Mumbai's Real Estate Market is Still Red Hot

Puri stated that "Demand has slowed, but supply has slowed even faster." He further stated that over the past 14 months, the project approvals for new launches have slowed down due to government’s regulation changing process. Although, the new rules are now in effect, yet another 4 years needed before fresh supply comes up, says Puri.

This tightness in supply has brought good bargaining power for property owners. "If you have holding power and can wait it out for a few months, you are sure to get a good price," said Jogani.

Puri also said that "If earlier there were 10 buyers for one apartment in Mumbai, now there are 5, but they are still there.”

According to Ramesh Jogani, the CEO of real estate private equity firm India Reit, "We recently launched a fund that was looking to invest in redeveloping old Mumbai buildings and slum areas and we raised 250 crore ($ 43 million) in just two months.” He also highlighted investor confidence in Mumbai's real estate sector.