| This year, South and Central Mumbai are | | | | maintained buildings in prime localities |
| expected to witness a fair amount of premium | | | | commanded rates that ranged between Rs. |
| residential projects, as extensive | | | | 18,000 to Rs. 28,000/sq. ft., however, some |
| construction activity gets underway for | | | | of these prime buildings have now begun to |
| developing condominium style residential | | | | command up to over Rs. 30,000 to Rs. 40,000 |
| colonies that offer state-of-the-art | | | | sq. ft. |
| amenities and will be ready for occupation, | | | | |
| within the next 12-18 months. | | | | Several projects in various stages of |
| | | | construction in suburbs in Mumbai's north, |
| Large four to five bedroom apartments that | | | | along the Malad - Goregaon - Kandivili belt |
| range between 4,000 - 8,000 sq. ft. (super | | | | and Andheri / Powai, are expected to be |
| area) and priced at Rs. 30,000 to Rs. 40,000 | | | | completed within the next 12 - 24 months, |
| sq. ft. (on super area) are already on offer | | | | which will lead to stability in prices. |
| by numerous developers. The interest of | | | | However, apartments ready for immediate |
| end-users and investors alike has been | | | | occupation continue to be in short supply. |
| snagged with sops, such as, the promise of | | | | With considerable commercial activity in |
| staggered payment based on construction | | | | northern and north-eastern suburbs, it is |
| stages, including the benefit of relatively | | | | anticipated that the demand-supply gap and |
| lower prices for pre-committing to the | | | | lack of infrastructure will be a continuing |
| project. | | | | limitation. |
| | | | |
| However, both south and central Mumbai | | | | With demand far outweighing ready supply, |
| continue to face a paucity of adequate | | | | rental values are likely to rise in prime |
| ready-to-occupy apartments; coupled with a | | | | buildings in most parts of Mumbai. However, |
| clear demand for 2/3/4 bedroom apartments | | | | prices / bookings are expected to slow down |
| ranging between a net area of 1,400 sq. ft. | | | | for highly priced premium projects |
| to 2,200 sq. ft. A demand-supply mismatch is | | | | under-construction, as the number of |
| the main cause of rapid price escalation over | | | | prospective purchasers for such high value |
| the last quarter. Till last year, old, well | | | | apartments is limited. |