Premium residential property prices built by major developers in Mumbai, till now relatively shielded from the recession, have fallen by 25-40%.

Large builders and developers including HDIL, Mahindra Lifespaces and Runwal Group are now ready to renegotiate prices, and throw in a few goodies in the bargain.

Mahindra Lifespaces, the real estate and development arm of the Mahindra Group, is offering 10% flat discounts on its property in Bhandup, an upmarket Mumbai suburb.

The company, which has close to 500 apartments in the housing complex, has also tied up with celebrity interior designers, at a fee that is ‘negotiable’, the company’s president, Pavan Malhotra, told Hindustan Times.

Hindistan Times