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Not really ,most of the U/C projects in Mumbai are Residential,there's hardly and skscrapers built for office space.secondly that Second tallest tower has been cancelled.India, which is building the world’s second-tallest skyscraper, is catching up with China in an office building boom
“India, it seems, is playing catch-up,” the Barclays analysts, based in Hong Kong, wrote.
90% of projects are residential which are built if there are people to buy'em all up. And for land starved Mumbai going vertical is the only way forward,unlike any other city be it India or China.
Not really ,most of the U/C projects in Mumbai are Residential,there's hardly and skscrapers built for office space.secondly that Second tallest tower has been cancelled.
90% of projects are residential which are built if there are people to buy'em all up. And for land starved Mumbai going vertical is the only way forward,unlike any other city be it India or China.
If India seriously is playing a catch up the FSI for mumbai wouldn't hv be around 3-4 , in contrast to 12-15 in shanghai & New York.not to forget the national avg of ~1
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It is an established fact that the real estate bubble in the developed world is a creation of the central banks’ strategy of keeping interest rates at a very low level. This excess money has also trickled into the real estate markets of emerging economies as overseas investors began to look for alternate investment avenues.Most of the properties going bust in USA/Europe during 2008 were also residential.
There is huge latent demand but exorbitant prices make property unaffordable for most buyers.i know quite a few rich businessmen from Mumbai, and they are of the opinion that property and stocks in Mumbai are two big bubbles waiting to burst. Prices like these are not sustainable. They cannot go up forever.
well as i said above there a hell of a demand ,if we talk abt mumbai in particular their are people ready to buy those properties bt its jus the cost that is holding'em up,but things have improved in the past. and com'on its nt like all of those flats are sold at 20crs each,its just the top most floors of many skyscrapers that can cost youb/t 25-50crs.for example on world one,whose 90th to 120 floor had a price tage of $8-9 million. most of the flats are b/t 2-9 crs. but still gotta agree that many properties in many cities simply go unsoled,mumbai is no exception,bt i dont see any bubble untill demand & intrest rates are high. And we certainly are no where close to china,market bubble exist bt i guess it ain't big enough to brust,not any time soon.Americans thought the same, yet they failed miserably. If you are a realty broker, you make money by selling houses, buying them cheap and expecting the price to go up and then sell. However, it is not good to keep holding properties, unless you are a billionaire and you actually intent on using them.
Bubbles are everywhere. Not just in property, but technology, like dot com bubble of late 1990s. Or anything that has a high demand and low supply. Speculation kicks in and you have a recipe for disaster. I am not sure what is the current status of property bubble in India, but it is definitely a big one. Prices like those, 20 crore, 35 crore for some BS flat in Mumbai, just doesn't make any sense. We had a similar small bubble here in Karachi during Musharraf era, it all went bust. Property prices are more or less stagnant. Only place having rising property is Lahore and Islamabad due to the actual nature rather than speculation.
China has a big bubble as well and so does India.