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Mumbai: Discounts & launches perk-up demand

Friday, April 05, 2013

Prices in Mumbai city have appreciated by CAGR of 14% over last 10 years. We believe this trend is unsustainable and prices in Mumbai will have to correct and remain subdued over next 2-3 years. This will allow improvement in affordability as income levels catch-up with resi prices. Today, the most affordable project within Mumbai city quotes at >10,000 per sq ft which translates to Rs15mn for a 2BHK apartment. Further analysis shows, households with annual income > Rs3.5mn will be able to afford such an apartment.

No developer has officially cut base prices as yet. However, they are offering discounts through 20:80 schemes, stamp duty waivers, floor rise waivers and other freebies to attract buyers. Most new launches in 1Q have been at a discount to avg. market prices. Projects announced by renowned brands such as L&T, Lodha witnessed robust sales in 1QCY13.

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