Mumbai: India’s financial capital has always been a city of dreams, but the statewide power crisis and consequent power cuts are now proving to be a nightmare for some suburban Mumbaikars.
But would this translate into a drop in real estate prices in the region? The high rises are a symbol of it's citizen's high ambitions.
But as one drives along LBS marg in north Mumbai, another stretch flanked by giant residential projects, one can feel that citizens in these distant suburbs of the city have been given a raw deal.
"Rates must fall. Everyday, there’s power cut for about four to five hours. It won’t work like this,” says a local resident.
Till about a fortnight ago, areas like Kanjurmarg, Bhandup and Mulund enjoyed uninterrupted power supply being a part of Mumbai.
But now, they are no better than neighbouring Thane because power in these parts comes from MahaDisCom which is reeling under an acute shortage. Power cuts have become a norm in these areas.
A home south of Modella Check Naka - the point where Mulund, Mumbai's northern most suburb comes to an end and Thane begins - was once a status symbol.
It commanded a premium of Rs 1,000 to Rs 2,000 per square foot over neighbouring Thane. But can these rates be sustained?
"People have learn to adjust. They have bought inverters and generators. Power cuts will not lead to a drop in property prices," says local builder Haribhai Varchand of Everest Aangan Pvt Ltd.
But those with the job of selling these apartments are not so confident.
"It will make a difference as ultimately, it is people who will suffer despite paying through their nose for owning a home here,” says Harish Ahuja of Ahuja Corporation.
So opinion remains divided, but with soaring property prices and rising interest rates to contend with , the entry of power cuts during the coming hot summer may serve to cool off property prices in this part of Mumbai.
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