Transfer of development rights (TDR) prices in Mumbai have softened by 15-20% across areas, in the current quarter. TDR means making available certain amount of additional built up area in lieu of the area surrendered by the owner of the land.
Market sources told CNBC-TV18's Priyanka Ghosh that prices have fallen to an average of Rs 2,500-2,600 a square foot this quarter from Rs 3,000 a square foot last quarter.
The rate in Bandra is expected to hold around Rs 3000 per square foot, but the rates in suburbs like Goregaon and Andheri have declined sharply.
CNBC-TV18 on Thursday spoke to two companies on the supply side. While HDIL could not be reached for a comment, DB Realty estimated the average price of around Rs 2,700 per square foot.
On the buy side, the channel has got three estimates