This article is just one example to discuss a particular type of scenario put on the reports. Four months back a property buyer put up a token of Rs 6 lakhs to purchase property in a lavish project. This is the investor who had earlier purchased the apartment amount of minimum Rs 15 cr and lost his patience as rates got decreased and choosed to deduct the losses.
But later some changes happened like the property buyer who had put up a token price had calculated a specific amount for his own property to sell out first in order but it did not arise. Afterwards coronavirus was knocked and that deal was cancelled and that token rate of property buyer was refunded to him.
A month later this investor did not openly hint that a transaction at even Rs 6 crore may work for him. At that price – the property is priced at Rs 30,000/sq ft on carpet or you can say it was 50 percent lower from the prices it ideally would have been quoted. We suspect it might get some demand once the lockdown and its hangover are lowered down.
Hence, the main reason to mention this example is Mumbai's real estate rates have decreased and even for other industries there would be sudden rates decrease as well.
As per the reports, most of the rates of well known places in mumbai have decreased by 20-30% throughout 2 years & in lower parel rates have decreased by 40% at its best. Even in Central Mumbai rates for lavish properties are seen decreasing by 10-15% too.
Presently, rates are at knifepoint for latest constructions as per the situation and these rates would get control over some specific areas.
In colaba, rates in that area are gonna take an additional hit due to coronavirus & applying to all it has decreased by 10-15% in order.
Earlier rates were rising with the growing construction but now as project completion time is near so the burden on rates is weighty. Even the developer sets in and attempts to clear his record in most cases through individual purposes.
As per the situation, it indicates that we are starting to decrease rates for different types of apartments, even premium and lavish properties. According to the 3BRICK.com manual survey, it indicates that 4000+ towers in MMR have been sold slighter than 40% of their inventory & planned for possession in 2020 or 2021. Likely in rera 24000+ towers are recorded that means 20% of all latest construction is in the ready possession including premium & luxury.
Developers are struggling often from their real investors for projects which are in further process of finalising. Investors are sharply anticipating openly and developers are doing it secretly.
Presently at an optional stage, rates in the resale market are generally offered at 10-15% discount at positions needed by the developers. In this well organized moving sale with acceptable demand & supply, one and the other have to connect. In this situation one should be truthful with the reality that the price offered by the investors will increase to the position of developers in possibility that it will be developer's price reducing to the position of the investor.
In this difficult situation developers have effective rates but most important in this action is very few ones are honest. Sale deals get accomplished by investors at the same time developers inventory continues at an excessively position. Extent deals are very risky actions and have low results.
Big confusion is whether offered rates will take place in transactions or not. But most of them think that unassuming numbers surely will as rates are now at a demanding position for property users as well as investors. Remarkable numbers will choose a waiting process path even after the unpredictability has reduced.
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