By Staff Reporter
Experts in the real estate is predicting a real crash in real estate prices as huge inventory is piling up. In Thane alone over 1 lakh ready to move with OC flats are vacant and there are no takers. The rates quoted in Thane right now ranges between Rs9000/- to Rs11,000/- per sq ft RERA carpet area. Oberoi Realty coming up with five towers of 60 storey each in Thane where as leading builders like Godrej, Raymond, Rustomji coming up with huge townships. Local Builders coming up with huge society redevelopment of almost 12 acres in the heart of the Thane city where as a huge cluster development coming in Kopri with residential towers, malls, offices etc. The rates are most likely to decline in next six months.
In Bandra west to Santacruz West, property rates today ranging between Rs45000/- to Rs55000/-. Builders predicting to reach it till Rs75000/- per sq ft RERA carpet area but since huge inventory in the belt is coming under society redevelopment, the rates refuse to climb up as ready properties available at Rs45000/- to Rs49,000/- psf in new projects with OC. Practically, 2 bhk comes in approximately 700 sq ft and 3 bhk comes approximately 900 sq ft RERA carpet area which makes the selling price ranges between Rs3.5 cr to Rs4 cr. with ultra modern amenities. The area is suffocating and there is no place to remove the car on the street hence the residential prices are declining because of huge traffic and cheap accommodation available at cost effective prices. The rates are going to be stagnated if not falling by June 2024.
Recent environment studies in the city have identified polluting areas, slums, noise of social festivals like Ganpati etc have changed the demography of the Mumbai city. Wadala is next area where huge inventory is piling. More than 50 lakh sq ft constructed with OC is lying with Banks in NPAs and there are no takers.
Andheri, Goregaon, Malad and Borivali have started pumping in new inventory already within the economical budgets in the city. Experts are predicting to have a crash in property rates by June 2024 as the financial repay pressure will ask the vendors to sell it for less.