Good response for Piramal Realty project

Q: In spite of an increase in prices and no discounts, Piramal Realty's first realty project Piramal Vaikunth in Balkum, Thane, Mumbai appears to have attracted a good response.

Anuskha Chandan, Mumbai

10th December 2015

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Replies (2)

Hello Shalini,
This project "Piramal Vaikunth" Balkum had managed bookings worth Rs 200 crore in the first week of the launch. It indicates that the customers are looking for affordable segment. That is a return of approximately 7%. A property check around Thane reveals that given the variety in the buyer profile, which ranges from salaried professionals to businessmen and entrepreneurs, the market is offering residential units to suit different pockets.

Aneek Das,

10th December 2015

Comment

Yes, in Thane, there are projects available at about Rs 6000/sq-ft in the interiors of the area while in some parts the rates are as high as Rs 10000-11500/sq-ft kind of rates in prime locations.

Shalini Parikh, Mumbai

10th December 2015

Right Shalini,
Similarly, projects in far flung areas in Thane like Kalwa and Manpada, currently offer projects in a range of Rs 6000-8000/sq-ft. Some of the projects like Neelkanth Woods and Lodha Splendora are very famous here. However, Majiwada and Pokaran Road 1 and 2 have premium projects like Rustomjee Urbania and Lodha Luxuria commanding Rs 12000/sq-ft.

Praveen Modi, Mumbai

10th December 2015

But currently, most of the supply hitting Thane seems to be in the Rs 8000-12000/sq-ft range while the residential market in Mumbai witnessed a decline in supply addition in the first half of 2015.

Shalini Parikh, Mumbai

10th December 2015

Yes, there is just one apartment left of the smaller size, priced at Rs. 1 crore for 515 sq-ft. in first of the 23 storey tower. However, several of the larger flats measuring 800-955 sq-ft and priced upwards of Rs 1.5 crore, in other three towers are remain unsold.

Praveen Modi, Mumbai

10th December 2015

Comment

During the pre-launch period, the developer had announced a special price of Rs 74 lakh for the smaller apartments but that has since appreciated to Rs.8350/sq-ft and now it cost Rs 1 crore. The larger flats are now priced at Rs 9261/sq-ft.

Shalini Parikh, Mumbai

10th December 2015