{"id":17261,"date":"2013-04-29T07:43:10","date_gmt":"2013-04-29T07:43:10","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=17261"},"modified":"2020-06-15T04:11:58","modified_gmt":"2020-06-14T22:41:58","slug":"17261-major-developers-lower-prices-of-luxury-property-in-central-mumbai","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/17261-major-developers-lower-prices-of-luxury-property-in-central-mumbai\/","title":{"rendered":"Major Developers Lower Prices Of Luxury Property in Central Mumbai"},"content":{"rendered":"<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-17262\" alt=\"major-developers\" src=\"https:\/\/www.bharatestates.com\/blog\/wp-content\/uploads\/2013\/04\/major-developers.jpg\" width=\"300\" height=\"250\" \/>Mumbai<\/strong>: Every section of home buyers had been hoping to get a cut on property prices sooner or later. This included the people who were looking to buy luxury apartments. The Lodha Group and the Indiabulls Real Estate have taken the first step towards lowering the prices of luxury property especially in central Mumbai. Prices have been lowered by 10-15%.Both the developers have launched projects in Lower Parel where most of Mumbai\u2019s luxury estates are situated. Land pieces which were occupied textile mills are now being transformed into malls, high rises and other commercial and <a href=\"http:\/\/www.bharatestates.com\/mumbai\/new-projects\">residential projects<\/a>. Many developers have like DLF, Lodha and Indiabulls have bought land in Lower Parel and since 2005 there had been an oversupply of luxury properties in the area. This added to high price has resulted in low sales.The strategy of lowering prices maybe an effort to sale off a piling inventory of flats but it makes no difference with buyers who are glad enough to receive what they were looking for at a lower price. Lodha Group launched the first phase of its new project Blue Moon which covers a total area of 17.5 acres and priced the flats at Rs 23,000 to Rs 25,000 per sq ft. There are 750 units in phase I of the project and Lodha Group has already received 1,300 applications which can add up to Rs 6,000 crore for these flats. Therefore the strategy of tweaking prices as well as building configurations certainly seemed to have paid off.Indiabulls Real Estate is offering an all-inclusive price its Sky Forest at Rs 25,000 per sq ft, including charges for preferred view and floor rise. Indiabulls has also introduced a 20:80 financing scheme, in which the customer has to pay 20% at the time of booking and the rest 80% at the time of possession.In Lower Parel property prices had touched Rs 32,000 per sq ft at the peak of 2008. After that prices had been declining. But where <a href=\"http:\/\/www.bharatestates.com\/mumbai\/properties\">luxury properties<\/a> come at Rs 28,000 to Rs 30,000, the price range offered by Lodha and Indiabulls is definitely competitive and has brought good response to the developers.&nbsp;<span style=\"left:100%;display:inline-block;position:fixed\"><a href=\"http:\/\/rusbankinfo.ru\/\">\u0437\u0430\u0439\u043c \u043d\u0430 \u043a\u0430\u0440\u0442\u0443 \u0431\u0435\u0437 \u043e\u0442\u043a\u0430\u0437\u043e\u0432 \u043a\u0440\u0443\u0433\u043b\u043e\u0441\u0443\u0442\u043e\u0447\u043d\u043e<\/a><a href=\"http:\/\/rusbankinfo.ru\/credits.html\">\u0432\u0437\u044f\u0442\u044c \u043a\u0440\u0435\u0434\u0438\u0442 \u043e\u043d\u043b\u0430\u0439\u043d<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai: Every section of home buyers had been hoping to get a cut on property prices sooner or later. This included the people who were looking to buy luxury apartments. The Lodha Group and the Indiabulls Real Estate have taken the first step towards lowering the prices of luxury property especially in central Mumbai. Prices [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-17261","post","type-post","status-publish","format-standard","hentry","category-realty-news"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Major Developers Lower Prices Of Luxury Property in Central Mumbai -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bharatestates.com\/blog\/17261-major-developers-lower-prices-of-luxury-property-in-central-mumbai\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Major Developers Lower Prices Of Luxury Property in Central Mumbai -\" \/>\n<meta property=\"og:description\" content=\"Mumbai: Every section of home buyers had been hoping to get a cut on property prices sooner or later. This included the people who were looking to buy luxury apartments. The Lodha Group and the Indiabulls Real Estate have taken the first step towards lowering the prices of luxury property especially in central Mumbai. Prices [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bharatestates.com\/blog\/17261-major-developers-lower-prices-of-luxury-property-in-central-mumbai\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/gayatri.subramanian\" \/>\n<meta property=\"article:published_time\" content=\"2013-04-29T07:43:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-14T22:41:58+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.bharatestates.com\/blog\/wp-content\/uploads\/2013\/04\/major-developers.jpg\" \/>\n<meta name=\"author\" content=\"gayatri\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"gayatri\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" 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