Mumbai house prices soar but no shortage of takers

THROUGH THE ROOF: Mumbai real estate developers are unwilling to give in to the latest slump.

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Keywords: Mumbai, property

Mumbai: A two BHK apartment in Nariman Point at Rs 3 crore or even a Rs 11,000 per sq ft apartment in the far-off suburb of Mulund might sound atrociously expensive, but that definitely does not mean there are no takers.

According to the Planning Commission's latest report, urban housing shortage in India in March 2007 was around 24.71 million and is all set to touch 26.5 million by 2012.

Little wonder then that the real estate developers are unwilling to give in to the latest slump and reduce prices.

“The market is not growing at the rate we had expected but we are still not feeling the pinch,” says Manager, Akruti City, Tarang Patel.

“We might even witness a further rise in the already increasing land and steel prices,” says Director, Goel Ganga Developers, Atul Goel.

While the developers are refusing to budge, it is the common man with a limited budget who's feeling the heat.

For the average Mumbai citizen, who is battling inflation and rising interest rates, buying a house is just next to impossible. All that one can do is hope for prices to stabilise to own your dream house.