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Buildings in Mumbai soaring high, property sales charts sag |
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The buildings in Mumbai are soaring higher day by day but the property sales charts in the city are experiencing sag.
The developers are ready to offer huge discounts freebies such as free parking space and stamp duty payments. They are ready to give any discount offers to make the sale. In suburbs such as Andheri, Goregaon and Malad builders often offer a 10 to 15 per cent discount on bulk deals. Those discounts could reach even 30 or 40 per cent.
Rashid Bastvi, Bastvi Estates Agent says, "A builder might quote Rs 10,000 per square foot. But if you sit across the table with money in hand, he will reduce his price by 30 to 40 per cent." Because the sales have fallen, the rate in some cases have gone down by 90 percent in the past six months
President of Estate Agents Association of India, Yashwant dalal says, " The overall sales have gone down by 60 to 70 per cent, also in the second-hand property market, sales are down by almost 80 to 90 per cent."
The slow down of rates are playing heavy on the psychology of the developers. Even A-grade developers have to depend on brokers to turn the sales graphs up. This is a blessing in disguise for the common man.
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