Mumbai home prices may go down

Some good news to start the day....According to Rediff News, homes in Bombay might get cheaper due to the PM clearing the proposal for 5,378 acres of salt pans to be developed to rehabilitate slum dwellers, which will lead to lots of land in the city made available for development.

So while the government has an option to auction the land, call for a public-private partnership or offer Transfer Development Rights in lieu of developing the land, one thing is for sure, it's bound to affect real estate prices in Mumbai. "In a 5-7 year period, when the process is in progress, TDR rates will drop, land prices will ease, city housing could become affordable and over all there will be a softening impact," said Akshay Kumar, chairman, Colliers International.