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

construction, realty, real estate, concrete, cement, buildings, high rise
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Many say the price cuts are desperate attempts by developers to generate sales

Raghavendra Kamath Mumbai
“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.

First Published: Jul 06 2020 | 4:01 PM IST

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