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72,906 new flats in city by 2011

Construction is on in full swing across the city and 72,906 new homes will be up for sale in the next two years.

mumbai Updated: Nov 24, 2009 01:21 IST
Naresh Kamath

Construction is on in full swing across the city and 72,906 new homes will be up for sale in the next two years.

Reason: Many developers have restarted their projects which were stalled due to the slowdown, while others have taken up new ones.

This was revealed by a research study conducted by leading real estate consultancy firm Knight Frank.

The study also revealed that most projects are 800-2,000 sq ft two- and three-bedroom, hall-kitchen (BHK) flats.

Pranay Vakil, chairman of Knight Frank India, said: “Developers have re-sized their flats to smaller units to suit the demands of the buyers.” A two-BHK flat, which was earlier sized at 1,100 sq ft, is now re-sized at 800 sq ft.

The report also found that ready available flats command a premium amount compared to under construction ones.

“There is very less supply of ready flats and hence the demand,” Vakil explained.

“People want bigger houses and Powai offers excellent connectivity,” said Sukhraj Nahar, chairman of the Nahar Group that is constructing about 2,000 flats in Powai.

The study also revealed that flats are more expensive in south Mumbai as there are fewer constructions in the area (4,732 flats). The demand is further fuelled by non-resident Indians and high-net worth individuals seeking to buy flats here.

Western suburbs are witnessing the highest number of constructions — 26,611 flats — in the city with higher-income buyers and the middle-class eyeing constructions in areas such as Bandra, Khar, Santacruz and Juhu.

Though flats in areas like Goregaon, Malad and Mira Road are relatively low-priced, they too are popular due to connectivity.

Those seeking to buy even cheaper flats can opt for the 4,950 houses coming up in the extended suburbs of Virar and Vasai.

Central suburbs like Sion, Wadala, Chembur and Mulund too are witnessing heavy construction activity — 9,408 flats.

While Thane will get 13,820 new flats in two years, Navi Mumbai will have 13,385 new houses.