The real-estate market is witnessing a new trend. Most information technology parks and commercial office projects are now being converted into residential projects, as most developers are not feeling confident over the projected revival in the commercial segment.
In the commercial segment, there is a huge oversupply and absorption is very low in the market. A lot of commercial and IT park spaces are now being converted into residential projects. Approximately two million sq ft of commercial projects have recently been converted into residential projects in the island city (mainly at Lower Parel). You can witness many such similar trends in the real-estate market now, said Pankaj Kapoor, founder, Liases Foras.
Orbit Corporation Ltd, a Mumbai-based developer, has converted its IT park project at Andheri, a Mumbai suburb, into a residential project called Orbit Residency Park. It will be constructing one bedroom, hall & kitchen (BHK) apartments of approximately 600 sq ft–700 sq ft, one-and-a-half BHK of approximately 700 sq ft–800 sq ft, two BHK of approximately 900 sq ft–985 sq ft, two-and-a-half BHK of approximately 1,000 sq ft, three BHK of approximately 1,300 sq ft-1,400 sq ft and three-and-a- half BHK of approximately 1,350 sq ft-1,450 sq ft.
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On
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