It seems that the COVID19 is giving long hits to all the sectors. Amid the coronavirus crisis, the latest news is coming up from the real-estate sector. Where the Hiranandani Group has sold a Flat in one of their projects, One Hiranandani Park at Rs. 86.48 Lakhs. i.e. Rs. 15472/- per square meter.

This is shocking news for everyone, because in March before the impact of COVID19 in Mumbai. A flat was sold in the same project at Rs. 1.07 Crore i.e. Rs. 19136/- per square meter. It clearly depicts that how coronavirus has severely impacted the real-estate in the city!

What are experts commenting on this Fall in Property Prices?

According to the view of Property Consultants from Money Control, there are many areas in the city where the price of the property is falling excessively. Going back to January, the ready to move flats in some projects in Parel and Worli was available at Rs. 8.5 Crore.

Now, in Parel, the same flat is available at a cost of Rs. 7.5 Crore. Whereas, the prices of Omkar 1973 in Worli are at Rs. 6.5 Crore. Witnessing such a huge reduction in prices, we cannot neglect the impact of coronavirus on the real estate sector in Mumbai.

It is noteworthy that Mumbai is one of the costliest cities to live on in the entire world. Experts were already comparing the cost of land in Mumbai, with the cost of land in New York. Such price decreases are enough to justify how much coronavirus is hurting the functioning!