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Property prices rise in Mumbai

Property prices rise in Mumbai

Apnaloan.com Research Bureau

29 Apr 2008

The real estate prices are finally going northward after the recent slump. In what can be counted as one of the largest deals in the residential property market, Modern India, a realty and textile firm sold seven apartments and four duplex penthouses to a US-based financial services firm for Rs. 90 crore.

The property situated in the 40-storey residential building Belvedere Court at Mahalaxmi in Central Mumbai totals 23,076 square feet, according to sources close to the development.

This deal is about 30 per cent higher than previous transactions struck in the same building, a few months back.

According to estimates of the Kotak Institutional Equities Research, residential property prices in Mumbai have gone up by 15 per cent in the last six months.

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