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Quarterly residential real estate analysis of top 8 cities in India

Mumbai Real Estate Report Oct-Dec 2020

3804 Jan 22, 2021 Download Report
  • The homebuying sentiment in Mumbai improved as the quarter ending December 2020 noted a substantial 50 percent hike in housing sales vis-à-vis Jul-Sep 2020.
  • The new supply moved at a slow pace. Barring a few project launches by Grade B developers in Rs 50-70 lakh range, inventory addition in Mumbai was understated.
  • The rental market also suffered with migrant professionals still operating from their hometowns and a sizeable share of tenants now looking for home purchases.
  • Despite landlords offering up to 10 percent rebates on monthly rentals, the home leasing trend across zones reeled under pressure.
  • Office leasing trend in Mumbai improved in Q4 2020. Net office space absorption in the city nearly doubled in Q4 2020 against 0.46 million sq ft in Q2 2020.

 

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 in Oct-Dec 2020. The positive market sentiment around the festive period coupled with 2-3 percent stamp duty reduction and lower home loan risk weightage boosted residential enquiries by around 30 percent, and site visits by nearly 25 percent, QoQ. Overall, the quarter ending December 2020 noted a substantial 50 percent hike in housing sales vis-à-vis Jul-Sep 2020.

Nevertheless, the new supply moved at a slow pace. Amid the news around the second wave of COVID-19 infection, the imposition of night curfews across Maharashtra and ban on inbound flights from the UK, many developers adopted a cautious stance. The delayed notification of Unified Development Control and Promotion Regulations (UDCPR) also led builders to withhold the project announcements. Barring a few new launches by Grade B developers in Rs 50-70 lakh range, inventory addition in Mumbai was understated.

The average capital values across zones remained unaltered, barring a marginal hike in select pockets. The rental market also suffered with migrant professionals still being in their hometowns and a sizeable share of tenants now looking for home purchases. Despite landlords offering up to 10 percent rebates on monthly rentals, the home leasing trend across zones reeled under pressure.

 

Key micro-markets across budget segments

Key micromarketsAverage Capital 'Asks'Average Rental 'Asks'Rental Yield
Within Rs 40 lakhAmbernath3,700-4,50092.37%
Badlapur3,330-3,80082.42%
Rs 40 lakh - Rs 1 croreTaloja4,900-5,80091.90%
Nallasopara3,920-4,89092.24%
Vasai4,800-5,560132.78%
Rs 1 crore and aboveKharghar8,100-9,600192.34%
Goregaon (East)14,870-18,000412.73%
Malad (West)14,490-17,150402.79%

* 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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