According to a recent report, Mumbai city is going to witness a dip in the price of a luxury home. This hint is made available by Knight Frank in its recent report named Global Outlook 2019.
If the report is to be believed then a dip of 5 percent can be seen in the fiscal year 2019-20 with global average standing at 1 percent.
The realty experts feel that this news is no lease a feast for both buyers as well as the developers. As the luxury market of Greater Mumbai witnessed stress from the past five years and CAGR of below two percent from 2014 made this city sensitive to the macro-economic scenarios. The researchers also feel that developers are planning to offer new things in Worli and Mahalakshmi in a small size and at low prices.
Presently, the luxury housing comes with multiple high-quality amenities while partnering with international brands that offer sports, fitness, beauty and other services. Apart from this, the developers are also offering discounts and incentives like waiver of additional charges including floor rise, parking and more.
Girish Shah, Executive Director, residential services, Knight Frank India said that in today’s time the luxury project don’t only rely on celebrity endorsements but they are actually focusing on the product differentiation especially the quality and design.
He further said that India is likely to witness an increase in the Ultra High Net Worth Individuals (UHNWIs) by nearly 39 percent in all major property markets in the next five years.