Mumbai property transactions plummet to 70%

Mumbai: According to the market reports of the previous three quarters real estate market of Mumbai facing slowdown. Reports excerpt, due to the hike in prices home buyers are keeping distance from property deals. In the aftermath of this property market has fallen severely more than 70% since the 2007 heydays, said a report by global property consultant Knight Frank.
As per the further reports unsold inventory levels are currently estimated at approximately 21% of the under-construction stock. He added that “plummet in property deals have hit very hardly in the central area of the Mumbai real estate market the hardest as the quantum of unsold inventory makes up more than 40% of the units launched in this micro market.”
Similarly in the outskirts of the central suburbs also have a comparatively high unsold inventory.
Ever since, then real estate prices have increased highly to unaffordable and in the contemporary market comparatively more than 20 percent over this 2007 highs. Whereas hike in interest rate and rise in property prices haves caused to fall in property transactions.
On the other hand government has tightened the norms for property registration may also cause to the decline in the demand of property deals.