Housing Price Predictions in Mumbai

Mumbai real estate developers, Housing Development and Infrastructure Ltd, is predicting a drop in real estate values all over the country of 25% this year

But their predictions don’t hit Mumbai really hard as they say that their prediction of the drop will exclude Mumbai which will experience considerably less of a hit - a 10 per cent drop instead. Prices they say, in Mumbai will fall by 10 to 15 per cent. This expected fall in Mumbai’s real estate rates will be lower than the rest of the country’s rates because of the constraints in supply.

The company however does not fear a period of low business for them as most of their projects are located in the metropolitan area of Mumbai. The fast growing real estate giant has major plans of expansion even to other centers in the country. One of its high profile projects in Mumbai among the almost entire 12 million square feet of area that is soon to start is the Mumbai Airport Slum Rehabilitation Project which will account for 2.5 million of the targeted area of 12 million square feet that the firm plans to develop in the city.

The project which is on its way to being ready and is expected to be completed in less than two years time. After completion, the project will provide houses for over 20,000 families of the 80,000 that were displaced by the project with more to come in the next phases of construction. Another project that the firm plans in the city is the proposed multi product SEZ in Virar for which acquirement of 200 acres of land is over. They also plan to develop as similar facility in Vasai too.

The firm plans for more development by its hands for the city’s real estate. What one will soon see in Mumbai is an IT and Development Center coming up at Turbhe MIDC in New Bombay which will be spread over 1.8 million square feet and retail space in Mulund which will be over a sprawling area of one and a half million square feet.