Mumbai luxury home prices likely to fall by 1% in 2020
April 21, 2020 - Mumbai
Prices of luxury homes in Mumbai, the country’s most expensive property market, are estimated to fall by 1% in 2020.
India’s commercial capital has emerged as the 7th global city in terms of expected price appreciation, in percentage terms, of prime residential properties, showed a Knight Frank report.
Localities such as Cuffe Parade, Napean Sea Road, Colaba, Lower Parel, Worli, Tardeo, Juhu, Bandra Kurla Complex (BKC), Santacruz(W), Bandra(W), Khar(W) and Prabhadevi are set to fall by 1% in the next one year.
The buyers of prime residential properties in Mumbai are expected to remain cautious in 2020 due to deteriorating economic environment impacting market liquidity and an additional 1% stamp duty being levied by the Maharashtra government, taking the total to 6%, Knight Frank said.
Both demand and sales of prime residential properties in Mumbai are expected to see a slight fall, while the supply of luxury homes is estimated to drop significantly in 2020, according to Prime Global Forecast 2020.
The average capital values of prime residential properties in Mumbai currently stands at Rs 64,775 per sq. ft, making it the most expensive city for buying luxury homes in India.
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