Date: December 16, 2008
Ref. No. MPPL/Property/23/2008
   


Dear Investor,


"NEPEAN SEA ROAD FLAT GOES AT 33% DISCOUNT"

 

We detail below some facts of the property rates at South Mumbai as appeared in DNA India dated 14/12/08.

With demand for apartments in South Mumbai drying up, flat prices are plunging. Prices of premium residential projects in South Mumbai have fallen drastically. In the past eight months, sales of the country's most expensive apartments have gone into deep freeze.

Developers who were earlier asking for Rs.50,000 a sq ft have expanded the price band and are willing to sell for anywhere between Rs.30,000 and Rs.60,000.

SOME FACTS:-

  • Two weeks ago, Philips India auctioned a 2,000 sq ft apartment at Nepean Sea Road for Rs.43,000 a sq ft -a discount of 33% over the rate of Rs.65,000 that flats in the area were commanding less than a year ago.
  • Orbit Corporation Ltd, sold only four of 11 flats in the 29-storey project. In Orbit Arya on Nepean Sea Road at Rs.57,000 a sq ft.
  • Flats at Orbit Haven have shrunk from 7,500 sq ft to 2,500, and rates have been tamped down to approximately Rs.45,000 from Rs.55,000 a sq ft.
  • At Orbit Grande, Lower Parel, the company is building smaller apartments of 650 sq ft to 1,200 sq ft and asking for Rs.16,500 a sq ft.
  • A residential project in South Mumbai with 11 apartments on Altamont Road has not sold a single unit since bookings opened six months ago. The rate quoted for the 5,500 sq ft apartments was about Rs.55,000 then. The builder is now willing to negotiate up to Rs.30,000.
  • Other premium projects have also bitten the dust. Oberoi Constructions has stopped sales in Oberoi Skyz, a 65-storey building at Prabhadevi.
 

 

Investors are now willing to sell flats in Beaumonde, a residential tower constructed by Sheth Developers at Prabhadevi, for Rs.20,000-28,000 a sq ft from the Rs.30,000 they were quoting earlier. It is the same story at under-construction Lodha Bellissimo by Lodha Developers at Lower Parel and Ashok Gardens by the Piramals at Lalbaug.


Thanks & Regards,

Mideast Properties Pvt. Ltd.

Kishor A. Shah / Sanjay Bhatt


Star House, 2nd floor,
Opp. Apollo Complex,
Ambewadi,
Off. Parsi Panchayat Road.
Andheri (East),
Mumbai-400 069 (India)

Tel.: 022-28395667 / 28240444
Mob: 09323991496

   
www.mideastproperties.com