Size is killing city’s new luxury housing zone
Southcentral Mumbai, which has emerged as a new luxury housing zone and an alternative micromarket of south Mumbai, has been hit by oversupply.
The area covering Prabhadevi, Worli, Lower Parel and Mahalaxmi boasts of some of the biggest projects byleading Mumbai developers, but a latest report shows that half the stock launched since 2013 is lying unsold.
According to the research conducted by city-basedConsultants, the Mumbai Metropolitan Region witnessed a supply of 27,000 new units of properties priced above Rs 4 crore between 2013 and thefirst quarter of 2019. South-central Mumbai alonecontributed 22,000 units to this. But 11,000 of those units haven’t been sold, despite a high demand for their construct