- The introduction of the COVID-19 vaccine and re-operationalisation of local trains helped improve the home buying sentiment in Mumbai. Overall, the housing sales in the city recorded a 20 percent hike, YoY, in Jan-Mar 2021.
- The average property prices remained unchanged in MMR, barring Mumbai that witnessed a marginal one percent hike, QoQ..
- About 3,500 housing units were added across zones, with Mumbai accounting for the maximum new supply.
- The rental market, too, improved relatively against Oct-Dec 2020. However, with the second wave of COVID-19, property owners fear increasing vacancy levels and stagnant rental rates in the forthcoming months.
- The office space leasing in Mumbai improved with a nearly 15 percent surge in Jan-Mar 2021 vis-à-vis the previous quarter.
* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com
The introduction of the COVID-19 vaccine and re-operationalisation of local trains helped improve home buying sentiment
in Mumbai in Jan-Mar 2021. Property enquiries and site visits were reportedly up by almost 15-20 percent, YoY. The two
percent cut in stamp duty until March 2021 and an additional rebate of one percent in the stamp duty for female homebuyers from April 1, 2021, also benefitted the market sentiment. Overall, the housing sales in Mumbai recorded a 20 percent hike, YoY.
Increased residential offtake and a 50 percent cut in the construction premiums encouraged developers to launch projects. Consequently, about 3,500 housing units were added across zones. Mumbai accounted for the maximum new supply, as many builders in Navi Mumbai and Thane withheld their launches planned during the festive season due to an increase in the number of COVID-19 cases. Category A developers, including Runwal Group,Lodha Group, Mahindra Lifespaces, among others, captured nearly 60 percent of the new launch share.
The average property prices remained unchanged in MMR, barring Mumbai that displayed a marginal one percent hike, QoQ. The rental market, too, improved relatively against Oct-Dec 2020. However, with the second wave of COVID-19 and the re-imposition of lockdown in many areas, landlords fear increasing vacancy, subdued demand and stagnant rental rates in the upcoming months.
Key micro-markets across budget segments
|Key micromarkets||Average Capital 'Asks'||Average Rental 'Asks'||Rental Yield|
|Within Rs 40 lakh||Nallasopara||3,920-4,890||10||2.24%|
|Rs 40 lakh - Rs 1 crore||Dombivli (East)||5,000-6,120||13||2.50%|
|Rs 1 crore and above||Kharghar||8,100-9,600||19||2.34%|
<pclass="fontsize12">*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