d2thdr Posted October 3, 2010 Report Share Posted October 3, 2010 At Rs 1.91 cr, average cost of flat in Mumbai now at all-time high link With property prices soaring to dizzying heights in the country's financial capital, aspiring home-buyers have to be much more than a crorepati to buy a flat in Mumbai, where the average cost of a roof over one’s head is now at an all-time high of Rs 1.91 crore. According to figures put together by the real estate research agency Liases Foras, the weighted average cost of a flat in Mumbai at 1.91 crore has leapt by 49 percent over the last one year. The weighted average cost is the total capital value of all flats divided by the total inventory in each city. In comparison, five other cities like Bangalore, Hyderabad, Chennai, Pune and the National Capital Region (NCR) have witnessed either a drop in rates or a negligible increase. An average flat in these places is relatively affordable at Rs 35 to Rs 50 lakh. Pankaj Kapoor, CEO of Liases Foras said that most cities have maintained an equilibrium in pricing, “Of all the cities, Mumbai is the only one where the prices have escalated so much that no segment can afford it. Most developers here are not bothered about end user sale. If the sale of flats in Mumbai for April to June last year is compared to the same period this year, there is a 50 percent decline this time around,” said Kapoor. The QE money from west flowing into the emerging markets has made those markets ripe for a significant correction. Speculation is rife and property crash will be just spectacular. And I am looking forward to it. = = = = = LINKS (added by DrBubb) Indian Property site :: http://www.indianrealtynews.com/ Link to comment Share on other sites More sharing options...
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