All the bad news around the economy has failed to dampen the spirits in the city’s real estate market. Are Mumbai’s multi-millionaires being reckless?
As stock markets yo-yos, rupee plunges to new lows, and the economy sputters, Mumbai’s real estate market seems to be operating out of a different planet. But then, hasn’t it always?
For close to two decades now, experts have warned of Mumbai’s housing market being inflated and predicted a bubble-burst. They have pointed, and rightly so, to unsold stock, the city’s dipping livability index ratings, and unreasonable prices. But forget the bubble bursting, there’s hardly even been a discernible price correction.
For close to two decades now, experts have warned of Mumbai’s housing market being inflated and predicted a bubble-burst. They have pointed, and rightly so, to unsold stock, the city’s dipping livability index ratings, and unreasonable prices. But forget the bubble bursting, there’s hardly even been a discernible price correction.