Why Mumbai’s real estate industry should focus less on price, more on quality
In the current environment, when demand has collapsed and prices are dropping, developers have only two options
No segment has abused its position as a wealth multiplier as widely as the real estate sector. Delayed projects, shoddy execution, deception and even fraud are common. And yet, it worked, as rising home prices kept many customers satisfied with the trade-off.
Then, prices reached a level at which most end-buyers couldn’t afford them, while investors didn’t see any meaningful appreciation to bet on property. Given the lacklustre market since 2016, and with COVID-19 now dealing a knockout punch, I was hoping to see fledgling steps towards a new narrative emerging from the industry.