It has been predicted by property advisory firm JLL that 2015 could see positive fluctuation in the prices of properties in Mumbai.
Ramesh Nair, COO-operations and International Director of JLL India, said that investors and buyers are eagerly checking out the market because they are considering that property prices will be climbing down in the next few months which will further bring good news for their hard earned money and provide them property in lesser prices.
But market reading shows that property prices will rise next year. However, it will go up slightly by 6% at the fourth quarter of year 2015, said Nair.
He says that Mumbai Property Market will note lots of property deal in the next six months as buyers will try to take advantage of low price and the condition of market is expected to become normal by year 2016 only.
It has been noticed that developers are looking up to the number of enquiries increased and expect that the recovery will be done in the months ahead. It is the time of buyers, as builders are giving easy discounts, festive offers, freebies, etc to pull sales on the right track, he added.
He states that, at some places developers are offering even 10% discount also on the basic price to those buyers who are actually serious to make a purchase. Other than this, buyers can also negotiate the price of floors, apartment and plots.
He suggests buyers that if they are not in a rush to shift in a home soon then they should buy a property in an initial stage, so that they can get it in comparatively lower cost. To illustrate, booking of project in an initial stage in South Mumbai easily offers rebate of 8-10%. In another project, which is located in eastern suburbs, pre launch property offered over Rs 8000/sq.ft while a finished project charging 14000/sq.ft., he said.
Most of the time schemes are being given in the pre –launch stage of a project. Some popular ones are -20:80, 30:70, 10:80, 10 and 5:80:15. These plans remain hot deal among buyers, while they bear to pay higher base values in comparison to those who choose to pay higher chunk of the capital value at the outset, he added.
