Mumbai's realty market flatlining on stagnant prices, slow sales

The first of a three-part series looks at the prospects of the Mumbai property market, which saw the highest unsold inventory pile-up last year

Mahesh Bedekar, a real estate investor in Mumbai, is a worried man. He wants to sell two residential properties, but the offers he is getting won’t leave him with any profit.

Mumbai’s real estate prices, which doubled between 2006 and 2010, have remained stagnant for the past five to six years, plunging developers and investors like Bedekar in deep gloom. “Real estate has seen many changes. RERA (Real Estate Regulation & Development Act), 2016, has come and GST (Goods and Services Tax) has hit the companies. I bought the properties before these changes and now I am stuck,” Bedekar said.