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Apartment prices keep soaring
Real estate services firm Cushman & Wakefield has said that property values in South Mumbai, where BJP MP Vinod Khanna recently bought a flat for Rs. 30 crore at Rs 1.2 lakh per square feet, would further appreciate, though marginally, in the second half of the year due to demand-supply mismatch.
“Demand for prime property has been on a constant rise as South Mumbai has been the traditional business capital and economic hub of the city. South Mumbai is expected to witness growth and increase in values as the potential increase in supply is restricted,” Cushman & Wakefeld’s Joint Managing Director Sanjay Dutt said.
Mismatch
Price is usually a function of demand and supply mismatch and that is what has been pushing up the values in South Mumbai.
“Mumbai is definitely one of the most expensive cities in South /South-East Asia with 3-4 bedroom prime property transacting anywhere between Rs. 10 crore and 20 crore,” he said.
Root cause
The growth in Mumbai is linked to the growth of job opportunities, especially in high paying services sectors, which has resulted in attracting talent leading to rise in demand.
Simultaneously, the supply was severely constrained due to delay and slow development cycle. Mill land took 10 years to reach the present stage of development. - PTI
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