09 December,2014 11:31 AM IST | | Varun Singh
As per experts’ calculations, a boom in the housing market in Kandivli, Malad and Borivli in the days to come may lead to a price correction in the area
While no one can predict with certainty how the housing market will play out in the near future, real estate experts in the city seem positive about a price correction in property rates. According to them, three major areas in the western suburbs Kandivli, Malad, and Borivli are set to witness a big drop in housing prices.
According to real estate experts, three major areas in the western suburbs Kandivli, Malad, and Borivli are set to witness a major change in housing rates. Representational pic
They also say that bargains can be had in these areas if home buyers put in the effort to look at several houses and negotiate with sellers. Brokers, meanwhile, say that builders and homeowners need to reduce their profit margins if they want to sell the homes.
More homes in suburbs
Dr Sanjay Chaturvedi, a real estate expert and executive editor of Accommodation Times, a real estate newspaper said, "In the suburban belt of Kandivli, Borivli and Malad especially Kandivli a total of 4-crore square foot is set to be added and the areas already have nowhere less than 25,000-30,000 homes that are up for grabs."
Chaturvedi spoke of a single project in Kandivli, where the builder plans to deliver 60-lakh sq ft at one shot and he believes that several other builders are also delivering projects in the same way. Former Maharashtra housing minister Sachin Ahir also said that he expects a price correction in the market owing to housing stock coming in.
"It wouldn't be wrong to say that the prices will be corrected in the coming days, because a large portion of housing stock, which was piled up, will be released and will enter in the market," Ahir said. Even brokers, who deal with homebuyers, sellers, and builders, are of the belief that prices will have to be corrected.
Prakkash G Rohiira, of Karma Realtors, a brokerage firm from the western suburbs said, "Properties, where the sellers are ready to reduce his profit margin, will easily find buyers. There are schemes where people are coming up with innovative modes of payment or asking for less money in the beginning and easy instalments later, are also attracting buyers."
âMake the effort'
"There are houses available everywhere; it's just that people have to keep searching. People have become too dependent on web portals and other such facilities.
Buying a home is a lengthy process and if enquiries are made in the market, they will find there are many people who are ready to negotiate and are also ready to sell at prices lower than the market rates," said Chaturvedi.
Even a look at housing portals reveals that 1BHK homes in Kandivli are available in the range of Rs 45-47 lakh as well, as opposed to the higher range of Rs 68-70 lakh quoted for some flats.
