Mumbai house prices expected to climb up further

08:19, April 09, 2010      

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The house prices in Indian business and financial hub Mumbai will continue to increase since Mumbai property market started to pull out of global financial crisis eight to nine months ago, said industry insiders Thursday at a local property exhibition.

Speaking at four-day 16th Real Estate and Housing Finance Exhibition, Aditya Das with Dubai-based house broker Better Homes Real Estates Services predicted that house prices in Mumbai would gain 1,000 to 2,000 rupees per square feet within the upcoming six months.

Aditya Das said the development of house prices is dependent on property developers.

Maharashtra Chamber of Housing Industry (MCHI) recently said it plans to build 500,000 affordable houses in the next five years in Great Mumbai Region, more than doubling current pace of 40,000 affordable houses each year.

Still, developers are stuck with the time-consuming procedures to get governmental approvals in contrast of requirement of 1.4 million houses for the time being.

Property prices have bounced back 20 percent to 30 percent in the past eight to nine months since downward movement impacted by global downturn.

Ms. Krati with on-line real estate service provider iProperty. com, said the recession is gone and houses prices won't fall here. She expected house prices to rise at least 10 percent in coming 12 months.

House prices range from 2,000 rupees per square feet to 200,000 rupees per square feet in Mumbai, according to Krati.

Moreover, Aditya Das suggested people to buy properties in western suburb of Mumbai in terms of investment thanks to the brighter development prospects there.

The property exhibition organized by MCHI was unveiled Thursday and attracted near 100 property developers and home loans providers across the country.

The house prices in Mumbai are among the top ten in the world due to scarcity of land in the island city, brisk business activities and swelling population.

Now, Indian currency rupee is traded about 44.7 to 1 against U. S. dollars.

Source: Xinhua


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