Here is the step wise fall in Mumbai real estate prices
- First overall development of around 5 to 6 smart cities in UP itself and other native states in another year or two. When we say smart cities all equipped Mumbai Like medical transportation connectivity and like facilities and parallel industrial development iin these states. Major catalyst increased GSt income of states. And like minded development based govt in each of this states. Time line maximum two years.
- Followed by reduction in influx of population into Mumbai from these states either due to increased job opportunities in this states or lesser attraction to migrate to Mumbai because of equivalent facilities available in local or respective states. Time line already happening. Real estate no more investment destination.
- Followed by word of mouth from locals of these state to already staying in Mumbai leaving their dear ones behind for years and forcing them to return back to their respective states. Timeline maximum two years. Massive sell in property owned by this population or empty house owners with no rentals as no influx no demand. Real estate price at five year lows. Panic selling by real estate developers and than by individual investors to save their investments.
- Followed by shifting of offices by most industrialist to their natives due to scarcity in work force and expensive labour in Mumbai than back home. Time line four years. Now empty office spaces with no office rentals. Real estate prices at 10 year lows.
- Followed by massive reduction in footfalls at big malls and other commercial places. Time line 6 to 7 years. No commercial development and panic selling by small commercial owners. Prices at 15 year lows.
- First signs have begun showing in negligible growth of AUM of various housing finance companies.
- Also Amendments in income tax law will ensure no further hoarding and in fact massive sell off of unsold inventory by builders. Read more at http://canewsbeta.blogspot.com/2018/10/shocker-for-indian-builders-now-will.html?m=1
- Rising sea levels may sink Mumbai by 2100: IPCC report https://www.google.co.in/amp/s/www.livemint.com/news/india/rising-sea-levels-may-sink-mumbai-by-2100-ipcc-report/amp-1569436019802.html
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