Mumbai has Rs 4,000-crore worth of ready-to-move-in projects

Ultra-luxury projects are coming up in southcentral areas spanning Prabhadevi, Mahalaxmi, Lower Parel and Worli of the megapolis.

Luxury residential inventory in these markets ranges from Rs 7 to Rs 80 crore comprising 3/4BHK units along with half-floor and full-floor plates offering beyond 10,000 sqft.

“Such projects are sold for their expertise, advanced technology along with faster delivery and premium offering and such offerings does create goodwill for the brand in the long-run,” says Omkar Realtors founder and managing director Babulal Varma.

He further says they delivered the first phase of two towers of their Omkar 1973 at Worli almost eight months ahead of the deadline and now has limited ready-to-move-inventory.

According to the reports published by PTI Maharashtra Societies Welfare Association president Ramesh Prabhu opines that it is in realtors own interest that they delivery on time.

“Unless there is an emphasis on faster deliveries the situation is not going to improve. Developers need to walk the extra mile to ensure that trust is brought back,” he adds.

According to rating agency Icra, even as residential real estate is still facing a slowdown, large players have seen considerable traction in sales during April-December of FY19, thereby increasing their market share.

“Given the current market conditions, developers are realigning strategies to meet market requirements and their focus has shifted on right-sizing and right-pricing which have boosted sales. Buoyed by change in sentiment and signs of a possible long-term recovery, large publicly traded players have increased their pace of project launches.

“The pace of execution of ongoing projects has also been simultaneously maintained, given the increasing preference for completed inventory,” Icra’s Shubham Jain said in a recent report.

Rustomjee group’s Kaizad Hateria opines that for the luxury residential segment, the share of end-users is on the higher side due to location and unique product offering.

“Compared to our under-construction projects, we have seen huge demand for the ready-to-move-in inventories to the tune of 80 to 92 percent. Today we have just about 11-odd units remaining at one of our three almost-completed projects in the city,” he adds.

Echoing similar views, Sheth Creators’ Hiral Sheth says they have managed to sell around 98 percent of the ready-to-move-in inventory at Vasant Oasis, which is one of the few gated communities with all the high-end luxury.

“These numbers clearly indicate that demand is high for ready-to-move-in units,” he adds.