Over the last two years, land prices have shown a northward trend. Now, its time now for a realty check.
Record land auction at Mumbais Bandra-Kurla Complex- like the Rs 46,000 per square ft buy by Wadhwa Builders in November 2007 are passe. The last auction at BKC, by Jet Airways, has seen rates tumbling to Rs 32,000, a drop of a whopping 30% in just about four months.
Year 2008 has already seen some setbacks in land prices across Mumbai, Pune, Bangalore, Chennai and Gurgaon. Most agree that land rates across cities are coming down and deal volumes have decreased. There has been a visible downward trend in land auctions that started beginning of this year, says Anuj Puri, chairman and country head, Jones Lang Lasalle(JLL).
More : economictimes.indiatimes.com
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