2 BHK at Worli Seaface for Rs.45,00,000/-

By AT Bureau

Recently, in the first week of January, a flat of 2 BHK was sold for Rs.45,00,000/-. The flat was in a 17 year old building having carpet area of 835 sq.ft. excluding balcony. The out goings are just Rs.1700/- per quarter including property tax and society maintenance.
Oops ! what a deal. When parkings are sold for Rs.32 lakh, in this era of madness in property rates, one still finds his way out with limited budget. This is not a single instance in Mumbai. A 1 BHK flat was sold in Vile Parle East for Rs.18 lakhs. In Kalina a 2 BHK (650 sq.ft.) was sold for Rs.25 lakh in 27 year old building. Saki Naka, Akruti and D S Kulkarni were reportedly selling for Rs.5500/- and 4500/- per sq.ft respectively, which makes 2 bhk of 800 sq.ft. works out to be aound Rs.42 lakhs.
In Mira Road, the rates have come down to 20 to 30 % on residential flats. In Vasai, it is panic. After the news spread that the region will have power cut for three consecutive days, residents are selling their flats for anything. The rates have droped till Rs.700/- per sq.ft.
In Mulund, Bhandup and Nahur, the sale has almost stopped. A leading builder, on the condition of anonymity, said that in last two months , the sale is negligible. Although the rates are stagnated, sale has severely effected.
The rates are also likely to come down in April, since lot of migration for educational purposes happen in the month of March.
In Bandra west, some of the SRA buildings and remotely accessed buildings are still available for Rs.7000/- to Rs.11,000/- per sq.ft. In Thane, it is worst. The sale have almost stopped. The rates have come down for second sale, and builders are thinking to sell the investors flats for current prices.