'Prices should stabilise by this year end'

I think Mumbai's real estate market is very different as compared to the rest of the cities. It's also a very tough market. In our city a builder has to struggle at every step, right from getting the land to actually starting the construction work. Also, the formalities are quite lengthy and time consuming.

Today, the demand in Mumbai far exceeds the supply. And I feel this housing scarcity will last for quite sometime. The present economic meltdown has stabilised the market to some extent, but the customers are still expecting a further reduction from the builders. Everyone is looking for the best deal possible.

The current market is in fact more favourable for a homebuyer than for an investor. Real estate rates and home loan rates have dropped across the city, but we need people to invest in real estate. Thankfully, the government has woken up to this fact and is making efforts to revive the real estate market.

People have to undestand that whatever price correction had to happen has already happened and they shouldn't delay any further or they'll miss out on a good deal.

Vardhan gives his take on the city's infrastructure next week