Residential demand in Mumbai increases 1.9% QoQ with a decline in supply (2.1% QoQ).
In Mumbai, demand (searches) for residential real estate increased 2.1% QoQ, while the supply (listings) declined 2.1% QoQ. Meanwhile the average property prices increased 2.1% QoQ, revealed Magicbricks PropIndex Report Q3, 2022
2 BHK apartments in Mumbai dominated the homebuyers’ preference and accounted for 42% of the total demand and 43% of the total supply, indicating their preference for affordable units.
Navi Mumbai exhibited a similar trend with 2 BHKs accounting for 50% of the total demand and 47% of the total supply in Q3 2022. In Thane, demand for affordable units continued to dominate the residential market with 2BHK units comprising 46% of the total demand and 42% of the total supply.
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “The upcoming festive months are considered auspicious to make real estate investments and we expect the demand to continue on the onward trajectory. The 6th edition of Magicbricks’ Dream Home Festival (DHF) was launched on 1st October 2022 to facilitate access to properties with lucrative offers and deals, and we are confident that this year will also mirror the success of previous editions.”
In Mumbai, localities in the western suburbs such as Malad and Kandivali followed by Borivali and Dahisar continue to be the hotspots for homebuyers. The demand in these localities is driven by factors such as launch phase 1 operations of the new metro lines and launch of new residential projects.
In Navi Mumbai, Kharghar and Panvel were observed to be the most preferred localities due to availability of land at affordable prices, ongoing development of new localities and great connectivity to the rest of the MMR. In Thane, localities such as Ghodbunder road and Thane West continue to be the popular micro-markets supported by factors such as excellent connectivity and better access to employment hubs.
The report further observed that buyers are aware of increasing prices and hence would invest before they rise further. It also predicts an onward trajectory for Mumbai’s residential sector.
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