A 700 sq ft 2BHK apartment in a prime Mumbai location being offered for around Rs 1 crore has triggered a discussion among prospective property buyers on Reddit, with users examining whether the lower asking price adequately reflects the project’s history and pending construction.
According to the Reddit post, comparable 700 sq ft apartments in the same locality could command prices of nearly Rs 2 crore, making the property’s asking price substantially lower than nearby listings. However, the discount appears to be linked to the project’s prolonged construction delays and incomplete development.
The project reportedly commenced around 2014 but remained stalled for several years. Seven floors have been completed and occupied, while construction of another seven floors is still pending. The completed section was reportedly finished in 2022, with residents having occupied those homes for approximately four years.
The project also faced financial difficulties involving its original developer. A new developer has reportedly assumed responsibility for completing the remaining construction. According to the buyer’s account, the new developer has possession of the relevant project documents and is expected to finish the outstanding floors.
The property discussion further states that the project has a commencement certificate covering the additional construction. Once the pending work is completed, the new developer is expected to secure the final occupancy certificate and execute the conveyance deed.
The unusually low asking price has prompted questions about the risks attached to purchasing a home in an incomplete or previously stalled development. Buyers on the platform also discussed how construction delays, documentation issues and the project’s eventual completion could affect future resale prospects.
However, the Reddit post concerns an individual property and does not provide sufficient evidence to draw conclusions about Mumbai’s wider housing market or property prices.
For buyers considering similar opportunities, the case underlines the importance of independently checking title records, statutory approvals, commencement and occupancy certificates, construction progress, pending obligations and the legal responsibilities of the current developer before committing to a purchase.
Source: No Broker
