By Accommodation Times News Services
Kandivali and Borivali, western far flung suburbs of Mumbai have been accommodating budget housing are now offering at Rs.6700/- per sq ft in ready to use properties. In Borivali, rates have touched Rs8100/- per sq ft for ready possession properties. Pre-launch rates are much below these rates.
Huge FSI under redevelopment projects and some of the industries selling their land to private builders have flooded the market. Almost 4 crore sqft is under construction and this much more is waiting in pipeline since recession do not allow builders to launch it in this stagnated market. Investors are selling besides barter properties occupied by contractors and big media houses are in circulation.
Prominent builders with reputation of delivering on time have delayed their projects for almost three to four years as of now. Redevelopment projects are stopped by builders on the pretext of government policies and plan passing delays.
Looking at catalog price in any dot com web site, Kandivali will show you one BHK for Rs.47 lakh to Rs.73 Lakh. Mind you, these rates are negotiable and you can get a great discount if you buy through a broker or property service division of any housing finance companies. Under writers of these projects are selling at discount rate. Its not dewali but 31st March which is pressing for quick sale in the current market.
The current scenario in the vicinity where rentals have gone to rock bottom, capital appreciation is in negative since 2007, Kandivali and Borivali property rates are estimated to see a further fall.
( PS : The above rates are not distress sale or pre launch price. For Project Details send your request to firstname.lastname@example.org along with subscriber’s ID )