Cushman & Wakefield, Global real estate consultant
Mumbai: The prices of residential property in Mumbai witnessed a 16 per cent increase over the last three years as compared to 41 per cent and 28 per cent in Bengaluru and Pune, respectively. According to the latest report from global real estate consultant, Cushman & Wakefield, Mumbai recorded the second lowest increase in property prices among seven leading cities in India.
According to the report, Mumbai has recorded an average capital values increase of 16 per cent in the last three years, bringing it to the second spot followed by Hyderabad which recorded an average capital values increase of 14 per cent within the same period. Pune has, however, recorded the highest average appreciation among high-end properties across the country.
According to the report, in the high-end properties market, Pune recorded the highest increase in capital values of 39 per cent while Bengaluru recorded 37 per cent average increase in capital values in the period between 2011 and 2014. While Mumbai and Delhi-NCR recorded identical average increase of 24 per cent. Shveta Jain, executive director, Residential Services Cushman & Wakefield said, “It is interesting to note that markets which are largely end user driven are also the ones to record highest average increases in capital values while investor driven markets such as Delhi-NCR and Mumbai have remained contained in appreciation received over the period.”
She further added, “This is largely because of the fact that in the last few years due to factors such as slower economic growth, devaluation of the Indian rupee against dollar has led more probable markets of Delhi-NCR and Mumbai to see a slower rate of appreciation.”