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Bombay Hotels and Real Estate is over-priced..

Queens, New York
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Bombay Hotels and Real Estate is over-priced..

This property (JW Marriott, Mumbai) need to double check the price they are charging. I visited with my wife, my infant son, mom and my sister from USA. We took the best room they can offer - the presidential suite. They also provided a chauffer driven car to us for free. Which was very nice of them. I stay the best hotels in the world - from Hawii, Japan, California and India. I live in New York city with my family. But I think this property is charging most in the world....Very expensive even in American Standard. They have to lower the price for Indian People in India. I have no problem to afford it - but even rich Indian have to think twice before they swipe their card. I observed Bombay's real estate is also need a price corrections. Everything is over priced in western standard. They should lower the price of everything - its good for Indian people. We are settled in USA - I dont think we will ever settle in India - but we like to visit.

Mumbai, India
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1. Re: Bombay Hotels and Real Estate is over-priced..

Really? I don't think you are properly informed about hotel and real estate values the way you claim to be.

Although Mumbai's supply of good quality real estate is not even 10% that of Manhattan's, prime residential is still less than half of Manhattan values. Prime office space is more expensive but Mumbai has a severe shortage of high quality office space. Real estate values are driven by the balance between supply and demand to a very large extent. Incidentally, real estate values aren't decided by one person doing some number crunching on his laptop. These are driven by the market, which is free. So, it isn't like some guy's going to sit up and say 'Oh, I think the values have gone up too much. Maybe we should drop them by 20% tomorrow morning.' The market has more collective intelligence than any one of us ever will.

Each cycle has its ups and downs.. we are seeing the peak now globally. London, Hong Kong, Singapore, Dubai, (and also Mumbai) ...wherever you care to look, real estate markets are booming. There will also be the trough.

You say you chose to stay in the Presidential Suite and you believe you were overcharged. The Presidential Hotel is any hotel's best (most hotels have only one of these) AND most expensive room. It isn't in use often. I am certain that a suite of the same quality would have cost you thrice as much in NYC and five times as much in London. Also, the Mumbai JW Marriott is far superior to any JW Marriott anywhere in the US.

I cannot even begin to fathom how much it would cost in a similar suite in Hong Kong or Tokyo.

yorkshire
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2. Re: Bombay Hotels and Real Estate is over-priced..

i think outrageousprice came home to india with a few dollars in his back pocket thinking he could buy half of india and become a property tycoon... i suppose you should say sorry for being so expensive ... after all they did stay in the presidential suite, i think that declares his attitude... perhaps on his next visit india could be a little poorer,and not the superpower it has become

Kolkata, India
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for Kolkata, Darjeeling, India
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3. Re: Bombay Hotels and Real Estate is over-priced..

I will definitely discuss this in my next meeting with the Prime Minister, and arrange to have the Marriot demolished.

We will also have a talk about lowering the price of everything. Its getting tough buying Beluga Caviar and Dom Perigon everyday on my salary.

Mumbai, India
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4. Re: Bombay Hotels and Real Estate is over-priced..

That was funny, brave1. Good job!

Bombay
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5. Re: Bombay Hotels and Real Estate is over-priced..

Cmon guys.. give outrageousprice a break. Though his suggestion that the hotel check the price they're charging is pointless as it is market driven as another poster replied -- he does have a point about the afforability of hotels in India. When you have hotels like the Ramada Inn and Sun-N-Sand (barely 3 star hotels by any international standards!) charging $300 - $450 per night, it does feel like you're being robbed in broad daylight. For example, it's cheaper to fly and stay in singapore or bangkok for a short vacation than any major Indian city.

Kolkata, India
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for Kolkata, Darjeeling, India
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6. Re: Bombay Hotels and Real Estate is over-priced..

juhuguy,

Hotels are charging the price because people are paying for it. As mentioned above, its market driven. Hotels in Delhi are overpriced too, but basically what can you do about it ? If you can't afford it, don't go there. Do as most people does, look around websites, find a moderately priced decent hotel in your budget and stay there.

Hotels are a market driven business. You can't expect them to not earn money for the sake of the people who can't afford them. Which is why if I want to take a budget vacation abroad, I would go to Bangkok and not Tokyo or London.

Bombay
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7. Re: Bombay Hotels and Real Estate is over-priced..

O Brave One, I agree - it's market driven etc. Hoteliers will charge what the market will pay. No arguments there. But it's still sick - to have to pay so much of you want to see India. I'm venting my frustration at the hospitality choices in India. It's almost cheaper anywhere - you can get a budget hotel in Shinjuku (central Tokyo) for around $50 a night - small but impeccably clean, neat, high quality Japanese standards. Try staying somewhere in Bombay for that price.

There are other things that make India competitive, cheap food, extremely affordable handicrafts, and now cheap airline flights. But hotels - prices will come come down as there is more supply - it's got to happen - but at this point it's just crazy.

Bombay
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8. Re: Bombay Hotels and Real Estate is over-priced..

Oh also I forgot to add... I am familiar with price optimization of perishable assets.

Mumbai, India
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9. Re: Bombay Hotels and Real Estate is over-priced..

Juhuguy... you are right about the supply situation and unless more hotels come up, this situation is going to continue and maybe get worse.

But why look at only cities which give you reasonable options? How about the other end of the spectrum like Dubai? At one point in time, it was considered as the 'cheap' holiday. Now even with their large supply, hotel rooms are extremely expensive because the demand continues to outstrip supply.

Simple answer -- join 'em! Buy shares of hotel companies - then you will probably enjoy the ride.

Kolkata, India
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for Kolkata, Darjeeling, India
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10. Re: Bombay Hotels and Real Estate is over-priced..

Juhuguy,

I do agree with you that we do not get the quality of service or facilities in some hotels which would justify the price they charge. But in the same vein, you can get some pretty decent deals in major Indian cities if you search hard enough. I guess for the big hotels, the cost of aquisition of prime property is something which they have to recover from operations, and they simply have too much overhead to lower prices.

I think you or Mumbai_Resident might be better informed than me about real estate prices in Mumbai. But in Kolkata I will certainly be able to find you a decent guest house at $ 50. Although as I mentioned before, I agree with you that that the Indian hospitality trade often has a poor concept of quality.