Mumbai home prices may take 2 years to recover

Singapore

HOME prices in Mumbai may take a couple of years to resume gains amid a glut of unsold properties, according to Indiabulls Asset Management Co, an investor in residential projects.

Mumbai's property sales have been sluggish as prices in India's most expensive market continue to hover near a record reached in December 2014, crimping affordability and denting demand. Even as sales picked up in the first quarter, Mumbai still had 266 million square feet of unsold homes, according to Liases Foras Real Estate Ratings & Research Pvt.