“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.