Realty bites and bites hard. The recent fall in the real estate market has panicked investors. Fearing further losses on their realty investments, investors now want to sell their properties at prices lower than the prevailing market rate.

An investor recently approached Yashwant Dalal, a real estate broker, from Prabhadevi, who wanted to sell his 3,200 sq ft flat at Rs 40,000 per sq ft; the market rate is Rs 50,000 per sq ft. "The market is showing no signs of going up. Even the other deals that I am negotiating in the same area are quoting prices much lower than the market rate," said Dalal.

"The dip will continue for another two months, and it's the best time to be a buyer," he added.

Even the Western suburbs that are always in demand are facing the same trend. An investor, who was demanding Rs 80 lakh for a 2BHK in Kandivli (east), finally sold the property for Rs 65 lakh.

Amit Lamba, a vaastu consultant, was surprised to find that a client had bought a property around Rs 20 lakh lower than the market value. "In the past few days, I have come across many such cases where investors sell their flats lower than the market value. The drop in the realty market is the only reason for this trend," said Lamba.

An Andheri-based buyer said that he had been dejected by the inflated property rates throughout last year. However, last week his patience paid off when he was finally able to buy his dream house he closed the deal at Rs 10 lakh lower than the prevailing market rate.

Selling ASAP

It's the same story in other parts of the city. An NRI investor, desperate to bail out, is willing to sell his 1,000-sq ft flat in Eldora building, Powai, at a rate of Rs 16,000 to 16,500 per sq ft. Three months back the same property was priced above Rs 18,000 per sq ft.

Sandeep Sadh of Mumbai Property Exchange, who is negotiating the deal, said, "Many investors are approaching us to sell their flats, and they want it done immediately. They fear the delay in the sale may result in further losses."