Mumbai realty developers must quickly go public with discounts

A price cut will not guarantee survival but the odds of it will certainly rise.

My last column ‘The Mumbai real estate bumper sale has begun’ led to a barrage of enquiries seeking details as well as my individual view on the mentioned Omkar 1973 project. On principle, I don’t give a buy/sell on any particular project, but in my view at the range of prices being quoted in the resale market for a potentially marquee project it deserves to be at least explored.

Yet, it told me something deeper about the Mumbai premium real estate market – something that I must acknowledge I have underestimated. First, that there is enormous demand on the sidelines just waiting to get an honourable price. It is local demand as well as global. It’s a testimony to Mumbai’s appeal as a city that even though it has collapsed at multiple levels, there is curiosity among potential buyers.

The second inference is that such has been the discreet and indirect nature of price cuts by developers, that even their prospective customers aren’t aware of it.

Developers have to change that.

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