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Property prices above 2008 high in Mumbai, unsold flats rise too

Posted on 30 March 2012

The real estate sector is probably set to repeat its 2008 story of high prices and few buyers. Property experts believe the market is overheating again, breaching the peak levels of 2008, as developers show no sign of lowering prices despite poor sales. A recent Crisil report says sales of new homes declined 40% between March 2011 to Febuary 2012.
An analysis by property research agency Liases Foras shows average property prices are 15% higher in Mumbai and 30% higher in the Mumbai Metropolitan Region (MMR) over their previous peak in June 2008. ……………………………………….Full Article: Source


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