South-Central Mumbai hit by unsold luxury residences
The luxury residential property market of south-central Mumbai, which had emerged as an alternative to the country’s most expensive micro-market of south Mumbai, has been hit by oversupply. The south-central area encompasses the neighbourhoods of Worli, Lower Parel, Mahalaxmi, Tardeo and Prabhadevi. While developers are trying to resize and reprice their offerings downward, buyers focused on the area are spoilt for choice. The Mumbai Metropolitan Region (MMR) saw new supply of nearly 27,000 units between 2013 and the first quarter of 2019 of properties priced at Rs 4 crore and upward. Of this, south-central Mumbai accounted for 81% or 22,000 units, according to Anarock Property Consultants data. Thanks to skyrocketing prices, infrastructure woes and a demand-supply mismatch, south-central Mumbai now has total unsold stock of nearly 11,000 units, half the stock launched since 2013.
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