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Quarterly residential real estate analysis of top 8 cities in India

Mumbai Real Estate Report Apr-Jun 2021

1860 Jul 16, 2021 Download Report
  • The residential market in Mumbai remained sluggish in Q2 2021 amid the State government withdrawing the stamp duty waiver from April 1 and the two months stringent lockdown till May end.
  • While enquiries dropped drastically, residential transactions plummeted by over 60 percent QoQ in the studied period. However, despite frail demand, the average property values in the city remained unchanged in the review quarter.
  • While enquiries dropped drastically, residential transactions plummeted by over 60 percent QoQ in the studied period. However, despite frail demand, the average property values in the city remained unchanged in the review quarter.
  • The unsold residential stock in Mumbai increased by 10 percent to nearly 1.1 lakh units in the period ending June 2021. The quarters required to dispose of this stock stands at 18.
  • Office space leasing in Mumbai declined by 30-40 percent in Apr-Jun 2021 amid the COVID 2.0 challenges. Small-scale investments remained prominent, with bare shell offices measuring over 2,000 sq ft garnering popularity in Turbhe, Mahape and Nerul.

 

MUMBAI REALTY AT A GLANCE

Property Prices
Rental Rates
Demand
Supply
* 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

 

99ACRES' OUTLOOK

The residential market in Mumbai remained sluggish in Q2 2021 as the State withdrew the stamp duty waiver from April 1 and imposed a stringent lockdown till May end. While enquiries dropped drastically, residential transactions plummeted by over 60 percent, QoQ. Despite frail demand, the average property values remained unchanged in Apr-Jun 2021.

New supply reeled under pressure. Around 12,000 housing units were added in the quarter, with Navi Mumbai and Thane accounting for nearly 90 percent of the fresh supply. The pace of new launches remained slow in Mumbai amid the rise in containment zones. Rustomjee Constructions, Piramal Realty, SpentaCorporation and Rai Residency are a few developers who launched projects in the quarter.

The prolonged buying cycle and improved supply heightened the unsold residential stock in Mumbai by 10 percent to nearly 1.1 lakh units by the end of June 2021. The quarters required to dispose of this stock stand at 18.

The rental market continued to remain plagued with meek demand. While many landlords offered discounts amid prolonged vacancy periods, transactions could not materialise with societies being shut due to the lockdown. The average rentals also slipped by around 15-20 percent, YoY.

 

Key micro-markets across budget segments

Key Micro-marketsAverage Capital 'Asks'Average Rental 'Asks'Rental Yield
Within Rs 40 lakhAmbernath3,600-4,50092.37%
Badlapur3,200-3,90082.42%
Rs 40 lakh - Rs 1 croreDombivli (East)5,300-6,300132.50%
Kalyan (West)5,500-6,500142.48%
Taloja4,600-5,50091.90%
Rs 1 crore and aboveGoregaon (East)14,700-17,900412.73%
Manpada10,900-12,800262.49%
Borivali (East)14,600-17,600342.31%

*Note: Rental Yield has been calculated for a 1,000 sq ft apartment. **Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. ***The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments

 

 

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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