Mumbai Land Prices May Fall 30% on Cash Crunch, Oberoi Says
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Mumbai land prices may fall as much as 30 percent over the next year as higher borrowing costs force some indebted developers to sell real estate, Oberoi Realty Ltd. Chairman Vikas Oberoi said.
“Land will be the first thing to get corrected,” Oberoi said in an interview at the company’s headquarters in the Goregaon district of Mumbai. “The government has induced artificial pain, with the Reserve Bank of India increasing rates and telling banks not to lend to developers. We will see a cash crunch.”