By Dr Sanjay Chaturvedi
Open 99acres and search homes at Bandra West. There will be 410 listing inclusive of 220 new projects. You will be surprised to see listing even for Rs.15000/- per sq ft at Hill Road Bandra or in redevelopment projects at Rs.22500/- per sq ft. New projects are available for 29550/- carpet at S V Road and at very prime position of Bandra West.
Same is the case with magickbriks. out of 200 listing there are ten new projects. Most of the listing are average between 22500/- per sq ft to 38000/- per sq ft average.
Some of the leading brokers says that deals are available even for 29000/- per sq ft on S V Road and near Khar Station west. Negotiation are getting even upto 50% discounts on price quoted by seller. Some of the builders who have not sold a single flat since last one year are desparate and ready to sell at half the price. Asking for Rs.80,000/- per sq ft on carpet the builders have agreed to sell even for Rs. 65000/- per sq ft carpet all cheque deal.
Majority of redevelopment projects are under legal hurdle. Big names and reputed brands have stopped their projects. Investors have started selling their stocks in these under construction projects. Many buyers have burnt their fingers in purchasing flats in such troubled projects. Either society or builders have gone in court for various reasons. Ready properties too are having no takers. The rates reached at Rs.65000/- per sq ft carper has declined to Rs.35000/- per sq ft carpet. The car parking and other facilities comes as a complementary in these rates. Discounted rates are prevailing and worst to come claims some of the biggest brokers in the region. Builders are desperately waiting for takers even for Rs.22,500/- per sqft. carpet.