While realtors in the city are going through a dry spell, builders from the neighbouring state of Gujarat, especially from Ahmedabad, have come down to the city hoping to do some brisk business selling properties.
They are holding a two-day property exhibition starting today at the Bombay Exhibition Centre in Goregaon.
Suresh Patel, the president of Gujarat Industry for Housing and Estate Developers, said, "We have got more than 500 projects to showcase.
Last year, we managed to sell property worth Rs 1,000 crore after the exhibition. This year, we are expecting to cross the Rs 1,500-crore mark in Mumbai alone."
While the general perception is that it is Gujaratis who are investing in their state's realty, Patel said, "Ahmedabad has turned cosmopolitan and people from all states are investing.
In the last Vibrant Gujarat (a global investors' summit), the state got Rs 20 lakh crore in investment, which led to major development and helped start industries and factories, attracting investors."
Another realtor said, "People are eager to invest there as they are sure flats will be cheaper. The way the state is developing, prices will shoot up and they will make profits."
Real estate expert Ajay Chaturvedi said, "The connectivity, especially the ring route, and proximity to the station and the airport from Ahmedabad attract Mumb-aikars," he said.
"Also, realty prices in Mumbai are forcing buyers to look for new avenues. Gujarat, with its GDP ahead of the country's, is a good option."