Property Prices in Mumbai can Fall

According to the latest survey, Mumbai home buyers in 2012 are estimated to have dropped by more than 60% from their 2007 peak time. The reason behind of Property prices fall is houses and apartments beyond the reach of middle-class families.

Mumbai Real Estate Market is one of the most expensive in India and unsold residential property stock increased year by year, which is giving to hope that property prices in Mumbai may fall, if builders not lowering the prices of built apartments. Most of the investors as well as property buyers wait and watch for the price fall in Mumbai property, just because of unsold property units in Mumbai.

The average apartment cost in Mumbai, Rs.1.15 Crore in December 2012 compared with 85 Lakh rupees in December 2010, a jump of 35%. Only Delhi NCR Region have rise of 46% is more than Mumbai Property Region.

Mumbai Property Tax Fees

Mumbai home owners over the past couple of months have received the massive charges of property tax fees, that is being charged with reviewing influence from the 2010 Year as the Mumbai Property tax in various cases has been doubled for residential properties as well as three times for many commercial properties in Mumbai city.

More than 35,000 residential societies together with 40 Non Government Organizations have planned a hunger strike for one day and they will move against the new property tax system of Mumbai Government.

Bombay Municipal of Corporation has already received almost 4000 tax complaints relating to mistakes in the property tax and so far, it has collected more than 10 crore rupees from people through capital value based property tax.