Cities Real Estate

High-End Housing Booming Again

The world economic slump did not affect India as severely as it did other nations. And hence India is quicker on the upswing as things begin to move positive.

Real estate is one marker on the state of the economy. And in the case of Mumbai it looks like the already inflated market is going even higher.

On the back of a revival in demand, real estate developers are again building super luxury apartments, say experts.

Consultancy firms Jones Lang Lasalle Meghraj (JLLM) and Knight Frank India said there are about 7,000 such apartments to be delivered within a year in Mumbai alone, where the cost is not below Rs4.7 crore for a single unit.

“After the recession got over, real estate developers are back building high-end super luxury projects because there is good demand for such projects. At the same time, margins are also higher in these projects,” JLLM country head and chairman Anuj Puri told PTI. [ link to article ]

Are real estate prices in Mumbai really sustainable in the long run ?