About 150 new projects which are almost ready or 70% under construction are developed by big reputed names have flooded the market in Mulund West. Over saturated Mulund w will house a million more people soon.
99acres is offering one BHK apartment for Rs. 26 lakh to Rs.1.2 crore for new projects and the resale of old properties upto 10 years are been sold at much lesser rates. Plenty of supply yet to come as more than 100 big projects files are waiting for approvals. Slum and redevelopment not added to above figure. South Indian and Kutchhi community dominating the region. Acute shortage of power and water still persists. Hariom Nagar, MHDADA colony and other low lying areas have opted for NATA vote in last general election because of foul smell from the dumping ground. BMC had ordered probe when dumping ground is not even 200 m from residential buildings.
Huge inventory have made pre launches offer for Rs.6500/- recently and some of the builders have been offering for 8000/- for ready flats in towers and modern amenities projects. 99acres has listing of over 1000 properties out of which 150 are on going projects.
With the news of Nirmal Mall closure since mall foot fall were mere visitors and not shoppers, occupants were vacating the Mall. Few of them now got notice that lease will not be renewed. Five lakh sq.ft. mall from Nirmal will soon be closed and most likely that it will come as residential project which will add further inventory in next three to four years. Such inventory restricts the capital appreciations expected by investors. Rates are likely to clime down soon as nothing is selling.
Counter claims received by this newspaper that recent hype by a reputed builder that 300 flats were sold by him in one day of opening makes situation more worst. Sales gymicks of film industry is put to use in real estate industry. When a film is released, producer buy all tickets of first week show to make it mass hysteria that film is house full. Similar sale tactics were adopted by the builder, claims brokers and competitors of the builder who recently launched tower projects in Mulund West.