People use the newspaper as a source of information but if you were looking to buy property in Bombay the papers were of no use. Below are two recent front page headlines:
Friday, May 2nd (Times of India) – Flat prices frozen till Diwali
Saturday, May 3rd (DNA) – Property prices head south, fall of 15-20%
The Times of India article indicates that an informal agreement was in place between the local builders to keep rates at current levels. The undertone of the article is “buy now, why wait till October because the rates will be the same” if people really believe that they have no clue what is happening in the global property market. Rates will fall in Bombay, the question is how much and how quickly.
Pujit Agarwal of Orbit Corporation the company behind the Arya building shown was quoted 24 hours later in the DNA newspaper. He said rates have fallen 15-20% in certain parts of Bombay such as Lower Parel and Santa Cruz and as much as 30% in places beyond Kandivli and Borivli.
Amazing how quickly things turn in the Indian property market…or more appropriately how useless the local newspapers are for anything.