Some updates based on my field checks
Currently the project ( Market of India) has stopped taking bookings due to transitioning into the new RERA regime which requires all approvals to be in place. The CMDA approval is pending but all the other major approvals are in place ( i.e Airport Authority, Environmental clearance and Fire & Safety).
The RERA approval is expected in October.
Pre RERA they had sold 65% of all the shops in quadrant A & B (There are 4 quadrants and the other 2, C&D are yet to be launched). The average rate of the shops ranges from Rs 12000 to Rs 15000 psf. As expected the fastest selling product is the small sized shop of 30L.
One interesting thing that caught my attention is that a part of the cost of the shop is an upfront payment contributed by the owners of the shop that will be used to develop an ecommerce website that will help them in selling their wares. This website is expected to be up by 2019 - 2020.
The key monitorable is the RERA registration in October which is the final reassurance that all approvals are in place. Till such time that happens everything should be viewed in the context of “if this then that”