Mumbai prices crash as developers struggle for funds, buyers wait and watch

While there has been a markdown of as much as 20-25% in some areas, buyers aren't committing their money on hopes of a further correction

“Today developers are ready to sell at Rs 40,000 a square foot. Last year, they were selling at Rs 50,000 sq ft, “ says Sudha Kumari, a real estate broker in Dadar, Mumbai.

That is a 20 per cent lower than last year’s prices.

“Developers are worried about their loans. They want to sell but buyers are in no mood to buy now,” Kumari said, indicating the desperation of developers.

Kumari is bang on. Sunil Solanki, a real estate investor in the same area, says he will buy properties when prices come down to 30 per cent.

“There are good opportunities to buy now