Island city sells only 204 units in Q1 of 2020-21

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Island city saw the least number of sales in the first quarter of 2020-21 (Q1 20-21) in MMR. While, central suburbs extended saw the highest number of sales.

By Varun Singh

Island City, comprising of South Mumbai, and Central Mumbai saw a sale of only 204 units in the first quarter of 2020-21.

This is the lowest in MMR, which saw a total of 6,396 units being sold in Q1 of 2020-21.

Island City starts from Colaba/Cuffe Parade till Mahim and Wadala. It comprises of Altamount road, the Beverly Hills of South Mumbai, Worli, Lower Parel, Malabar Hill and other areas.

According to a report by Liases Foras, a real estate research firm, Island City in Q1 of 2019-20 sold 563 units. This figure went up in Q4 of 2019-20 to 642 units.

However, it came down to 204 units in Q1 of 2020-21 a drastic fall of 68% compared to previous quarter.

Units sold in MMR in the last few quarters.
Units sold in MMR in the last few quarters.

Western Suburb which starts from Bandra and ends at Dahisar saw a sale of 869 units in Q1 of 2020-21. The figure was 2,135 in Q4 of 2019-20, while it stood at 2,168 in Q1 of 2019-20.

Central Suburb which is from Sion till Mulund sold only 538 units in the Q1 of 2020-21, while in Q4 of 2019-20 it sold 1,683 units. In Q1 of 2019-20 the units sold stood at 1,760.

Western Suburb Extended that is from Mira Road to Virar sold 885 homes. In Q1 of 2019-20 it was 1,728 units, which rose to 2,355 in Q4 of 2019-20.

Central Suburb Extended which is from Kalyan till Bhiwandi, Titwala and Badlapur; witnessed the highest sales in Q1 of 2020-21. It sold 2,210 units in the first three months of the financial year. This figure stood at 5,285 units in Q1 of 2019-20, while 5,303 in Q4 of 2019-20.

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Thane comprising of areas like Thane, Kalwa and Kasarwadavli, saw a sale of 1,050 units in Q1 of 2020-21. While it had sold 1,830 units in Q4 of 2019-20, and 2,284 units in Q1 of 2019-20.

Navi Mumbai comprising of Navi Mumbai till Taloja and Kamothe, Ulwe and Karanjade, in Q1 of 2020-21, sold only 346 homes. In Q1 of 2019-20, it had sold, 2,289 and 1,972 homes in Q4 of 2019-20.

Panvel also had a bad time in sales, only 294 homes were sold in Q1 of 2020-21. In Q1 of 2019-20, it had sold 1,074 units while in Q4 of 2019-20 it had sold 874 units.

On a yearly basis, sales decreased maximum in New Mumbai and Panvel by 85% and 73% respectively.

On quarterly basis, sales decreased in all the suburbs with maximum reduction in New Mumbai by 82% followed by Central Suburb one Island city each by 68%. Panvel (66%), Western Suburb Extended (62%), Western Suburb (59%), Central Suburb Extended (58%) and Thane (43%).

On a yearly basis unsold Stock increased by 5% each in Central Suburb and Western Suburb Extended followed by 3% in New Mumbai and 2% in Central Suburb Extended.

On quarterly basis, unsold stock reduced by 6% in Central Suburb Extended, 2% each in Western Suburb and Western Suburb Extended. Marginal reduction was seen in Island City, Central Suburb, Thane, New Mumbai and Panvel.

Unsold units in MMR in last few quarters
Unsold units in MMR in last few quarters

“The main reason for the drop in sale figures is the lockdown due to the COVID 19 pandemic,” said a real estate broker.

According to builders and brokers, there’s hardly any sales taking place, as everything has come to a standstill. Situation has worsened with uncertain future in terms of job losses and salary cuts.

Also Read: 8 points on what makes more sense to buy or rent a home

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