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Mumbai property may decline 35% over next two years

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Mumbai property may decline 35% over next two years - Mumbai - India - property market

Mumbai property prices could decline by 35 per cent over the next two years due to high interest rates and record house prices, according to Liases Foras Real Estate Rating & Research Pvt.

Pankaj Kapoor, Mumbai-based founder of Liases Foras said the Indian capital’s residential property market will deteriorate in the coming two years until prices decline and align with income levels.

“We will see two types of correction in the market,” Kapoor said, “a price correction of about 25 per cent in the next two quarters and a time correction where prices will remain flat over the next two years.”

Mumbai house prices may decline by as much as 20 per cent in H1 2011, while the office segment could be hit harder, with rental value expected to drop 15 per cent while capital value could decrease by 35 per cent in the next four years.


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