So I was talking to some folks in Mumbai now, realty brokers and otherwise. Everyone is of the consensus prices have dropped, rents are still holding up. Some areas which went to 9k are now at 7k. There is a building built by a Gujju builder, with a total of 15 apts and he is unable to sell even one at 7k. I was telling the broker that if a gujju is unable to find other 15 Gujju's to buy when the prices have dropped by 20%, that means the market is real bad. Everyone knows the amount of money some Gujju businessmen have. I think value is at 5k. so wait and watch.
Thursday, 21 May 2009
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