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Less will do: The owner of a 2BHK flat on the tenth floor of Kalpataru Estate (above) on JVLR had earlier quoted Rs 60,000 for the flat, but is now ready to lease it for Rs 50,000. pic/varun singh |
Due to the current slowdown in the realty market and a considerable availability of stock (flats) in the city, owners have realised that the superficial hike in the prices is not going to help them.
Vibhoo Mehra of Mumbai Properties, a brokerage firm, had posted an advertisement a month ago for leasing a 2,000 sq ft flat in Khar (W) for Rs 1.5 lakh per month, but he has now reduced the price to Rs 1 lakh. Said Mehra, "There were hardly any inquiries, hence I consulted the owner and we decided to lower the price."
What was once an owner's prerogative is now a tenant's choice. An owner of a 2BHK apartment, located on the tenth floor of Kalpataru Estate on Jogeshwari Vikhroli Link Road (JVLR), has kept a margin of Rs 10,000 to rent the flat. He wants to actually rent it at Rs 60,000 per month, but he wouldn't mind leasing it at Rs 50,000 if need be.
According to Sandeep Sadh from Mumbai Property Exchange.com, owners are readily negotiating the prices as the number of unoccupied flats is expected to pile up in the future.
Sadh explains the extent to which owners are ready to negotiate. "An owner from Il Palazzo building in Malabar Hill was adamant on leasing out her property at Rs 8 lakh per month. But the final deal was struck at Rs 6 lakh."
One of Sadh's NRI clients in Powai wanted to lease out an apartment for not less than Rs 1 lakh per month, but now he has lowered the price to Rs 80,000. Vikas Bhatia, director of Shree Anand Niketan, narrated a similar case. Said Bhatia," The owner of a building in Khar (W) was demanding a rent of Rs 1.15 lakh per month, but finally the deal was struck at Rs 80,000."
