Housing sales in Mumbai gathered momentum in Oct-Dec 2020. Over 6,000 units were sold in the quarter with Andheri-Dahisar and Goregaon-Malad belts grabbing the maximum popularity share. Ready homes priced within Rs 80 lakh to Rs 1 crore remained the most preferred. Besides, freshly launched projects offering premium amenities and discount offers also drew end-users.
A 20 percent growth in new launches, particularly in the budget range of Rs 50-80 lakh led some price-sensitive buyers to close deals. Grade B developers, including Sethia Group and Paradigm Realty, accounted for maximum new launches in Andheri West, Kandivali East and pockets in Mira Road and beyond.
Stamp duty cut boded well for Mumbai Harbour and South-West Mumbai as demand for ultra-luxury properties in Rs 2.5 crore to Rs 5 crore budget segment increased for the first time in the last couple of years. A few premium locales that benefitted the most include Byculla, Lower Parel, Worli and Juhu.
Subdued number of new launches and improved sales augured well for the unsold residential inventory, which dipped by nearly 10 percent to stand at almost 60,000 units by the end of December 2020.
The rental market in Mumbai took a beating in Oct-Dec 2020 amid the restrained demand. Despite offering a 10-15 percent discount on monthly rentals, landlords failed to entice home seekers. Overall, the city’s home renting trend continued to dwindle with approximately 20 percent drop in rental enquiries, YoY.