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A Matter of Price

A Matter of Price
How will Mumbai get its realty mojo back? We seek answers … Mumbai, India’s financial hub, is now not so hospitable to its guests, which are swanning into the city in large numbers, almost every day. While on one side, the city is weighed down by insanely high property prices, on the other, it is battling a falling demand-supply ratio. Even those residents, who are eager to buy an apartment, cannot proceed due to delays in execution of ready apartments and the property bubble. The western suburb of Mumbai, considered to be the most happening district of the city, is becoming in· accessible for the city’s spiraling population. Just anyone cannot buy a home here. While the income to house price ratio in Mumbai has risen at almost 11, prices per sq ft along the suburbs have almost tripled over the last decade. The current tum of events is a concern for builders and developers, who want to hasten the sale process without the inflating bubbles. The unsold inventory in Mumbai stands at around two lakh units, which would take over 2.5 year’s to exhaust. In the future too, housing prices are likely to increase.

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