Like any other real estate market, Mumbai’s property market has also witnessed several peaks and troughs over the last two years. But now the market is showing the signs of revival. Developers resorted to reduction in the size of apartments and came up with several offers and discounts up to 5-10 percent. As per the reports of JLL India as published by the Economic Times, cumulative sales of residential apartments rose by 28% over the last four quarters.
Unfortunately, during the first half of 2015, the number of new launches came down drastically by almost 25 percent. Due to comparatively higher rates the market was losing its luster among the end-use buyer which results in a pile of unsold inventory with the builders. They did not want to incur loss on reduced prices so they preferred holding supplies. This is, however, in the favor of those who had put their investment activities on hold waiting for price correction. [Read more…]