Avatar Posted by manech 312 days ago (http://www.financialexpress.com)
Category: Society | Tags: real estate property mumbai
Real estate developers fear 30% to 50% increase in prices as well as demand for property in Mumbai, Pune, Nasik, Chennai and Bangalore, compared with the ongoing steady demand and prices in Delhi and the NCR region from March 2008 onwards. According to industry experts, with Indiabulls (14 lakh sq ft of commercial and retail) and Peninsula II (5 lakh sq ft) properties under construction in Lower Parel in Mumbai, the demand for residential properties is expected to rise by 30% from March 2008. While Indiabulls property is expected to be operational this

year with a parking space for 3,500 cars, the Peninsula II properties will be completed next year.

According to Abhinandan Lodha, director, Lodha Group, "The commercial property rates in Mumbai are expected to rise by about 50% with more premium buildings getting constructed. Besides, India is emerging as a leading hottest destination for premium commercial establishments whereby builders would be setting up huge number of commercial buildings situated in one location."

Property prices has already touched the roof since the past two years when the booking for Ashoka Towers started at Rs 4,000 per sq ft. However, now the prices have shot up by an additional Rs 18,000 per sq ft. As a result, home buyers have started eyeing Pune, Nasik, Chennai for setting up second homes instead of buying a second home in Mumbai for weekends.
1 Comment   Tell a friend   Bury

Comments Who Voted Related Links