Mumbai's Realty Market Witnesses Upward Price Trend
Despite relatively stable real estate prices across India, Mumbai's realty market is exhibiting a notable northward shift. Realtors in Mumbai have incrementally adjusted prices for their developments, with hikes ranging from 5% to 15%, primarily influenced by location.
Notable Sale Highlights Price Surge
- Modern India Ltd's Belvedere Court Sale: The Mumbai-based realty company, Modern India Ltd, has successfully finalized the sale of four residential flats, each spanning 2,100 square feet, at its prestigious Belvedere Court in Mahalaxmi.
- Price Per Square Foot: These high-end flats were sold at an impressive ₹25,000 per square foot.
Comparative Analysis Indicates Price Rise
Recent research findings from Market Beat reports reveal that comparable flats in the vicinity, such as those at Vivarea and Planet Godrej, were previously fetching prices between ₹19,400 and ₹20,000 per square foot. This disparity clearly underscores a significant price rise of approximately 25% in the Mahalaxmi area.
Market Dynamics: Decline and Recovery
- Previous Price Decline: Mumbai and its suburbs had experienced a relatively moderate decline in prices, at about 30-35%.
- Current Market State: Despite this, the market is now trending upward, with sustained demand, which bodes well for developers in the region.