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Quarterly residential real estate analysis of top 8 cities in India

Mumbai Real Estate Report Jul-Sep 2021

3097 Oct 14, 2021 Download Report
  • As the after effects of the COVID-19 second wave waned and markets reopened, housing sales in Mumbai witnessed commendable recovery in the subsequent quarter, i.e. Jul-Sep 2021.
  • Nevertheless, new launches declined by 55 percent, QoQ, with around 5,000 units being added across zones. Phase-wise additions remained a major trend, particularly among Grade A developers.
  • Unsold inventory across zones dipped by around 10 percent to one lakh units, with maximum stock in the extended suburbs. The quarters required to dispose of this stock stand at around 14.
  • The rental market across zones improved in Jul-Sep 2021. While the rental deals grew by around 20-25 percent, they could not reach pre-pandemic levels.

 

MUMBAI REALTY AT A GLANCE

Property Prices
Rental Rates
Demand
Supply
* Property prices represent quarterly change * Rental 'rates' represent yearly change

* Supply is basis properties listed on 99acres.com * Demand is basis queries received on 99acres.com

 

 

99ACRES' OUTLOOK

As the after effects of the COVID-19 second wave waned and markets reopened, housing sales in Mumbai witnessed commendable recovery in the subsequent quarter, i.e. Jul-Sep 2021. The ongoing COVID-19 vaccination drive, subvention schemes by developers, and low home-loan interest rates made home purchase an attractive proposition. Resultantly, the residential transactions in Mumbai grew by 20-25 percent, QoQ.The sales momentum in the quarter continued from soups to nuts except the last 10 days in September, owing to the Shraadh period.

New launches declined by 55 percent, QoQ, with around 5,000 units being added across zones. As most new project announcements were deferred to the impending festive period in Q4 2021, phase-wise additions remained a major trend, particularly among Grade A developers. These include, Kalpataru Group, Arihant Builders, Sunteck Realty and Lodha Group.

Unsold inventory across zones dipped by around 10 percent to one lakh units, with maximum stock in the extended suburbs beyond Dahisar, Panvel, Kalyan, Bhiwandi, Ambernath and Badlapur awaiting takers. The quarters required to dispose of this stock stand at around 14.

The rental market across zones improved in Jul-Sep 2021. While the rental deals grew by around 20-25 percent, they could not reach pre-pandemic levels, and the trend might continue in the upcoming quarter as most IT/ITeS conglomerates do not plan to reopen offices before 2022.

 

Key micro-markets across budget segments

Key micromarketsAverage Capital 'Rates'Average Rental 'Rates'Rental Yield
Within Rs 40 lakhAmbernath3,480 - 4,29092.37%
Badlapur3,440 - 3,99082.42%
Rs 40 lakh - Rs 1 croreDombivli (East)4,930 - 6,200132.50%
Kalyan (West)5,560 - 6,540142.48%
Taloja4,630 - 5,440101.90%
Rs 1 crore and aboveKharghar8,280 - 9,980192.34%
Panvel6,030 - 7,480132.44%
Goregaon (East)14,790 - 18,610412.73%

* 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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2 COMMENTS




  • Satish Turner

    Want to sell my house at Virar East 550. Carpet one bed.

    October 23, 2021 | 1:55 PM Reply

    1. Bikki Sharma
      @Satish Turner

      Hello Satish,
      If you wish to sell your property you can choose to consult a property agent or you can list your property on 99acres for better results. Kindly follow the link to list your property https://www.99acres.com/do/buyourservices

      October 28, 2021 | 12:56 PM Reply

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