Home / Buy and Sell / Investment / Have flats prices reduced in chembur -east n wadala-east n to what extent for 2BHK flat n how long this downward trend will last for real- estate market in Mumbai
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Have flats prices reduced in chembur -east n wadala-east n to what extent for 2BHK flat n how long this downward trend will last for real- estate market in Mumbai

Aires dias

September 13, 2020

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Since a couple of years, the property rates in Chembur East and Wadala East have been decreasing drastically. Not only these two localities, but the majority of the areas in Mumbai has recorded decline in property rates. In 2018, the overall real estate market in Mumbai saw a sharp decline of about 6.8% within a year. The same scenario was in the year 2019. Now it is 2020 and the effect of COVID-19 pandemic has added to the lowering of property prices all across the country, basically, metropolitan cities. According to a few reports, the property rates in Mumbai have dropped almost 20% this year. There is a drop in property prices in areas like Bandra, Andheri and other top localities as well. It is estimated that this trend might be carried forward for at least a year or two. In April 2020, the property rates in Chembur had gone down for more than 1% since 2020. In April 2018, the property rates in Chembur East was around Rs. 20,855/sq ft, while in April 2020 the rate was Rs. 18,047/sq ft. Speaking about Wadala East, the property rate in 2017 was around 23,421/sq ft, in 2019 it was 21,565/sq ft and in April 2020 it went even lower to 20,862/sq ft. This is the estimation when the pandemic had just entered India and the impact wasn’t that much. The rates have gone down even further. So, looking at this trend, I think the property rates in Chembur East and Wadala East may further go down due the current pandemic situation and this would continue till another two years.

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