Mumbai property price corrects 3.2%, developers offering 18% or higher discounts

New Delhi: Mumbai has seen weighted average prices of property go down by 3.2 percent in the first half (H1) of the current calendar year as compared to the same period of 2019.

Discounts on new properties being offered by developers are 18 percent or more. The discounts are being offered on case to case basis and depend on the customer and the financial health of the developer, according to a report by Knight Frank.

The sales of residential property nosedived 54 percent in the top eight cities of the country, touching its lowest level in about a decade, in H1 of 2020 as compared to the same period of 2019. The total number of houses sold in H1 of 2020 stood at 59,538.

New launches also dropped 46 percent in H1 of 2020 to 60,489 homes. 

The sales of homes in Mumbai went down by 45 percent in H1 of the current year at 18,646 units. 

The piled up stock of unsold homes fell marginally in H1 of 2020 to 446,787 units, representing a drop of 1 percent. Mumbai had the maximum stock of unsold homes at 150,154 units. This is flowed by Delhi NCR at 118,064 units  and Bengaluru at 77,043 homes.