Sunday, January 18, 2009

Luxury real estate market - across major metros - takes a hit - but Koregaon Park and Bund Garden in Pune remain unaffected!

(Because, now in Pune luxurious real estate is not in above mentioned areas but in Undri, Bopodi, Bavdhan and Bhugaon!)

(SundayET and C&W should not forget that Bihar is in India. Actually, they should talk more about Bihar. Because Bihar is not at all affected by recession! In fact, automobile sales have shot up by 45 per cent, the real estate sector has been booming in the last few months even as the world is feeling the heat of the economic recession! Why? Read!)

Yes! this is not a PBAP survey report!!
This is a SundayET's and Cushman and Wakefield (C&W)survey!!!

The survey revealed that average capital values of luxury properties in posh localities across major metros have taken a dip of 10%-20% during the last three months.

Residential rental values for the same segment have also been impacted, with some locations witnessing a drop as high as 20-25%.

Take the case of Mumbai. Areas in South central Mumbai such as Altamount Road, Carmichael Road, Malabar Hill, Napeansea Road and Breach Candy have seen a drop of 7% in average capital values during the last three months.

The impact has been more visible in the rental values in these areas where a drop to the tune of 19% is being witnessed whereas locations in South Mumbai such as Colaba, Cuffe Parade, Nariman Point and Churchgate have seen a drop of 12% in rental values over the same period.

Niranjan Hiranandani, MD of Mumbai-based Hiranandani Developers feels that there has been a temporary respite in demand in this segment. "Demand has not taken a dip...it is a temporary phenomenon. There has been a drop of 10-20% in capital values for luxury buys. People are basically postponing their buying decisions and waiting for liquidity conditions to improve."

To read about luxury real estate market in Delhi, Kolkata, Bangalore, Hyderabad and Chennai, please, visit - The Economic Times

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