People looking to buy a house can think of Navi Mumbai or New Mumbai, a satellite city where the prices are showing signs of fall. Developers say the next three-four months are crucial as prices might come down in other prime areas, including Nariman Point.

As of now, areas where there is a 2.5% drop are near Vashi railway station. Prices are down from 6000 per sq ft to 5,700 pockets of MIDC (Navi Mumbai) 1800 to 1400 per sq ft.

On the other hand, land prices in Kharghar (Navi Mumbai) are 20,000 per sq meter to 13000 per sq meter.  While most brokers and developers will not admit to a cooling down in prices in Mumbai and its surrounding areas they do agree that property transactions are slowing down.

Developers say realty prices in those areas where people buy houses to live in will stay firm or may even rise. These include parts of Navi mumbai like Vashi, CBD Bailapur, Kopar Khairne Ghansoli, Palm Beach road, western suburbs like Bandra, Khar, Santacruz parts of the island city such as Worli and Prabhadevi.

By M. Sese
http://realestatepress.org