The over-heated Mumbai property market is taking its toll on the property transactions and sales in Mumbai property is the lowest of the six major cities across the country. According to reports, over the last one year leading to December 2011, residential sales in Mumbai have dropped by 28 per cent.
Sunil Dahiya: Pranay, the most important thing is the background of the investor from the developer’s perspective. My understanding may be a little limited because I come form the Delhi NCR market and as you know, it is a very localized subject. But being in the governing council of NAREDCO at the national level, where Knight Frank is knowledge partner, one of the presentations that we had in 2008 with the idea that where the industry has lost its bearing and funding was the main agenda.
Pranay Vakil: Let’s start by introducing ourselves. I am Pranay Vakil, Chairman of Knight Frank India. We are a brokerage and consultancy group, positioned as second in the business.
Mumbai continues to be the costliest property market in India but the sales graph show this value has started taking its toll on the volume. Property registration in India’s biggest real estate market continued its slide and in September recorded a 29-month low at 4,137, down 22 per cent year-on-year.
Less launches, pragmatic marketing, innovative packages, product bundling and online brand promotion, the real estate developers in Mumbai are leaving no stone unturned to beat the inflationary pressure.
Mumbai continues to be the costliest property market in India but the sales graph show this price rise has started taking its toll on the sales figure.
While the real estate carries home the point that the very nature of business has gone for a change with second generation taking over the business, professionals driving the show and efforts for an overall image makeover.
Newspaper advertisements and other branding collaterals of some of the real estate projects across the country attract the eye balls for what Indians have always aspired for—International living.
When Rishi Patil bought his first property in Mumbai a decade back, he followed the advice of family astrologer and deliberately waited for 7 months to book the flat on the day of Akshay Tritiya.
While everybody, including the Finance Minister seems to be focussing on the affordable housing, the definition of the real estate at the bottom of the pyramid seems to be changing.