Mumbai property prices on the up

Mumbai property prices climbed 2 per cent in the first three months of this year, according to new statistics from 99acres.com.

The figures reveal that average rentals of a 3 BHK home in Mumbai saw a 3 per cent rise in the first quarter of 2014 compared to the same period in 2013.

Residential property values in the city, meanwhile, have increased 2 per cent from the pervious quarter. Year-on-year, though, there has been no Change in capital prices.

The figures follow a wave of positive sentiment about India's property market thanks to the recent government elections, which are expected to restore stability to the country as well as stimulate growth.

Vineet Singh, Business Head 99acres.com, tells Thehindubusinessline.com: "The market will now begin to improve post elections as there is clear policy direction towards economic revival. Fence sitters will buy and sell in the coming months providing the momentum to the market. There is a real possibility of fresh supply of houses coming into the market as well."