As Mumbai awaits new development plan, real estate firms withold launches

The Mumbai real estate market is expected to see a further dip in new project launches and, perhaps, even in sale of apartments as uncertainty looms over the new development plan of the city. Major developers are anticipating delays in launches, and it may be sometime before they are ready with plans that are in line with the new plan.

Oberoi Realty has, for example, held back the formal launch of its Borivali project, with the management saying it needs some clarifications pertaining to the new development plan.

Market analysts say Oberoi’s Borivali project was estimated to come up with 800-1,000 apartments on April 25, making it a large-sized launch. However, following Oberoi’s quarterly financial results, chairman and managing director Vikas Oberoi said the company will now wait as “it is unclear whether the IOD (intimation of disapproval) received for the Borivali project will have to be amended so we have decided to pause and postpone the launch”.

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