Mumbai Home Prices Fall 20% From 2010 Peak, Jones Lang Says
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Mumbai home prices have declined 20 percent from their 2010 peak as lower sales, higher land values and increased borrowing costs forced developers to reduce prices to woo buyers, according to Jones Lang LaSalle India.
Home prices, which increased 30 percent to 60 percent last year, have returned to 2008 levels, Sanjay Dutt, chief executive officer of business at the Indian unit of Chicago-based Jones Lang LaSalle Inc., said in a report today. Dutt expects prices to remain at these levels until the three-month monsoon season ends in September.