Can Mumbai Resale Market rise after demonetization
With a lot of new complexes in the making, it seems that climbing new levels is going to be a thing of the past. Worli – Lower Parel – Parel – Prabhadevi have around a Dozen complexes in the making and they are yet to come up for possession.
At an estimate, there are close to 6000 Units coming up in South Mumbai – Wadala – Worli – Lower Parel – Mahalaxmi – Dadar belt. The unit pricing is varying from 5 Cr to 50 Cr and they are all upmarket projects by developers like Oberoi Realty, Bombay Dyeing, Indiabulls Real Estate, Lodha Group, DB Realty, K Raheja Corp, HBS Realtors, Peninsula Land Ltd, Lokhandwala Constructions Ind Pvt Ltd, Omkar Realtors & Developers Pvt.Ltd, Ahuja Group, L&T Realty, Ajmera Group, Dosti Realty, Kalpataru Limited, Ruparel Realty and a few others.
Come 2020 and Central Mumbai will be the most densely populated location with the majority of high rises. The current prices per sq.ft are in the range of Rs.30,000/- to Rs.60,000/- and perhaps a little more in a few more complexes.
Another ironic factor in most of these blocks is that a lot of apartments are available in raw condition, with a loading factor of anywhere from 55 to 80% on Carpet area. Which means a double whammy for the Home Buyers.