Coronavirus will do what everything else couldn’t: Crash Mumbai real estate prices

A drop in unrealistic real estate prices in Mumbai has been long overdue. The Coronavirus will ensure that outcome.

Ebrahim Mukadam purchased a 2BHK flat in an under-construction project called Godrej Central in Mumbai around five years ago. He bought the flat for Rs 2.05 crore. Today, as he looks to sell the ready apartment, the quoted price is roughly Rs 1.80-1.85 crore. The project itself has been shabbily executed and is hardly worth a premium.

There are many buyers like Ebrahim, spanning projects and developers, who are seeing the value of their purchase decline sharply. The fallen price is a deterrent for sale though with current economic conditions and bankers breathing down the neck with monthly EMIs, it will be hard to hold on.

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