Lower Parel and Worli are the yester years Mill lands which started getting auctioned through the year 2005 to 2009 in Mumbai with the idea to create open spaces for Mumbai residents as its first thought. But the high cost of land only got Top Developers to develop high rises and large size apartments which sell today over 7 to 8 Cr and easily go up to 50 Cr.
Lodha, Oberoi, Kalpataru, Wadhwa, One Avighna, India Bulls, Piramal, Omkar, HBS, Radius, DB Realty, Rustomjee, K Raheja Corp, Sugee, SD Corp, Lokhandwala all these developers have some major land parcel in between Lower Parel, Worli, Mahalaxmi, Prabahdevi and Tardeo which essentially has become one micro market in Mumbai.
The issue in this market is that most of the Inventory coming up for possession is beginning from Mid of 2019 going upto 2023 and with Metro Calibration on the cards, ROI plummeting, Lease Rent Returns to nearly 1.5% to 2%, Higher Interest Rates, Higher Holding Costs, Higher Outgoings, No Appreciation, the buyers are in dire straits to find a budget property, the sellers are not able to sell and the Developers are not able to comprehend next steps. So the absorbtion rate in these locations is relatively better, but the over supply in the micro market is an over kill. So one has to be vary of the market and then plunge in to buy, sell or lease.