Real estate developers fear Mumbai property rates may shoot through the roof soon

Mona Mehta Posted online: Monday , January 14, 2008 at 0033 hrs IST Mumbai, Jan 13 Real estate developers fear 30% to 50% increase in prices as well as demand for property in Mumbai, Pune, Nasik, Chennai and ... via Express India

[Real estate Expert]

GIVE ME A BREAK, THIS MARKET IS INFLATED BY BUILDERS, SPECALUATORS & NRIS. AS YOU SEE MOST OF UNITS ARE EMPTY INVESTED BY INVESTORS WANT TO MAKE QUICK BUCKS. THERE ARE NO FUNDAMENTALS & ECONOMIC MARKERS LIKE INCOME OF END USER SUPPORTS. EVERY INVESTOR THINKS, I INVEST TODAY, TOMMORROW IT PRICE WILL BE DOUBLE. LOOK AT HOUSING MARKET CRASH IN USA, UK & EUROPE.
GREEDY PEOPLE HAVE VERY SHORT MEMORY EVERY ONE FORGETS LOOSES WE HAD IN STOCK MARKET. THIS MARKET WILL CRASH & WILL CRASH BIG TIME WITH ALL SPECUALTORS CRYING BIG TIME. WE need to Remove Black band of Greed & need to have reality check of facts & economic Markers, why most of flats are Empty & see hou much rent you can collect compare to price paid, this will give u true value of property considering realistic demand compare to artificial demand created by greedy builders & speculative investors.

[Diwakar Parab]

The real estate market particularly in mumbai has peaked in January 2008 with unrealistic prices. and since last two months it is steady but stagant. I believe that soon in the comig months, market will start moving downward by 30 to 40%.

One recent realty report in March 2008 says that there are about 1,50,000 flats in Bangalore and about 90,000 in Mumbai are lying vacant. This shows that bubble is going to burst soon.When you approach a Developer in Mumbai, he tells you all flats are sold and creates artificial demand supply gap and fools property seeker to pay exorbitant price.
I bought a flat in October 2007 in Mulund for Rs.4800 psf.with my surplus money as an investor. Now since last couple of month I'm trying hard to sell even at Rs.5000/-psf, but in vain. No takers. Same Builders who earlier sold flats at rates 6000 or 6500 psf are now offering off the record rates of 5000/- due to stagnant market.

So the ground reality is honeymoon is over for builders as well as property investors in Mumbai and realend users have to be causious in buying flats.

[shekhar]

Diwakar Parab wrote:

The real estate market particularly in mumbai has peaked in January 2008 with unrealistic prices. and since last two months it is steady but stagant. I believe that soon in the comig months, market will start moving downward by 30 to 40%.
One recent realty report in March 2008 says that there are about 1,50,000 flats in Bangalore and about 90,000 in Mumbai are lying vacant. This shows that bubble is going to burst soon.When you approach a Developer in Mumbai, he tells you all flats are sold and creates artificial demand supply gap and fools property seeker to pay exorbitant price.
I bought a flat in October 2007 in Mulund for Rs.4800 psf.with my surplus money as an investor. Now since last couple of month I'm trying hard to sell even at Rs.5000/-psf, but in vain. No takers. Same Builders who earlier sold flats at rates 6000 or 6500 psf are now offering off the record rates of 5000/- due to stagnant market.
So the ground reality is honeymoon is over for builders as well as property investors in Mumbai and realend users have to be causious in buying flats.

Where is your flat situated ? I am interested in.

[shekhar]

Where is your flat situated ? I am interested in.

[shekhar]

Dear Parab saheb
If your flat is in Mulund east area kindly gve me the adress.. can i have a look at it ?

[Mahesh]

I am doing job and looking for 1 BHK in Goregaon(west), Mumbai. My age is 45 & the only earning member staying with 5 dependents father,Mother,wife & 2 daughters). I am confused & worried as I have to take loan & worried as my entire life saving is involved and still it will be insufficient. In view of this please advise what is to be done in current situation.

[Ashok Sharma]

I agree with real estate expert. I had invested heavily in Bombay stock market in blue chip shares in early 2007 and due to my greed even when market was all time high, I didn't encash any shares. I waited since then and now market is at it's lowest and I can't get any profits.

So people should not be greedy like me and should book profits in share market or real estate whenever opportunity is there.

[Krishna B]

Hello Mr. Parab

Pls let me know if I can have a look at your flat in Mulund

Regards
Krishna ([phone])

[Nath]

Buying 1 BHK in Goregaon(west), Mumbai is not affordable. So you can think of area like Vasai east where you will be able to enjoy family life at your own flat.

[Surendra Kumar]

Need toknow rate of 2 BHK at the Dattatriyer complex at 7th floor at Vasai eastMumbai.

[Surendra Kumar]

my e-mail [e-mail]
my contact 009656322887