Most developers present in the Mumbai residential real estate segment have witnessed a decline in sales volumes in past few months. Luckily for us we are a pan-India company and we are seeing volumes in other cities," said Mr Rajendra Khetawat, vice-president at Godrej Properties.Prices in most Mumbai areas have surged by 40 per cent in the past year, and the average per sq ft price in the Mumbai.Metropolitan Region (MMR) is estimated at Rs 9,300 per per square."The situation in the National Capital Region is similar and prices both cities could see a price correction of anywhere between 20 per cent to 35 per cent," said Mr Pankaj Kapoor, managing director at Liases Foras, a real estate consultancy. While some industry insiders say developers have more staying power than they did in 2008, others say debt-laden ones may be forced by a cash crunch to offload flats at cheaper rates amid difficult capital market conditions. May 9th 2011 Indiarealtynews
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