Verified sell-through, true pricing curve, and approval position for Meridian Crest Developers' flagship Lower Parel launch — reconstructed from registration records, not marketing claims.
Avirat Heights is ~26 percentage points behind its claimed sell-through. Registration velocity has halved since launch quarters, one Sec 7(3) extension is already on record, and the effective price gap versus its closest rival is narrowing. The project is not distressed — but it is carrying more unsold premium inventory than its RERA page admits, and a price correction or extended payment plan is the likely next move.
If you are the rival within 1 km: the market has headroom at ₹40–42k/sqft, 3-bed demand is real, and Avirat's pricing power is weakening — the next 2 quarters are a launch window, not a wait window.
Velocity has halved. Avirat opened at 7–9 registrations/month through 2023; the trailing six months average 2.9 — and Peninsula Verta's launch in Oct-24 split the demand rather than growing it.
Launch median ₹38.5k → current ₹41.9k per carpet sqft — an 8.7% lift over 30 months, i.e. below inflation. The rival entered ₹2.3k under and has nearly closed the gap.
Demand is in the middle of the stack. Two- and three-bed units register at 61% and 48% of supply; four-beds at 22%; penthouses zero.
| Project | Delivery | Complaints | Status |
|---|---|---|---|
| Crest Court · Dadar (2016) | Delivered 14 mo late | 2 complaints | Delivered |
| Meridian One · Prabhadevi (2019) | On time | Clean | Delivered |
| Crest Terraces · Mahim (2021) | Delivered 22 mo late | 1 litigation flag on past-projects disclosure | Delivered |
| Avirat Heights · Lower Parel | Extension granted | 3 open complaints | In progress |
Registered rates have flatlined at ₹41.8k for three quarters while the nearest rival (Peninsula Verta, launched Q3-24) closes the gap from ₹36.2k → ₹41.2k. Avirat's premium is now defended by floor, not by brand.
4-BHK and penthouse absorption is 22% and 0% verified respectively. 61 unsold units are mortgaged — every quarter of delay compounds NBFC servicing pressure.
Trailing velocity has stabilised at 2–3 registrations/month. At that burn, the remaining ~123 units imply >3 years of tail — beyond revised completion.
A second Sec 7(3) extension, a price revision on floors 22+, or an NBFC enforcement filing would each change the picture materially. These are checkable events in the public record.
| Doc ref | Reg. | Unit | Carpet sqft | Consideration | ₹/sqft |
|---|---|---|---|---|---|
| AHT/A/23/014 | Mar-23 | 3 BHK · F12 | 1,142 | ₹4.42 Cr | ₹38,700 |
| AHT/B/23/061 | Oct-23 | 2 BHK · F08 | 788 | ₹3.08 Cr | ₹39,100 |
| AHT/A/24/089 | May-24 | 4 BHK · F21 | 1,980 | ₹8.12 Cr | ₹41,000 |
| AHT/B/25/102 | Feb-25 | 3 BHK · F27 | 1,186 | ₹5.16 Cr | ₹43,500 |
| AHT/A/25/118 | Jul-25 | 3 BHK · F31 | 1,186 | ₹5.34 Cr | ₹45,000 |
| AHT/B/26/121 | Sep-26 | 2 BHK · F14 | 812 | ₹3.40 Cr | ₹41,850 |
Sell-through is verified by counting unique agreement-of-sale and conveyance documents registered at Worli SRO carrying CTS 1261 or the project's registered name in Index II free text — deduplicated against cancellations and supplementary agreements. Claimed sell-through is the promoter's own % booked figure from the MahaRERA project page. Approval dates are AutoDCR proposal-file stage timestamps. Rates are consideration ÷ carpet area on arms-length agreements only; PAAA allotments, mortgage deeds, and leave-and-licence records are excluded by doc-type filter.