Business Daily from THE HINDU group of publications
Friday, June 13, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Friday, June 13, 2008 ePaper | Mobile/PDA Version |
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Update at 1645 hrs (IST)
Industry Property prices in Mumbai to fall by up to 15% MUMBAI: Property prices in Mumbai is likely to fall by 10-15 per cent over the next six to nine months on the back of lacklusture sales. Leading real estate sector players attribute the impending fall to rise in interest rates, escalation of cost, credit squeeze by banks, bearish capital market and weak sentiments globally leading to poor offtake of properties. "These will definitely have a negative impact on the property prices in Mumbai and other cities in the country. In my view, the price will go down by 10-15 per cent over the next six to nine months," Mr Ramesh Jogani, Managing Director and Chief Executiv e Officer, Indiareit Fund Advisors said. On the positive side, it shows that markets are maturing and the fall in price will again bring resurgence in customer demand, he added. Indiareit Fund Advisors manages a total of $450 million domestic and offshore funds. His views were echoed by leading real estate firm Orbit Corporation's Managing Director Mr Pujit Agarwal as he said that there is a total slowdown in the property ma rket at the moment. "For the last six months sales were lacklusture. The demand for property will not go up until general election scheduled for next year," Mr Agarwal said. High inflation, increase in cost of capital and widening trade deficit have led to the fall in the stock market, he said adding that real estate market of Mumbai has a significant co-relation with the stock market. - PTI
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