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INSITE REPORTS

Quarterly residential real estate analysis of top 8 cities in India

Mumbai Real Estate Report Jul-Sep 2020

1967 Oct 29, 2020 Download Report
  • The homebuying sentiment in Mumbai improved month-on-month in the studied period. The reopening of the construction sites, reduced stamp duty and flexible payment schemes by developers ushered in nearly 45 percent growth in the residential enquiries as opposed to the previous quarter.
  • The average capital prices in Jul-Sep 2020 remained unchanged across Mumbai and Navi Mumbai. Thane depicted an increase in the average ‘asks’, albeit marginally.
  • New launches across zones reeled under pressure. Except for a few launches by some reputed builders, the inventory addition in the city remained low-key.
  • The rental market remained resilient across zones; however, Mumbai felt the heat in the backdrop of limited enquiries, societies disallowing the entry of new tenants and an increase in the number of containment zones.
  • A 15-20 percent decline in the office space leasing increased the vacancy rate in the city by approximately 20 percent in Jul-Sep 2020 as against the pre-pandemic times.

 

MUMBAI REALTY AT A GLANCE

Property Prices
Rental 'Asks'
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 homebuying sentiment in Mumbai improved month-on-month in the studied period. The reopening of the construction sites, reduced stamp duty and flexible payment schemes by developers ushered in nearly 45 percent quarterly growth in the residential enquiries. However, as the sub-urban trains remained non-operational due to the COVID-19 pandemic, site visits declined significantly, resulting in a 60 percent drop in the housing sales, YoY. Deal cancellations in the quarter also increased by 10-15 percent amid the growing economic uncertainty.

New launches across zones reeled under pressure. Amid the soaring Coronavirus cases and news around the State government re-implementing the lockdown from October 15, developers refrained from announcing new projects fearing restricted traction. Except for a few launches by Category A builders, the inventory addition in the city remained low-key. Many developers deferred their expansion plans to an indefinite period.

The average capital values in Mumbai and Navi Mumbai remained unchanged, QoQ. Only Thane depicted an increase in the average ‘asks’, albeit marginally. The rental market remained resilient across zones; however, Mumbai felt the heat in the backdrop of limited enquiries, societies disallowing the entry of new tenants and an increase in the number of containment zones.

 

Key micro-markets across budget segments

Key micromarketsAverage Capital 'Asks'Average Rental 'Asks'Rental Yield
Within Rs 40 lakhAmbernath3,600-4,40092.42%
Badlapur3,300-3,90072.15%
Rs 40 lakh - Rs 1 croreDombivli (East)4,900-6,200132.68%
Taloja4,600-5,50092.00%
Panvel5,800-7,200132.47%
Rs 1 crore and aboveKalyan (West)5,500-6,600142.49%
Kharghar8,000-9,500192.44%
Kandivali (West)13,900-16,300332.52%

* 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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4 COMMENTS




  • Danish

    Requirement of b2 bhk flat in lokhandwala or oshiwara
    Budget b2.80 cr to 3.15 cr
    The number of flat should be numberic 2
    Example if on floor their r 4 flats 101, 102, 103,104
    We want 102

    November 27, 2020 | 9:36 AM Reply

    1. Gautam Sharma
      @Danish

      Hi Danish,

      Please click on this link to go to the search bar for residential properties in Lokhandwala: https://www.99acres.com/search/property/buy/lokhandwala-andheri-west?city=218&locality=4955&preference=S&area_unit=1&budget_min=0&res_com=R

      You can use the filters available to set your budget and the property configuration (1 BHK or 2 BHK) you desire and so find the property you want. You can use the same process to check out properties in Oshiwara.

      Thanks,

      November 27, 2020 | 10:08 AM Reply

  • reeta

    I am looking to buy a 1 BHK near Andheri west Lallu Bhai park or shoppers stop area side my budget is 50 to 60 lakhs.please help us to find a place.
    anything email us.

    November 22, 2020 | 1:57 PM Reply

    1. Subhadra Bhadauria
      @reeta

      Hi Reeta,

      Please click on the link here to access details of a few 1 BHK units in Andheri West, Mumbai -https://www.99acres.com/1-bhk-flats-in-andheri-west-mumbai-andheri-dahisar-ffid.

      November 23, 2020 | 10:45 AM Reply

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