Property prices jump 10% in 4 months in Mumbai

Though our buyer survey showed that buyers are expecting a 20 per cent discount on prices, we note that builders have taken a completely different highway "their way" - prices in Mumbai have been raised by an average 10 per cent in the period January-March 2012.

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We have considered pricing of 55 projects across Mumbai to arrive at this conclusion. In fact, there were eight projects where pricing has moved by greater than 20 per cent.

Which areas, which projects and how much have prices increased?

i) Andheri West has seen prices go up by more than 10 per cent. Prices increased for Park Vistasand Naman Habitats.

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ii) Prices in Ghatkopar up by 10 per cent. The Address by Wadhwa Developers increased prices from Rs 11,250 psft to Rs 12,400 psft and Kalpataru Aura increased prices from Rs 10,500 psft to Rs 11,500 psft.

iii) Kharghar has seen price rise of five per cent.

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iv) Indiabulls and Kalpataru increased prices by seven per cent in Panvel for their projects Indiabulls Greens and Kalpataru Riverside.

Which builders are raising prices?

i) Kalpataru has increased prices for Kalpataru Aura in Ghatkopar by 10 per cent, Kalpataru Gardens/Towers in Kandivali by 20 per cent+. Prices were increased by seven per cent in Kalpataru Riverside, Panvel by seven per cent.

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ii) Oberoi Realty has increased prices for Oberoi Splendor (12 per cent), Oberoi Exquisite (12 per cent) and Oberoi Esquire (nine per cent).

iii) Lodha has increased prices for its New Cuffe Parade project (now renamed Lodha Dioro). Prices did not change for Lodha Golflinks and Lodha Luxuria.

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iv) Nirmal Lifestyle increased prices for Riverside in Kalyan by 21 per cent. However, they have raised prices for their US Open project by only three per cent.

Sandeep Reddy is co-founder of Groffr.com