Mumbai is the city of dreams, is the financial capital of India, and the fact remains that by 2025 it will be the best city in India to live and work has a new City Center “Worli”.
Mumbai city has seen a frenzy in real estate sales in the last quarter of of 2020 and the beginning of 2021.
The key reason being we all need a roof and now a good quality roof over our head with a fair amount of opulence, space for each family member with privacy, and work from home occupying each room for each working individual.
If you draw a large circle starting from Lodha Park, World one, Raheja Imperia, Raheja Artesia, Omkar 1973, Ahuja Towers, Beaumonde, Rustomjee Crown, 25 South India Bulls Sky Forest and join the dots you will see that this circular zone is now Mumbai’s richest and most expensive belt.
In Nepeansea Road, Altamount Road or Breach Candy, or Cuffe Parade, surely wealthy families reside but the new money shelled out from 20 Cr to 50 Cr is in this zone of Worli and Prabhadevi where the new swanky towers give the required space to a family looking for large homes.
The footprint of most buildings in South Mumbai is smaller and families which are growing or they need large space to have to come to Worli and Prabhadevi – Parel zone by default where buildings offer amenities. Most of the flats developed in these high rises are offered in a raw condition which enables you to design and use top quality materials for longer life and maintenance-free for years to come.
The concentrations of Mumbai’s most expensive real estate are right here in this zone.
A few pertinent reasons Why!!! This zone of Prabhadevi, Worli, and Lower Parel has caught the eye of a Home Buyer because of a few factors:
Worli – Prabhadevi offers connectivity to South Mumbai and Western and Eastern Suburbs, and in a few years with the TransHarbour Link one can reach Panvel from Sewri in 30 min and Lonavala in 60 min and Pune in 90 minutes since the speed limit has been increased. The Coastal road in this zone will further reduce traffic on the main Dr.Annie Beasant Road etc.
Most of the projects started way back in 2012 – 2014 getting ready for possession in 2020 – 2021 and ready possession inventory was available with a good choice of floors. The slow down in Sales in 2018 and 2019 and the shut down in 2020 lead to developers releasing all the inventory they had to close the sale. A booster here was no need of paying 5% GST on ready-to-move-in properties.
Stamp Duty reduction from 6% to 2% till December 2020 and 3% till March 2021 coupled with Developer discount and financial schemes and Home Loans coming 6.7 to 7% was the driving point.
Most importantly the preference to move to ready to move in properties especially in this belt where an average 2 bedroom starts at 4 cr in Lodha Park. While the constructions began in 2014 onwards, the possession has just happened now, so more and more the tilt is in favor of ready to move in properties.
The top developers in this zone are Oberoi Realty Ltd, K Raheja Corp, Raheja Universal, India Bulls, Hubtown – Wadhwa, Rustomjee, and Omkar. Most of the high-end 3 and 4 bedrooms start from 7 CR to 50 CR with areas ranging from 1700 carpet to 5000 carpets and the price range fluctuates between 55000 PSF and goes as high as 105000 psf on carpet areas.
Secondary market sales picked up as well so homebuyers could sell their existing homes and pick up the new ones so both the secondary and primary markets saw good traction.
Where does one go from 2021 –
August with No Stamp Duty benefit and limited inventory to offer.
The real estate market in Worli and Prabhadevi will remain a constant demand and supply market.
Availability in Ready to move in properties by Developers exists in Lodha All projects – The Park and World Towers, Artesia (Limited offers), Oberoi Three Sixty West, 25 South In South Tower and possession is expected by year-end for Raheja Imperia.
The North Tower will now be sold by Hubtown and the timelines for possession will be around 2026, India Bulls Sky Forest also may take another 2 years to get ready or more. Lodha has one more tower coming up in The Park. Rustomjee Crown which is one of the next best projects will be ready for possession by 2022 end.
In case you are looking to buy a property in Worli, Prabhadevi, or Lower Parel. Do connect for a complete review of the location on 9820030685 or email email@example.com