Mumbai Flats Now at a Discount of 12 to 15 Percent

Bangalore: Findings by Knight Frank, a global property consultant have revealed an interesting fact. To get you an apartment in Mumbai is comparatively easier these days with real estate developers opening up to negotiation and reduced prices.

“The catalogue price still stays. However, unlike earlier, where discounts were no more than five per cent for significant upfront payment, today it is between 12-15 per cent. This is more in the premium segment. The discounts are higher in the middle and lower segments,” said Samantak Das, Director – Research, Knight Frank, as reported by Business Line.

The report had also come across another interesting fact. With the increasing number of cancellations in the past few quarters, developers are now forced to get their debt obligations serviced. The investor segment has been losing faith in the present scenario and hence they are planning to off-load their market holdings. Investors hold about 25-30 percent of the market demand.

83,000 units of residential inventory have been left unsold in Mumbai and the numbers of units that are under construction make up a 39 percent, according to the survey done by Knight Frank Research. However, out of these total unsold units, 49 percent inventories are launched under the price tag of RS.2 crore and above.

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