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PROPERTY CAPSULES

Annual real estate analysis of top 4 cities in india

Mumbai Real Estate Market Annual Report 2021

9171 Jan 04, 2022 Download Report

Mumbai started the year 2021 on a positive note. With a 20 percent increase in housing sales, QoQ amid 2-3 percent reduction in stamp duty in the last two quarters of 2020-21, the sales momentum remained upbeat. Factors such as an all-time low home loan interest rates and lucrative offers by developers also played a role.

The good start however came to a halt with lockdowns in Mumbai following the second wave of COVID-19. By the end of H1 2021, there was a 10 percent rise in unsold residential stock in the city with almost 1.1 lakh units lying for buyers. As lockdown compelled workspaces to remain closed, office leasing dropped by 30-40 percent, with some lessors offering spaces at a deficit of 7-10 percent to avoid vacancies. Similarly, residential rental prices dipped by 15-20 percent by the end of H1 2021.The second wave brought with it a hike in prices of construction raw materials by up to 50 percent, which further added to the developers’ financial woes.

MARKET INDICATORS

Property Prices
Rental 'Asks'
Demand
Supply
JAN-MAR 2021
APR-JUN 2021
JUL-SEP 2021
OCT-DEC 2021
* Property prices represent quarterly change * Rental 'asks' represent yearly change
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com

 

On the infrastructure front, Metro Lines 2A and 7 became operational starting May 2021, and a 29 km-long Light Metro project in Thane got approval. The ongoing construction of an Aerocity in Navi Mumbai, with residential, retail and commercial offerings also bodes well for housing demand. Mumbai recovered well from the aftermaths of wave 2 and posted a hike in total property registrations in H2 2021 against H1 2020. However, with fears of the Omicron virus, and another lockdown lurking around, things might remain uncertain for realty and other industries in the future.

 

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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