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Mumbai: Realtors turn office space into homes

Posted on 03 May 2013

A number of builders in Mumbai are converting their office projects into residential ones amid poor sales and falling rentals in the commercial space. In the backdrop of tight liquidity, builders are also finding it easier to work on housing projects, given the self-financing ability of residential projects through customer advances as against back-ended commercial developments.
Among major developers, Oberoi Realty is now contemplating to convert its office space project Oberoi Splendor Commercial on Jogeshwari-Vikhroli Link Road in Andheri , a suburb of Mumbai, into a residential project. Brokerages like Motilal OswalBSE -0.23 % and IDFC Securities have termed Oberoi Realty’s decision as a positive trigger, given the possibility of better sales volume………………………………………..Full Article: Source


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