Mumbai's property market may see 20% erosion, says fund

Mumbai

HOME prices in Mumbai, India's most expensive property market, may plunge as much as 20 per cent over the next year as record-high prices dent demand amid a glut, according to the country's largest real estate fund.

Northern parts of the city will lead the declines as developers, weighed down by rising inventory, cave in to attract prospective customers with cheaper offers, Khushru Jijina, managing director at Mumbai-based Piramal Fund Management Pvt, said in an interview.