Mumbai realty market sees upward trend in on-going festive season

MUMBAI: The Mumbai realty market, one of the leading property market in the country, is witnessing an upward trend during the ongoing festive season after a long spell of slowdown owing to lack of approvals, high interest rate, price escalation and general downtrend in consumer demand.

According to market estimate, close to 40 odd projects have been launched by above 20 realty companies including leading firms like Lodha Group, Godrej, Sunteck, Omkar, Kanakia, Ajmera amongst others.

"The current spate of launches in Mumbai has opened up an inventory of 5,000 plus premium residential apartments aggregating Rs 7,200 crore at market average of Rs 12,000 per sq ft. A majority of the inventory on offer is for the premium residential segment," a leading real estate developer Alpesh Patel said.

Leading real estate player, Omkar Realtors has launched one of the biggest premium residential projects Omkar Alta Monte in Mumbai suburb Malad, spanning over 15 acres in the western suburbs with apartments priced Rs 1.9 crore upwards.

"We feel the timing is right with market getting into a fairly receptive mood after a long lull. In our case, our iconic residential project is riding on a great location, pricing and unheard of amenities," says Bharat Dhuppar, Chief Marketing Officer (CMO), Omkar Realtors & Developers.

The current level of housing inventory is limited as many of the companies are launching their projects in phases.

Says Kamal Khetan, CMD, Sunteck Realty, "We have launched Phase-1 of the entire project located strategically at Goregaon West which is a lifestyle city within the city".

Lodha Group has also made a soft launch of its Tower 3 at Wadala and "Evoq" at Parel; Sunteck with its tie-up with Disney has launched Sunteck City in Goregaon west.

Runwal has launched its 'Anithorium' in Central suburb; Godrej has launched 2 projects -Godrej "Serenity" in Chembur and one in Byculla and is set launch the Tower 3 of Godrej Platinum in Vikhroli East.

According to industry observers, the Mumbai realty market has been witnessing a limited revival in transactions for readily available stock and those projects whereby construction is on fast track.
This was evident last month in Mumbai with the L&T- Omkar joint venture getting record 400 confirmed bookings for its yet-to-be-named premium residential project in Bhoiwada, Parel area in central Mumbai; which is yet to be launched in the market.