The inventory of luxury apartments in Mumbai continues to remain elevated, with a total of 2,300 units currently unsold. The minimum price for these spacious flats begins at Rs 10 crore, potentially rising to an estimated price of Rs 23 crore. These residences are designed with ample space and encompass all necessary comforts and amenities.
According to insights from Prop Equity, it has been noted that the unsold inventory within projects emerging in five prominent micro-markets in upscale South Mumbai—namely Lower Parel, Mahalaxmi, Mumbai Central, Prabhadevi, and Parel—comprises an astonishing count of 928 apartments. Since much of the unsold inventory is in advanced construction stages, some properties are positioned at a premium compared to their launch prices. The total value of unsold inventory in these specific micro-markets is estimated to be around Rs 10,000 crore.
In response to the market's conditions, certain developers are opting to reduce the apartment sizes in a bid to render them more affordable for buyers. For example, Radius Developers is currently constructing studio apartments with a carpet area of 350 sq. ft that are priced below Rs 1 crore, ideal for individuals.
Sales in areas like Lower Parel, Mahalaxmi, Prabhadevi, and Parel are reported to be lackluster. Generally, in the South and Central Mumbai regions, the sizes of apartments tend to range between 4,000 sq. ft and 7,000 sq. ft, typically featuring three, four, or even five bedrooms. The starting costs for such units begin at Rs 10 crore, translating to approximately Rs 25,000 to Rs 30,000 per sq. ft. Moreover, ready-to-move-in projects command prices that fall between Rs 65,000 per sq. ft and Rs 80,000 per sq. ft.