However, developers denied that there will be any big correction in prices.
"There is no completed inventory in developers whatsoever, hence I do not see any major correction in the Mumbai market," says Vimal Shah, managing director, Ackruti City, a Mumbai-based developer. "Prices are stable in under-correction properties. If the approval scenario improves, I think prices will move up."
Adds Paras Gundecha, president of Maharashtra Chamber of Housing Industry: "No new project is getting approval in Mumbai. Till land prices and input costs come down and supply increases, I do not think prices will come down."
Image: A worker climbs to fasten iron rods together at the construction site of a high-rise building in central Mumbai.