Mumbai property slumps, big timers offer more

Mumbai's real estate bosses were forced to take some drastic measures to keep up interest in investment property in Mumbai after there was a slump in the beginning of July. The total real estate intake of the city was been left at just thirty percent of what it was. Ofcourse prices have been affected by this slump with them going done anywhere between 10 to 15 per cent in most places. Industry insiders say that this is also the case in Delhi.

Signs of the slump were seen when there was the usual, if not more amount of curiosity, in some exhibition showcasing mainly residential properties all over city in Thane, Navi Mumbai and Central Mumbai. But the curiosity of prospective buyers didn’t turn into bookings, the developers whose investment property was showcased reported. But there is no reason to worry it seems. The recent drop in interest for real estate can be compensated for by the demand for demand for office spaces in the city.

Any normal reaction to such a slowdown is the immediate slashing of prices, but developers have decided to give the customer more alternatives instead, this time. All the developers who are at the receiving end of such trends have decided to add more value per purchase of property like free parking of vehicles in the premises and taking upon themselves the stamp duty and registration cost.

This has been possible only because the developers taking these steps were the big timers. If this was the case with the small timers then these steps would have not been able to be taken. The state government plans to introduce a slew of changes to positively impact the slump in the market including allotting more land for redevelopment. This will increase construction in the city’s suburbs which is an advantage for housing societies that are opting for redevelopment as they will be its first beneficiaries when it comes into effect.

Had the big timers not taken these steps to re-invoke the interest of the prospective buyer, a downfall in prices would have been the only option.