Here are the views of Mr. Ramesh Nair, Jones Lang LaSalle India on the Mumbai Residential Property Market.
He expects turnaround in Mumbai residential segment in next six months as developers launch new projects at lower prices. The key reason for prices holding up was due to sharp drop of over 50% in new launches which neutralized the 30% drop in absorption. However, with new DCR (Development control regulations) in place, launches are picking pace and should lead to improved sales volume.
The affordability in Mumbai market can improve only if infrastructure projects are implemented opening up new land supply. He believes redevelopment and slum rehab will provide future land supply (up to ~13,000 acres) in Mumbai island city.
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