The 4,389 luxury apartments in Central Mumbai that need to be sold

No other micro-market in India has as much supply of luxury real estate as the belt of Central Mumbai. 12 projects alone have supply and upcoming supply of 8,796 units. Only 4,407 units have been booked according to data by RERA. The unsold 4,389 units have an inventory of 7.18 million square feet. Prices in that market have  been on a downward slide but at an average price of INR 40,000/sqft, that means an inventory of almost INR 30,000 crore needs to be sold. It won’t be easy. Excess supply and  congestion have created a mismatch that will not be plugged in a hurry. Moreover there are additional new projects scheduled for commencement in that belt. Prominent among them is an upcoming slum rehabilitation project by Godrej Properties.

Details of 8 key projects in Central Mumbai

Project Name Total units Unsold units Unsold sqft
Lodha Park 2,581 747 10,04,818
Piramal Mahalaxmi 1,228 817 9,05,895
Monte South 648 373 5,06,134
Rustomjee Crown 708 420 7,19,153
Piramal Aranya 1,077 713 7,68,662
Omkar 1973 136 71 2,42,874
Raheja Imperia 263 131 2,10,067
Raheja Artesia 189 121 3,91,459

Source: RERA, BHKVoice