Although property prices have corrected 10-15% in certain pockets of Mumbai, it is still one of the most expensive cities in terms of real estate prices, as a majority of the apartments cost at least ₹1 crore.

However, given the slow sales and most buyers looking for mid-income homes, developers are coming up with affordable properties, mostly by shrinking their sizes, reports Mint newspaper.

In the suburbs, large realty firms are introducing homes that cost less than ₹1 crore, in a bid to widen their customer base.

Under the new Development Plan 2034, around 3,700 ha are being opened up for residential development.

The plan has raised floor space index (FSI) for homes and commercial buildings in the city and suburbs.

Experts say realty prices may correct a bit due to a likely drop in development costs, as premium development expenses have been cut 10% for residential development.

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