This is an update by Goldman Sachs from MCHI Property 2008 at Bandra Kurla Complex, Mumbai on April 18th.
Property rates being quoted for Mumbai suburbs were high and likely to be beyond the reach of many upper middle income families. Given the upcoming supply, we believe risks are on the downside for property prices. We believe developers will struggle to achieve volume growth if they do not offer lower ticket sizes.
On Goldman's interaction with Investors,
Feedback on the sector based on our interaction with Asia based investors over the past month has generally been bearish.In the absence of a correction in property prices and interest rate cuts, GS believes end user demand will likely continue to languish. Property stocks may struggle to perform in the near future.
We are currently fetching the rates of various projects in Mumbai and shall update them soon.
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