Rents to dip in older buildings in South Mumbai in 4 years
By the year 2020 in South Mumbai, most of the under construction buildings will be ready.
Most of these buildings are tall and as high as 65 storey buildings.
These buildings in 2020 will be swanky blocks and with latest amenities and of course brand new which has been the flavor since the past few years.
When Vivarea and Imperial Towers came up a few years back, the pendulum for demand favored them and most of the expatriates and senior management professionals just wanted to be in these blocks which offer state of the art amenities, parking, tight security and like-minded neighbors.
A trend has been seen that people have shunned the old world charm and gone in for the newer blocks and especially for people relocating to other parts of the world where they have seen these developments and perhaps resided in a few of them.
India Bulls Blu, World Crest, World One, The Park, One Avighna Park, DB Crown, Sky Forest and Sky Suites by India Bulls, Palais Royals, HBS Sea Front at Worli, Oberoi Three Sixty West, Raheja Vivarea, Metalbox, Raheja Imperial, Omkar 1973 these are the few buildings which should be ready.
Imagine with around 6000 plus flats coming in the market, where does that leave the older apartments which may be in the Inner parts of Peddar Road or Nepeansea Road etc. So it’s going to be tough times for renters in the locations around the Worli – Parel – Prabhadevi areas.
A good idea would be to exit from these properties if someone is purely looking at lease rent returns and perhaps look at areas like BKC and Wadala which will become most preferred locations for home renters.