have led to serious decline in property rates and have also turned the customers from Mumbai to the suburban Navi Mumbai.
Navi Mumbai is considered to be much safer and cheaper region in Mumbai.
Hordes of people thronged a property exhibition organised by the Builders Association of Navi Mumbai (BANM) in search of various schemes and offers to match their budget.
Visitors at the exhibition believed that the recessionary trends had already reduced the property rates and terror attack would reduce the rates further.
“The property market drop here was prior to the terrorist attack. The terrorist attack will reduce the inflow of foreigners and foreign money, which will have corrections in the property,” said Ravi Shankar, a visitor.
Prospective buyers are evaluating all possible measures and trying hard to get the best deal at the right time.
“There is recession going on so the property rates have also fallen. Now builders are also ready to talk, earlier their business was flourishing so they never used to negotiate but they are willing for negotiations,” said Ashish Sharma, another visitor.
As per the builders in Navi Mumbai, the property market is down but they suggest that this is the right time to buy property.
Builders at the satellite township are offering discounts to woo the buyers. Besides discounts, smaller, affordable dwellings are also promoted aggressively.
“People are still waiting and adopting ”wait and watch” formula, as they are waiting for the rates to go down. But this is the right time to buy the property,” said Ashok Chhajer, Chief Managing Director of Arihant Universal and member of BANM.
About 190 stalls were set up at the exhibition and at least 300 projects in and around Navi Mumbai were showcased. (ANI)

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