Old buildings in Mumbai have more resale value
A recent survey by broking house Karvy shows that old apartments in Mumbai have more resale value and provide better investment opportunities as compared to new properties. The survey included inspection of 65 Mumbai and suburban properties.
The higher resale value attributes to redevelopment prospects of the old properties. Also the fact that new projects have less usable area than what is mentioned gives an upperhand to old properties.
Old properties have extra floor space index (FSI) available to them. Hence major price appreciation is expected in areas like Chembur, Ghatkopar, Andheri, Kandivali, etc.
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