It was quiet expected that the properties which started construction way back in 2014 will start getting ready for possession in 2019.
The current market conditions in South Mumbai property market typically in the belt of Prabhadevi, Worli and Lower Parel has a lot of inventory which is coming up for possession. This has resulted in a medium lull in the property market. The properties which are ready are available marginally higher to their cost of acquisition 5 years back, resulting in Investors eroding their Capital Values and paying interest on the asset or loosing interest on their capital values.
The market conditions may persist for a good 6 to 18 months cycle, when it actually becomes clear of the residual stock to be sold by both the Developers, actual users and sellers in the market.
The demand for properties in Central South Mumbai persists, but at a price which is a compromise for both the Developer or the Investor.
Properties which are either ready for possession or getting possession in the next few months or by the end of 2019 are:
ICC Towers, Dadar
Lodha World One, Worli
Lodha, The Park, Worli
One Avighna Park
India Bulls Sky
Lodha, New Cuffe Parade
Ajmera, Treon etc
Interesting, also in most of the above complexes, the apartments available on lease are giving investors or home owners around 2% or less yields leading to a further pressure on the property owners to liquidate and move on.