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Mumbai Property prices on high

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The nation’s commercial capital Mumbai did not lag back even in the realty sector and if the revealed sources to the www.propertykhazana.com are to be believed then it is said that a flat in the Cuffe Parade off Maker Town B was sold at Rs. 73,000 Per Sq.Ft and it was said by the market analyzers that no doubt very shortly the prime areas in Mumbai might fetch about Rs. 80,000 per Sq.Ft
During the years 2005 and 06 many areas in Mumbai were on the at most peak and Walkeshwar and Peddar Road which had witnessed about Rs. 50,000 per Sq.Ft and it was believed that some localities in Navi Mumbai might fetch more but it was very uncertain in the realty market.
In fact, the primary market was strong then compared to the secondary market which was recording a down fall of about 10-25% every year and many realty agents went on loosing their commission income which otherwise was being compensated at the other markets.
The banks were restricted with certain norms imposed by the RBI and were not in position to analyze the fluctuating realty market and speaking to the sources, Mr. YV Reddy, then the governor of RBI said that we don’t trust the boom as it is like a bubble on the water which may take a U-Turn any moment.
The City Municipal Corporation and other local bodies were on urge for implementing new projects in Mumbai and announced few townships which further stood as an added advantage for the boom in the city.
Source: NIMMA BENGALURU

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