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Stagnant property prices fail to take sheen off Mumbai land deals

Sales have declined 2% in the fourth quarter of the financial year 2018-19

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Raghavendra Kamath Mumbai
Even as residential property prices and home sales are stagnant in Mumbai, land deals are happening 
at staggering prices. 

Sales have declined 2 per cent in the fourth quarter of the financial year 2018-19 and prices have reduced by around same rate, according to Liases Foras, a real estate research firm.

On the contrary, land deals in the city have clocked big numbers. Recently, Japanese conglomerate Sumitomo Group had bid Rs 2,238 crore for a 3-acre plot in Bandra Kurla Complex (BKC) area of Mumbai. At Rs 745 crore per acre, this was the largest land deal in the country.

Sumitomo’s land purchase works

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First Published: Jun 28 2019 | 12:12 AM IST

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