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Property prices jump 10% in 4 months in Mumbai

Last updated on: April 19, 2012 09:16 IST

Property prices jump 10% in 4 months in Mumbai

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Sandeep Reddy

We at Groffr.com keep a track of pricing of different projects across Mumbai to keep buyers up to date on the prices so that it helps in the decision making process.

Though our buyer survey showed that buyers are expecting a 20 per cent discount on prices, we note that builders have taken a completely different highway "their way" - prices in Mumbai have been raised by an average 10 per cent in the period January-March 2012.

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Image: A vehicle drives past residential buildings in Mumbai. Photo is for representation purposes only.
Photographs: Punit Paranjpe/Reuters
Tags: Mumbai

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Property prices jump 10% in 4 months in Mumbai

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We have considered pricing of 55 projects across Mumbai to arrive at this conclusion. In fact, there were eight projects where pricing has moved by greater than 20 per cent.

Which areas, which projects and how much have prices increased?

i) Andheri West has seen prices go up by more than 10 per cent. Prices increased for Park Vistasand Naman Habitats.

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Image: A man cycles past newly constructed buildings in Mumbai. Photo is for representation purposes only.
Photographs: Punit Paranjpe/Reuters

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Property prices jump 10% in 4 months in Mumbai

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ii) Prices in Ghatkopar up by 10 per cent. The Address by Wadhwa Developers increased prices from Rs 11,250 psft to Rs 12,400 psft and Kalpataru Aura increased prices from Rs 10,500 psft to Rs 11,500 psft.

iii) Kharghar has seen price rise of five per cent.

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Image: Workers stand on top of a building under construction in Mumbai. Photo is for representation purposes only.
Photographs: Punit Paranjpe/Reuters

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Property prices jump 10% in 4 months in Mumbai

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iv) Indiabulls and Kalpataru increased prices by seven per cent in Panvel for their projects Indiabulls Greens and Kalpataru Riverside.

Which builders are raising prices?

i) Kalpataru has increased prices for Kalpataru Aura in Ghatkopar by 10 per cent, Kalpataru Gardens/Towers in Kandivali by 20 per cent+. Prices were increased by seven per cent in Kalpataru Riverside, Panvel by seven per cent.

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Image: Buildings under construction are seen along the Mumbai skyline. Photo is for representation purposes only.
Photographs: Arko Datta/Reuters

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Property prices jump 10% in 4 months in Mumbai

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ii) Oberoi Realty has increased prices for Oberoi Splendor (12 per cent), Oberoi Exquisite (12 per cent) and Oberoi Esquire (nine per cent).

iii) Lodha has increased prices for its New Cuffe Parade project (now renamed Lodha Dioro). Prices did not change for Lodha Golflinks and Lodha Luxuria.

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Image: High-rise residential towers under construction are pictured behind an old residential building in Mumbai. Photo is for representation purposes only.
Photographs: Vivek Prakash/Reuters

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iv) Nirmal Lifestyle increased prices for Riverside in Kalyan by 21 per cent. However, they have raised prices for their US Open project by only three per cent.

Sandeep Reddy is co-founder of Groffr.com


Image: A building under construction in Mumbai. Photo is for representation purposes only.
Photographs: Punit Paranjpe/Reuters

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