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COVID-19 impact: Here’s how much prices of premium properties have fallen in Mumbai and Delhi NCR
Some premium properties in Mumbai have seen a 15-20 percent correction, while the Delhi NCR has seen a 10 percent drop in some pockets. Developers slashed prices during the peak of the pandemic due to the uncertainty caused by the lockdown.
Representative Image (Source: Reuters)
For almost a year, Abhinav Sagar (name changed), a construction material dealer, had been hunting for a high-end property in Mumbai. In August 2020, he settled on a 400 sq m ready-to-move-in residential unit in Malabar Hill for around Rs 50 crore and registered it two months later at a discounted stamp duty rate, benefiting by almost 20 percent. This was thanks to Covid-19 and the resultant cash flow issues being faced by the developer. ....

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