Property prices in Mumbai and New Delhi are set to decline by almost 15 to 20 per cent in the next couple of months, according to a real estate consultancy.
"A correction is likely to happen in Mumbai and New Delhi property prices. We believe the fall could be in the range of 15 to 20 per cent in the next few months. However, property prices in the tier II and III cities have been stable and likely to increase over the years," Santosh Naik, Managing Director, Disha Direct, was quoted as saying in Emirates 24|7.
Godrej Properties managing director Milind Korde was also quoted recently in media that realty prices in Mumbai and Delhi were overheated, but prices were recovering in cities such as Bangalore and Pune since the fall in October 2008. Disha Direct, which has taken a brokerage license in Dubai, will be selling "affordable" properties, ranging from Rs 3 lakh onwards, to the Non-Resident Indians (NRIs) based in the UAE.
Following the opening of the Dubai branch, the company will be soon expanding its reach to New York. Prasan Thakkar, business head - UAE Operations, Disha Direct, said the company was looking to enter other Gulf Cooperation Council countries as well.
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