Your dream house in Bandra will be cheaper by 1% next year: Report

December 09, 2019 14:01

International property consultant Knight Frank on Monday ranked Mumbai as the seventh global city in terms of expected price appreciation in prime residential properties and estimated that prices of luxury homes in certain areas are set to fall by one per cent in 2020.

These areas include Cuffe Parade, Napean Sea Road, Colaba, Lower Parel, Worli, Tardeo, Juhu, Bandra Kurla Complex, Santacruz West, Bandra West, Khar West and Prabhadevi, according to its latest report Prime Global Forecast 2020.

"The buyers of prime residential properties in Mumbai are expected to remain cautious in 2020 due to deteriorating economic environment impacting market liquidity and an additional one per cent stamp duty being levied by the Maharashtra government, taking the total to six per cent.

According to Knight Frank Prime Global Cities Index Q3 2019, while Mumbai was ranked as the 28th fastest-growing prime residential market in the world, registering a 0.8 per cent year-on-year increase in average capital value in Q3 2019, the prices had actually remained stable in the past three months. -- PTI

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