(Because, now in Pune luxurious real estate is not in above mentioned areas but in Undri, Bopodi, Bavdhan and Bhugaon!)(SundayET and C&W should not forget that Bihar is in India. Actually, they should talk more about Bihar. Because Bihar is not at all affected by recession! In fact, automobile sales have shot up by 45 per cent, the real estate sector has been booming in the last few months even as the world is feeling the heat of the economic recession! Why? Read!)
Yes! this is not a PBAP survey report!! The survey revealed that average capital values of luxury properties in posh localities across major metros have taken a dip of 10%-20% during the last three months.
This is a SundayET's and Cushman and Wakefield (C&W)survey!!!
Residential rental values for the same segment have also been impacted, with some locations witnessing a drop as high as 20-25%.
Take the case of Mumbai. Areas in South central Mumbai such as Altamount Road, Carmichael Road, Malabar Hill, Napeansea Road and Breach Candy have seen a drop of 7% in average capital values during the last three months.
The impact has been more visible in the rental values in these areas where a drop to the tune of 19% is being witnessed whereas locations in South Mumbai such as Colaba, Cuffe Parade, Nariman Point and Churchgate have seen a drop of 12% in rental values over the same period.
Niranjan Hiranandani, MD of Mumbai-based Hiranandani Developers feels that there has been a temporary respite in demand in this segment. "Demand has not taken a dip...it is a temporary phenomenon. There has been a drop of 10-20% in capital values for luxury buys. People are basically postponing their buying decisions and waiting for liquidity conditions to improve."
To read about luxury real estate market in Delhi, Kolkata, Bangalore, Hyderabad and Chennai, please, visit - The Economic Times
Share your views:Let us have a meaningful conversation! I have just opened the new topic. Now, you take over. Please, express yourself. Share your experience and views in the comments. (Comments Policy)
Feel free to call me:I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so, i do not charge anything for the first 5 minutes!) Call +91 98600 44110
Subscribe for Free!To receive free emails or free RSS feeds, please, subscribe to Ravi Karandeekar's Pune Real Estate Market News Blog
For my blogs on real estate projects near Hinjewadi, real estate investment, advertising and other related topics, please, visit and join my Ravi Karandeekar's Pune Real Estate Blog Group