Mumbai’s Home Sales Drop to 30-Month Low, Liases Foras Says
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Mumbai’s residential sales dropped to a 30-month low in the quarter ended June as record home prices and higher interest rates crimped demand, according to Liases Foras Real Estate Rating & Research Pvt.
Sales in Mumbai, India’s most expensive property market, fell 11 percent from the previous quarter to 8 million square feet, the lowest since the three months ended December 2008, said Pankaj Kapoor, founder of Liases Foras. The number of unsold homes also rose to a record, he said.