Mumbai Residential Market - Going Slow

South-central Mumbai has seen a glut of new (or upcoming) launches over the last two years (e.g., Lodha 3-4 msf + 4msf NTC mills; IBREL 3-4msf; DB 3-4 msf; OBER 2msf), totaling a significant 15+ msf. However, most of these projects have been delayed (on regulatory or other factors), and are planned to be 60-100 stories tall (implying long completion cycle of 5-7 years). Sales volumes have been sluggish so far.

The lack of new deliveries would likely steadily push residential rentals up (still 8-10% below 2008 peak) over the next 2-3 years, which in turn could continue to lift the value of already high ready to move in stock. The situation should normalize with the delivery of the under-construction supply (five years). List of Recent Launches in Greater Mumbai / Bombay by prominent Builders and the Current Ongoing Rate Per Square Feet

• Worli Blu IBREL Worli South / Central Mumbai ~42,000
• Orchid Crown - Tower C DB Realty Prabhadevi South / Central Mumbai ~26,000
• Wadhwa Dadar Wadhwa Dadar South / Central Mumbai 25,500
• Crescent Bay L&T + Omkar Parel South / Central Mumbai 17,000
• Lodha Elisium Lodha Wadala South / Central Mumbai 16,500
• Lodha Venezia Lodha Parel South / Central Mumbai 19,980
• Meredia Omkar Kurla South / Central Mumbai 15,500
• Godrej Serenity Godrej Chembur South / Central Mumbai ~16,500
• Alta Monte - Tower C Omkar Malad Western Suburbs 10,500
• The Nest Wadhwa Andheri Western Suburbs 17,100
• Sunteck City Sunteck Goregaon Western Suburbs 12,500
• Runwal Greens - Phase 3 Runwal Mulund Eastern Suburbs 9,300
• Godrej Platinum - Tower 3 Godrej Vikhroli Eastern Suburbs ~14,800