Property rates will remain same in Mumbai: Sector Watcher

Mumbai: According to the several reports of analyst and sector watchers that as Mumbai is one the costlier property market in the entire country is expected to remain constant in the near future on 14th April.
“The real estate rates may remain constant and it is happening due the lack of supply in the market and constructions prices touching to sky,” Maharashtra Chamber of Housing Industry (MCHI) President Sunil Mantri said in the media conclave of a property exhibition here.
“ Rates of construction has increased by 30% particularly in the last fiscal year, and slowdown in real estate market is also cause by the hikes in bank interest rates” Sunil mantri added. And project approvals have also been one the reason in the less supply in the market, he said.
Brihanmumbai Municipal Corporation Municipal Commissioner Subodh Kumar said that Government of Maharashtra will soon come out with the guidelines for floor space index (FSI) in the city in the coming month.