Housing demand (searches) in Mumbai grew 15.2% while supply (listings) grew 3.8% QoQ, revealed Magicbricks PropIndex Report Q1’ 2022. The report further observed that in Mumbai, smaller-sized 1 and 2 BHK apartments dominated the homebuyers’ preference and cumulatively accounted for 69% of the demand and 73% of the supply, during the period. The demand and supply for 2 BHK configurations accounted for 40% and 42%, respectively.

Navi Mumbai exhibited a similar trend with demand for 2 BHKs accounting for 48% of the total demand and 46% of the total supply in Q1 2022. In Thane, smaller configuration homes continued to dominate the housing market with 1 and 2BHK units comprising 78% of the total demand and supply, and 2 BHK constituting a demand share of 43%.
The report further identifies Malad and Kandivali as the residential hotspots in Mumbai during the quarter. While the overall upsurge in housing demand and supply in Mumbai was majorly driven by regulatory initiatives like the reduction of construction premium charges by half; western suburb localities such as Andheri, Borivali-Dahisar, Goregaon, and regions beyond Mira Road witnessed the highest demand and supply during the quarter due to proximity to commercial office spaces, affordable pricing, and construction of the metro line.

Speaking from the demand perspective in the region, Shraddha Kedia-Agarwal, Director, Transcon Developers said, “The Malad-Kandivali location is one of Mumbai’s popular suburbs that enjoy excellent connectivity and a robust social infrastructure. The suburbs’ skyline has completely transformed with several high-rises that offer stunning views of the natural and splendid surroundings in the region. The location also enjoys excellent connectivity to Bandra-Worli Sea Link, Western Express Highway along with both domestic and international airports. With Metro rail being partially operational, and other infrastructural developments like the GMLR and the coastal road in progress, it is definitely emerging as a prominent realty destination.”

New Panvel, Kharghar, Airoli, Taloja, Vashi, Kamothe, and Nerul were observed to be the most preferred localities in Navi Mumbai due to their connectivity to the rest of MMR. In Thane, localities such as Ghodbunder road and Dombivali continued to be the preferred micro-markets supported by factors such as connectivity, good amenities, and better access to employment hubs.

Rajat Rastogi – Executive Director, Runwal Group said, “The Thane-Dombivli location is the fastest growing micro-market in the Mumbai MMR region, the locality has witnessed considerable growth in residential real estate. Due to the upcoming infrastructure and connectivity with Mumbai & Navi Mumbai; it is fast becoming the preferred choice of first time home buyers. Also, the Work-from-Home concept allowed the potential home-buyers to opt for bigger homes in this region whilst staying close to the city.”

The report predicts an onward trajectory for 2022 due to external stimuli such as digitization of land records, and increased allocation of INR 48,000 crores under PM Awas Yojna and PM Gati Shakti that are expected to further strengthen infrastructure and boost investments in the real estate sector.

Also Read: Kalpataru launches residential project, in Baner, Pune

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By Varun Singh

Do not believe reports that claim Mumbai in Feb 2022 sold less units that that of Feb 2021.

Instead Feb 2022 gave Mumbai good business and sold more real estate units than that of the 2021.

There were reports that Mumbai had sold only 9805 units in Feb 2022, which was 4% less than that of the Feb 2021.

However, data accessed by SquareFeatIndia has shown otherwise and reveal a different story. According to data available from Department of Registration and Stamps, Feb 2022 sold 207 more units than Feb 2021.

Not only this in terms of revenue generated from sale of home via stamp duty the department almost received Rs 262 crore more in Feb 2022 than that of Feb 2021.

So how many units were registered in the month of Feb 2022. Before we talk about last month lets see how many units were registered in Feb 2021, the total number of units registered in Feb 2021 stood at 10,172.

Data reveal that a total of 10,379 units were registered in the 28 days of February month of the year 2022. This is 207 units more than last year.

This clearly shows that there’s a rise in the figure not a fall. Point to be noted here is that, in Feb 2021 there was a discount of 2% in stamp duty and in Feb 2022 there was no such discount yet more homes were registered.

In terms of revenue, Feb 2022 generated a revenue of Rs 614 crore whereas the revenue generated via stamp duty in Feb 2021 was Rs 352 crore. Mumbai saw a rise of revenue in the last month by Rs 262 crore when compared to the same month last year.

If one goes by the sale figures then Feb 2022 sold more homes in the last 10 years history of February months.

In Feb 2013, total units registered was 4840, the number was 4843 in Feb 2014, in the month of Feb 2015, a total of 4986 units was registered in Mumbai. Th number went up to 5208 units in Feb 2016, in the year 2017 February saw one of the least sales which stood at 3664.

The number again rose and in Feb 2018 registration figures were 6632, in 2019 it was 5320. Just before the nationwide lockdown was announced in 2020, February 2020 saw 5927 registrations. The number because of the stamp duty concession shot up in 2021 and in Feb 2021 it was 10172.

However, in spite of no concessions the number again shot up in Feb 2022 and it stood at 10379. The reason behind this is being attributed to the reports of an increase in ready reckoner and stamp duty rates from the next financial year.

Even a simple increase in real estate means a lot of burden for the homebuyer and hence many are hurrying their decisions to register their apartments at the earliest.

Also Read: January Sold These Many Less Homes Than Dec

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By Varun Singh

Hard earned money, yes that is what a builder is paid by homebuyers when they purchase their dream home. Homebuyers in this particular project got tired of no work at the site for a long time got the builder removed and have now taken the project in their own hand.

It is a landmark move that will be remembered the Indian real estate history for a long time. where homebuyers decided to complete the project on their own.

Dreams Corporation Pvt. Ltd. was the Promoter/Developer of “Dreams Aryan A B wings” a project located in Pune.

The Dreams Aryan FIat Owner/Holder’s Association (‘AOP”) filed an application dated August 4, 2021, with MahaRERA for seeking name change of the Promoter of the project and during the hearing mentioned they have also sought an extension for completion of the project.

The project is a joint venture between the Promoter Company and M/s. Aryan Constructions and Aryan Sopal. M/s. Aryan Constructions and Aryan Sopal are the original land owners on which land the project is situated.

The homebuyers had submitted an application under Section 15 of the RERA Act, for transferring/assigning the rights and liabilities in the project to the extent undertaken by the Promoter herein to the AOP. The reasons for transfer were that the Promoter has not been able to complete the construction work and handover the possession of the units/apartments within the stipulated time.

The homebuyers also informed MahaRERA that the Promoter had not carried any construction activity for the last couple of years and the project is at a standstill stage. Thus, the Allottees have therefore come forward by formation of an AOP to take over the project and complete the balance construction activity.

The project in toto has 50 units/apartments in both A & B wing and ail the 50 units/apartments are sold i.e. 32 units of apartments are sold to amongst 28 Allottees and 18 units/apartments are allotted to the said land owners.

Further, all the Allottees consented for completing the balance construction and accordingly the AOP has entered into a deed/agreement between themselves including said land owners.

The AOP also submitted necessary declaration that the details furnished are true and correct, that any changes would be immediately informed, that there are no pending cases before any court/NCLT/any authorized body regarding transfer of the Promoter’s rights and liabilities in the project that there is no bar to transfer the rights and liabilities to a third party i.e. the AOP from any financial institution or financiers who have a charge on the said Project; and that there is no prohibitory order passed by any court of law against transfer of the Project in favour of a third party i.e. the AOP.

Further Annexure ‘C’ was also submitted wherein it was stated that the Promoter is absconding, the project is at standstill and that new designated RERA account shall be opened in the name of the AOP as the new Promoter for the project.

MahaRERA in its order noted, “In the present case, 100% consent has been sought by AOP and thus, this Authority is of the view that the transfer of the said Project from the Promoter to the AOP i.e. the new Promoter can be permitted and thereby allow the change of Promoter to be carried out in the project. However, it is observed that the new Promoter i.e. the AOP shall be required to independently comply with all the pending obligations under the provisions of the said Act or the rules and regulations made thereunder, and the pending obligations as per the agreement for sale entered into by the Promoter -with the Allottees in the project.”

Finally the homebuyers were permitted as the new Promoter for the Project. The AOP was also granted an extension of the Project from January 1, 2022 to June 30, 2023 (18 months) to complete the balance construction work and handover possession to all the Allottees of the project.

Also Read: MahaRERA stops this builder from selling flats, for this reason

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By Varun Singh

This many come as a surprise, but it is 100% true.

Yes you read it right, there are at least 27 homebuyers aspiring to buy this 1 home.

You may wonder what makes this home special, and why so many homebuyers are behind this 1 home?

So let us tell you, there are not only 27 homebuyers wanting to buy this home, but there are a total 2.46 lakh aspiring homebuyers slugging it out to get homes.

The total number of home available is 8,984 homes.

Not keeping much of a surprise here’s what the truth is.

MHADA’s Konkan Board announced a lottery for 8,984 homes in August 2021.

Since then till now more than 2.46lakh homebuyers have already applied for the lottery.

The last day for registration was September 29 (11.59 pm) while for application it was September 30 (11.59 pm).

Payment of deposit (EMD) through RTGS / NEFT online as well as in the bank was accepted till 11.59 pm on October 01, 2021.

Since the start of registration, a total of 2,53,944 users came on MHADA site, of which 1,82,523 registered with MHADA.

From the total registration MHADA has received application from 2,78,226 from homebuyers wanting to buy a home.

A total of 2,46,065 applicants have paid their Earnest Money Deposit.

Now how did we reach to the number of 27 aspiring homebuyers for 1 home. So if you divide 2,46,065 with 8,984 the number comes to 27.38. Thus 27 applicants for one home.

The program of computer lottery shall be held on the earlier decided date of October 14, 2021 at 10 am, at Dr. Kashinath Ghanekar Natyagriha, near Hiranandani Meadows, Manpada, Thane (West).

The response is a mirror to the private developers who keep complaining that homebuyers are staying away from the market.

Flats in MHADA lottery are available at affordable rates and the response goes on to show that homebuyers are willing to buy homes if they aren’t available at affordable rates.

When asked homebuyer why was he so eager to get a MHADA house he said, “The prices are affordable and getting a home loan will be easier with the government tag associated with MHADA homes.”

MHADA is a government run authority and has delivered a lot of homes in the past too. Even private developers say that the trust homebuyers have for government name is huge and private enterprises lack that kind of trust.

Also Read: 2.05 Lac Applications for 8,984 MHADA Homes

The post At least 27 Homebuyers are Aspiring to Own This 1 Home appeared first on Square Feat India.

By Varun Singh

In September 2021 Mumbai witnessed a huge rise in number of home sales.

Yes, trust us, because this is based on raw data, available not from any agency but from the government itself.

In September 2021, Mumbai sold almost 2k more homes that it sold in September 2020.

Why the September 2021 figures matter because in September 2020, the state government had announced a stamp duty cut because of which several homebuyers had rushed to register the homes.

In September 2020 a total of 5,597 sales was registered in the city.

The number of homes sold in September 2019 which was pre-COVID-19 era, stood at 4,032. In comparison to 2019 and 2020, 2021 saw a huge jump.

In spite of COVID-19 second wave, and a lockdown and with restrictions being lifted gradually, Mumbai was able to sell a huge number of homes.

In September 2021, a total of 7799 homes were sold, generating a total revenue of Rs 528.94 Crore.

This is one of the highest in the last one decade for the month of September.

Meanwhile, up till now, the highest number of home sales witnessed by city was in March, when 17,728 registration took place.

The reason for this huge number was because the stamp duty concession was coming to an end in March.

Apart from this, August saw 6,784 home sales, while the registration figures stood at 9,822 in July.

In June it was 7,856 home sales that the city witnessed as per the registration figures made available from the government’s Department of Registration and Stamps.

According to Anand Gupta, Chairperson, Housing and RERA Committee of Builders Association of India, said, “As economy is opening and things are improving on every economic front. September 2021, saw more sales compared to September 2020, in spite of no stamp duty incentive. It is a true reflection of growing economic activities including real estate.”

Also Read: Sales down, real estate impacted due to Coronavirus

The post Mumbai Home Sales in September will Surprise You appeared first on Square Feat India.

By Varun Singh

MMR saw approx. 16,510 units launched during this quarter – a yearly increase of approx. 52% against Q3 2020. Interestingly, the affordable and mid- segments added over 65% of the new supply.

In Q3 2021, housing sales surged 113% y-o-y across the top 7 cities – from approx. 29,520 units in Q3 2020 to nearly 62,800 units in Q3 2021. MMR accounted for 33% of the total sales, followed by NCR with a 16% share.

Meanwhile, new launches in the top 7 cities rose by 98% yearly – from approx. 32,530 units in Q3 2020 to approx. 64,560 units in Q3 2021. While MMR continued to see the highest number of new launches (of approx. 16,510 units) in the quarter, Hyderabad was close behind with a new supply infusion of approx. 14,690 units.

Interestingly, the mid-segment (homes priced INR 40-80 lakh) and premium homes (priced b/w INR 80 lakh to INR 1.5 Cr) continue to dominate new supply with 41% and 25% shares, respectively. The affordable housing segment (units priced <INR 40 lakh) saw its supply share reduce to 24% in the quarter.

Average property prices saw a 3% yearly increase across the top 7 cities – to INR 5,760 per sq. ft. in Q3 2021 from INR 5,600 per sq. ft. in Q3 2020. Bengaluru leads with an approx. 4% annual rise – from INR 4,975 per sq. ft. in Q3 2020 to approx. INR 5,150 per sq. ft. in Q3 2021.

“IT/ITeS continues to drive the bulk of housing demand in the top 7 cities,” says Anuj Puri, Chairman – ANAROCK Group. “In Q3 2021, significantly improved job security and robust hiring in the IT/ITeS and financial sectors piggybacked on record-low home loan rates and growing homeownership sentiment. The ongoing WFH culture continues to influence residential sentiment on two major fronts – overall housing demand and unit sizes. The fast-paced vaccination drive is an added sentiment booster, especially in terms of increased site visits.”

“With new launches increasing by 98% and housing sales skyrocketing by 113%, Q3 2021 stands in stark contrast to this period last year,” says Puri. “MMR and NCR together accounted for nearly 50% of the overall housing sales in the quarter,” he said.

In previous periods of unprecedented demand, housing prices invariably rose steeply. In the current pandemic period, they have remained more or less stable, and developers were actively sweetening the deal with added offers and discounts in this period, effectively keeping a lid on the overall cost of property acquisition. MMR distinguished itself with an impressive 8% y-o-y reduction in its unsold stock. Unsold inventory in the region stood at 1.92 lakh units as of Q3 2021 end. NCR saw a 3% yearly decline.

Q3 2021 Overall Sales Overview:

Residential sales stood at approx. 62,800 units in Q3 2021 across the top 7 cities, against approx. 29,520 units in Q3 2020. The y-o-y increase was 113%, and the q-o-q sales surge a stellar 156%. NCR, MMR, Bengaluru, and Pune together accounted for 79% of the sales in the quarter.

• Hyderabad recorded sales of approx. 6,735 units in Q3 2021 – a massive spike of over 300% over Q3 2020, mainly due to a continuous flow of new supply over the last 4-5 quarters.
• MMR and Pune also saw a significant sales surge in the quarter compared to other top cities – by 128% (approx. 20,965 units) in MMR and 100% (approx. 9,705 units) in Pune.
• NCR and Bengaluru saw sales in Q3 2021 increase by approx. 97% (approx. 10,220 units) and 58% (approx. 8,550 units) respectively against Q3 2020.
• Chennai saw approx. 3,405 units sold in Q3 2021 – a significant increase of 113% over Q3 2020.
• Kolkata saw 2X sales jump in Q3 2021 against Q3 2020, with approx. 3,220 units sold in this quarter.

Q3 2021 New Launch Overview:

The top 7 cities saw approx. 64,560 new units launched in Q3 2021, against approx. 32,530 units in Q3 2020 – a significant y-o-y increase of 98%. Approx. 66% of this new supply was in the mid-range and premium segments (ticket sizes sub-INR 40 Lakh to INR 1.5 Cr) during the quarter.

The key cities contributing to new unit launches in Q3 2021 were MMR, Hyderabad, Pune, and NCR, which cumulatively accounted for 77% of the supply addition.

• MMR saw approx. 16,510 units launched during this quarter – a yearly increase of approx. 52% against Q3 2020. Interestingly, the affordable and mid- segments added over 65% of the new supply.
• Hyderabad added approx. 14,690 units in Q3 2021 – a yearly increase of 67% over Q3 2020. Over 78% of the new supply was added in the sub-INR 40 lakh to INR 1.5 Cr price bracket.
• Pune added new supply of approx. 10,290 units in Q3 2021 compared to approx. 4,180 units in Q3 2020 – a massive increase of 146%. Approx. 54% of this new supply was in the mid-segment.
• NCR added approx. 8,410 units in Q3 2021 – a yearly rise of 19%. Approx. 78% of the new supply was added in sub-INR 40 lakh to INR 1.5 Cr price bracket.
• Bengaluru saw new launches increase by 32% from the previous year Q3 2020 with approx. 7,680 units launched in Q3 2021.
• Chennai added approx. 2,980 units in Q3 2021 – a y-o-y increase of 48% over Q3 2020.
• Kolkata added approx. 4,000 units in Q3 2021 – an increase of 196% over Q3 2020. Over 58% of the new supply was in the affordable segment.

Price Movements:

Residential property prices across the top cities increased by 1-4% in Q3 2021 compared to Q3 2020, mainly due to an increase in construction cost. Data reveals that the top 7 cities collectively saw average property prices increase by 3% annually – to INR 5,760 per sq. ft. in Q3 2021 from INR 5,600 per sq. ft. in Q3 2020. Bengaluru saw the highest 4% annual rise to INR 5,150 per sq. ft.

Also Read: MMR is behind these Cities in Office Leasing

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