Behaviour Of South Bombay Real Estate In Recession

The residential real estate market in South Bombay has undergone a change in the past three years. Earlier, the South Bombay market was predominantly a resale property market, but now there is a lot of new supply coming in. This has led to a pile-up of inventory.

Napean Sea Road, which boasts of some of the most expensive apartments in India, has premium projects by Rohan Lifescapes, Lodha and Orbit Developers.About 25% of apartments in these new projects remain unsold.

Similarly,all the newer projects in South Bombay are in the ultra-luxury segment and it’s difficult to find buyers for these higher configuration and big-ticket homes in the current market,

So sale of new property has dropped 30% in the past eight to 12 months. For every 100 homes available for sale in a quarter, only six are getting sold. Read more of this post