Nayan Shah, chairman, Mayfair Housing, talks about the city's real estate scene
Nayan Shah, chairman, Mayfair Housing, talks about the city's real estate scene
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In Mumbai, a builder has to struggle at every step, right from getting land to actually starting the construction. And the formalities are lengthy and time consuming.
The demand in Mumbai far exceeds the supply. And this housing scarcity will last for quite some time. Our city is a production starved residential market and will continue to be so. Also, the dull market sentiments are preventing home-buyers from sealing deals.
As of now, everyone is on a wait-and-watch strategy, hoping that the prices will fall further. This is the case in every suburb. Even for our Virar project, we had given a discount in Diwali, but had to further drop our prices by 20 per cent.
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It brought down the rates to what they were in 2006-2007, but we had good sales. So, you can say that the market has stabilised or consolidated. But the customers want a further reduction. Everyone is looking at negotiating for the best deal possible.u00a0
The market is on a seesaw ride; the moods and sentiments are very unpredictable. However, it should stabilise in the next two months. Buyers should also realise that good developers only have a limited number of unsold apartments, which will be taken in a matter of time.
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