Thursday, October 1, 2009

Mumbai - realty rates up as ready flat stock dwindles

What about Pune real estate market? Are property rates of almost ready possession flats going up?

Property rates have begun climbing on the back of seasonal demand and a steady fall in the stock of ready possession flats in Mumbai.

Brokers say this is happening because developers don't have too much unsold stock of ready-built property. Fearing that rates will increase again, buyers who were waiting for the market to correct further purchased many ready flats in the last three months, pushing up prices.

"The demand has always been there. So, one is not surprised that flats were sold so quickly. But, what is happening now is that developers have increased rates even in under-construction projects. If rates remain high, it will be difficult for the property market to sustain its growth," says Mahesh Ahuja of Dreamz Housing.
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