After sharp 30-40% price cuts in several new launches in suburban Mumbai (Thane, Chembur, Andheri, Kurla etc) over the last 2-3 months, we note price cuts in prestigious South-Central Mumbai (20 mins from CBD, Nariman Point) projects. Lodha Developers launched Primero (at Apollo Mills, NM Joshi Marg) at Rs15,000 psf BSP (Rs100 psf floor rise & car park extra), implying 20% discount to neighborhood. This is a 52-storey tower with roughly 200 apartments.
Several ongoing and partially (60-80%) sold projects in Central-South Mumbai, too, have officially reduced selling prices (10-30%). For instance – Bellisemo (now at Rs 21,000 psf for 32nd storey onwards apts, NM Joshi Marg), Ashok Garden (Rs15,000 psf, Sewri), Orbit Eternia (Rs17000-18000 psf, Lower Parel) and Orbit Arya (Rs40,000-50,000 psf, Napean Sea Road).
Overall, contrary to the market's view, our channel checks suggest lukewarm customer response to several projects.
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