India Real Estate Monitor

Though realty prices across India are still smooth, Mumbai’s realty market has surely started heading north. Realtors in Mumbai have hiked prices for their developments by 5-15%, depending upon the location. Modern India Ltd, a Mumbai-based realty company, has finalized the sale of 4 residential flats, sized 2,100 square feet each at its high-end Belvedere Court, Mahalaxmi, at a price of twenty-five thousand rupees per square feet. Recent research reports (Market Beat) show that comparable flats (Vivarea, Planet Godrej) in the vicinity fetched between Rs 19,400 and Rs 20,000 per square feet, which clearly indicates a price rise of 25% in that area. Though prices had declined only by 30-35% in Mumbai and its suburbs, they are again moving up and still demand is pouring in, which is beneficial for developers.