It is mandatory that every real estate agent has this registration number with them before they start the profession too.

Recently even MahaRERA Introduced an examination that checks how much a real estate agent is aware about the real estate industry
.
Passing this exam is mandatory for a real estate agent to get registered with MahaRERA.

However, MahaRERA came out with a list of 13,785 real estate agents who have lost their validity.

The list can be accessed here. The list was issued on MahaRERA website under the tag Real Estate Agents whose Registration validity has lapsed.

There are many real estate agents in the list hailing from Mumbai Metropolitan Region.

Also Read: Project deadline is extended only after receiving Guarantee of completion: MahaRERA

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Of the overall registered properties in October 2023, residential units constituted 80 percent of the share, the remaining 20 percent constituted non-residential assets.
Here is what real estate developers have to say on these robust numbers:

Pritam Chivukula – Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“The Mumbai housing market has once again seen exceptional home sales given the ongoing festive season and positivity being witnessed in the housing sector. The government has initiated positive policy measures, this coupled with improved market sentiments, rise in aspirations and income levels has further fuelled housing demand among home buyers propelling home sales.  We expect housing demand to remain strong given the rapid infrastructure growth which has improved market sentiments and fuelled housing demand.”

Rohan Khatau, Director, CCI Projects

“The Mumbai real estate market is experiencing remarkable growth, and these registration statistics serve as solid evidence of this trend. A positive sentiment among potential homebuyers is driving increased home sales. Rising income levels and the aspiration to own a home have played significant roles in motivating buyers to pursue their dream homes. Furthermore, ongoing infrastructure projects throughout the MMR region have played a crucial role in boosting home sales.”

Vivek Mohanani – MD & CEO, Ekta World
“The registration figures only prove that the Mumbai housing market is robust as prospective home buyers are actively seeking to purchase their dream homes. Mumbai is experiencing an upgrade through several infrastructure projects that are not only improving connectivity but also expanding housing opportunities to emerging areas. With the positive sentiment among home buyers on the rise, and with Diwali on the horizon, it is anticipated that home sales will achieve unprecedented levels.”

Also Read: October 2021 property registrations in Mumbai surpasses October 2020 inspite of stamp duty rebate last year

The post Mumbai property registrations in October 2023 surge 26% YoY appeared first on Square Feat India.

All eyes are on India as it emerges as the world’s most populous country and the fastest-growing nation amidst a global economic slowdown. Even as India’s consumption-driven economy lures businesses of all stripes, the country’s housing market is now the primary growth driver for its real estate sector.

“India’s residential real estate segment continues to show boundless forward momentum, and is setting unprecedented benchmarks,” says Anuj Puri, Chairman – ANAROCK Group. “FY23 created a new record of highest sales volume across the top seven cities with approx. 3.79 lakh units sold – 36% higher than the previous year. The year saw residential real estate worth INR 3.47 lakh crore sold – 48% more than in FY22. Mumbai Metropolitan Region (MMR) led with the largest share in both sales value and volume – 30% of the total units sold during the fiscal were in MMR, with this sold stock valued at INR 1.67 lakh crore, accounting for 48% in sales value share.”

(Source: ANAROCK Research)

(Source: ANAROCK Research)

Interestingly, all cities recorded growth of anywhere between 24% to 77% in the total value of housing sold during the year. Pune recorded the highest growth both in terms of sales value and volume.

(Source: ANAROCK Research)

Luxury Housing Boom Continues

While the rise in sales volume and price increments have driven phenomenal growth in the value of the units sold, there has also been a significant rise in luxury housing (units priced above INR 1.5 Cr) sales across these cities. 

(Source: ANAROCK Research)

“The uptrend in luxury housing is the result of overall improved homeownership sentiment, improved earning potential, and the desire for homes that are future-proofed in terms of size, lifestyle quotient, and resale value growth,” says Puri. “People are willing to pay for these factors, as has been amply vouchsafed by recent record runs on luxury projects by leading developers.”

Luxury real estate has especially picked up after the pandemic caused homebuyers to reimagine their housing choices. Apart from larger space, there is now increased demand for technologically equipped homes that tick all the boxes in terms of a convenience-driven lifestyle and pride of ownership.

MMR, NCR, and Bengaluru have led from the front in terms of luxury housing uptake, but Pune is another city to watch. While it registered the highest growth in value terms, it also recorded a 9% share of the luxury segment, from a negligible share in earlier years.

The last quarter of the fiscal witnessed a significant increase in luxury housing demand, bolstered by Union Budget’s revision of capital gains tax which limits the benefit to INR 10 crores after the end of the preceding fiscal year. This led to a bull-run on qualifying properties.

Also Read: Check This List before buying a Home in Mumbai

The post ₹3.47 lakh crore worth of homes sold in FY23 appeared first on Square Feat India.

• Of total 1.14 lakh units sold across top 7 cities in Q1 2023, approx. 24% were in the high-ticket segment priced >INR 1.5 Cr
• Quarterly sales numbers at all-time high; annually, top cities register over 14% Y-o-Y rise in sales against 99,550 units sold in Q1 2022
• MMR & Pune account for 48% of total sales; Pune records 42% yearly jump
• New launches also breach the one lakh mark, rise 23% Y-o-Y – from 89,140 units in Q1 2022 to approx. 1.10 lakh units in Q1 2023
• MMR & Pune account for 52% of total launches in top cities; Hyderabad only city to see new supply dip in quarter (by 32% yearly)
• Mid-segment homes priced INR 40 – 80 lakh continue to dominate new supply with 36% share, followed by premium (INR 80 lakh – INR 1.5 Cr) & affordable segments (<INR 40 lakh) with 24% & 18% shares respectively
• Despite surge in new supply, available inventory in top 7 cities remained the same at 6.27 lakh units; NCR witnessed highest yearly inventory decline of 22%
• Avg.  property prices in top 7 cities see 8% yearly rise – Bangalore & MMR record highest 9% increase each

Despite global economic headwinds, including layoffs by several large and small corporates, the bull run in the Indian housing market continued in the first quarter of the year. Quarterly housing sales are at an all-time high in the last decade, with approx. 1,13,770 units sold in Q1 2023 across the top 7 cities, reveals latest ANAROCK Research data. This is a 14% yearly rise against approx. 99,550 units sold back in Q1 2022.

The two leading western markets MMR and Pune accounted for over 48% of the total sales in the top 7 cities, with Pune witnessing an over 42% yearly jump.

New launches across the top 7 cities also breached the one lakh mark and witnessed 23% yearly rise – from 89,140 units in Q1 2022 to over 1,09,570 units in Q1 2023. Interestingly, MMR and Pune again saw the maximum new supply, accounting for 52% of the total new launches across the top 7 cities. Individually, the two cities saw 58% and 34% yearly increases in their new supply, respectively.

Despite spiralling new launches in this and the previous quarter, the available inventory in the top 7 cities remained almost similar at about 6.27 lakh units by Q1 2023-end. On a q-o-q basis, unsold stock saw a 1% dip across the top 7 cities. Among the top cities, NCR saw highest decline in its unsold stock in Q1 2023 – by 22%.

Anuj Puri, Chairman – ANAROCK Group, says, “The residential market’s winning streak continued in the first quarter of 2023 with housing sales in top cities breaching the previous high of Q1 2022. The quarter has recorded the highest ever sales in the last decade amid significant rise in demand for high-ticket priced homes (>INR 1.5 Cr).”

“However, emerging headwinds could pose a challenge in the short-term,” says Puri. “Persistent inflation concerns along with another possible rate hike by the RBI in the near future could dent the housing market’s growth trajectory in the upcoming two quarters. Once the dust of the ongoing economic disruptions settles, it is likely to regain again, backed by rise in homeownership sentiment.”

New Launch Overview

The top 7 cities recorded new launches of around 1,09,570 units in Q1 2023 against 89,140 units in Q1 2022, increasing by 23% over the previous year’s corresponding period. The key cities contributing to new launches in Q1 2023 included MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, together accounting for 77% supply addition.

• MMR saw approx. 37,260 units launched in Q1 2023 – a significant increase of nearly 58% over Q1 2022. More than 62% new supply was added in the sub-INR 80 lakh budget segment.
• Pune added new supply of approx. 19,420 units in Q1 2023 compared to 14,490 units in Q1 2022 – an increase of 34%.  
• Hyderabad added approx. 14,620 units in Q1 2023, a yearly decline of 32% over the corresponding period last year. Over 52% new supply was added in the high-ticket price segment priced >INR 1.5 Cr.
• Bangalore added approx. 13,560 units in Q1 2023, yearly increase of just 3%. Approx. 74% new supply was added in the mid-range and premium segments, i.e., the INR 40 Lakh – INR 1.5 Cr. price bracket.
• NCR saw an increase of 34% in new launches against Q1 2022 with approx. 12,450 units launched in Q1 2023.
• Chennai added approx. 6,410 units in Q1 2023, a yearly increase of whopping 110% over Q1 2022. It was the only city to see three-digit growth in new supply.
• Kolkata added approx. 5,850 units in Q1 2023, an increase of 50% over Q1 2022. Approx. 70% new supply was added in the mid segment priced between INR 40 lakh – INR 80 Lakh.

Overall Sales Overview

Approx. 1,13,770 units were sold in Q1 2023 – an increase of 14% over Q1 2022. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 89% sales in the quarter.

• Pune saw 19,920 units sold in Q1 2023, increasing by 42% over Q1 2022.
• NCR is the only city to see a decline (of 9%) in housing sales among all cities – from 18,835 units in Q1 2022 to nearly 17,160 units in Q1 2023.
• Housingsales in Kolkata increased by 3% over Q1 2022, with approx. 6,180 units sold in Q1 2023.
• MMR and Bangalore saw housing sales increase by 19% and 16% respectively in Q1 2023 against Q1 2022, with approx. 34,690 and 15,660 units sold, respectively.
• Chennai saw approx. 5,880 units sold – an increase of 18% over Q1 2022.
• Hyderabad recorded sales of 14,280 units in Q1 2023, a spike of 9% over Q1 2022.

Price Movement

Average residential property prices across the top 7 cities increased in the range of 6-9% in Q1 2023 when compared to Q1 2022, mainly due to increase in the prices of construction raw materials and overall rise in demand. MMR and Bangalore recorded the highest 9% annual jump.

Available Inventory

Despite massive new supply being added to the top 7 cities in Q1 2023, we saw available inventory stay more or less static in Q1 2023 as compared to Q1 2022. The total available inventory in the top 7 cities as of Q1 2023-end stands at approx. 6.27 lakh units. NCR witnessed the highest reduction in available inventory in Q1 2023 when compared to Q1 2022 – by 22%.

Also Read: Affordable Housing Supply Share at 20% in 2022 – Where Is It Headed?

The post Despite Global Headwinds, Housing Sales Breach 1 lac Mark appeared first on Square Feat India.

Going by the momentum in housing sales in the ongoing festive period and that of the first three quarters this year, 2022 will likely breach the previous peak of 2014 with all-time high sales across the top 7 cities. Latest ANAROCK data projects total sales in the top 7 cities to exceed 3.6 lakh units in 2022. In the previous peak year of 2014, the top 7 cities saw 3.43 lakh units sold.

The January-September period of 2022 saw housing sales and new launches surpass the full-year readings of 2019 with approx. 2.73 lakh units sold in 9M 2022 and new launches at 2.65 lakh units. 2019 saw over 2.61 lakh units sold in the entire year, while new supply stood at 2.34 lakh units.

MMR and NCR have retained their top slot rankings in the first nine months of 2022. Approx. 1,30,450 units were collectively sold in these two regions, accounting for 48% of the total sales in the top 7 cities. Other high-selling cities were Pune, Bengaluru, and Hyderabad, which accounted for a 42% cumulative sales share. 

Housing sales remained strong despite average property prices increasing in 2022, with the annual price appreciation in Q3 2022 being the best in the past seven years – 6% against Q3 2021. 

Anuj Puri, Chairman, ANAROCK Group, says, “2022 will create residential market history in India, having already breached all previous highs and continuing to witness strong sales momentum in the ongoing festive season. Homeownership sentiment retained the vibrancy ushered in by the Covid-19 era – despite interest rates hikes of 190 bps, increased property rates, and the conspicuous lack of festive season offers and discounts this year.”

A combination of end-user and investor demand continues to zero in on projects by large and listed developers. These players report consistently high sales and are stepping up new supply infusions into the market. Total new launches in 2022 will remain lower than the previous peak of 2014, which saw approx. 5.45 lakh homes launched across the top 7 cities. 

Current trends indicate that launches in these cities will exceed 3.4 lakh units in the whole of 2022. The first nine months of 2022 saw 2.65 lakh units launched in the top 7 cities, with MMR and Hyderabad recording the maximum new launches in this period and accounting for 54% of the total new supply.

RESIDENTIAL SECTOR: DEMAND-SUPPLY DYNAMICS

Source: ANAROCK Research

• Total housing sales will exceed 3.6 lakh units in the top 7 cities in 2022; the last peak in 2014 saw 3.43 lakh units sold
• The first 9 months of 2022 saw new supply and absorption exceed the whole of 2019 with approx. 2.73 lakh units sold and 2.65 lakh units launched 
• MMR & NCR led 9M 2022 with approx. 1,30,450 units sold – 48% of the share of the total sales
• New launches in 2022 are lower than the previous peak of 2014 when >5.45 lakh units were launched in the top 7 cities 
• MMR & Hyderabad top new supply in 9M 2022, contributing 54% of total new launches

Also Read: Strong demand drives industrial and warehousing leasing by 9% YoY

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The demand for residential units in Mumbai and the Mumbai Metropolitan Region is on an upswing for the second straight quarter of FY 22. The second quarter of 2022 saw as many as 20,000-plus new residential units being launched across the region. Mumbai alone saw a quarterly rise of 5 per cent in terms of new launches, indicating a positive upward trajectory for demand of new units in the bustling metropolis.

Interestingly, in spite of several headwinds, including, among others, the raising of stamp duty, imposition of metro cess, as well as the rise in lending rates in Q2 FY 2022, Mumbai still showed a growing demand for supply of new residential units. The Central Suburbs dominated the supply of new residential units, followed by the Western Suburbs.

Describing the growth story of the central suburbs Rajat Rastogi, Executive Director, Runwal Group said, “With all major branded developers now being present in the Central Suburbs of Mumbai, the region has emerged as a popular home buying destination. Prime location, great connectivity, green surroundings and attractive property prices have contributed to the growth in demand for this region. Proximity to schools, hotels, hospitals, malls and restaurants have been a major factor in the region’s rising popularity amongst home seekers. Quality developments with premium amenities, modern infrastructure and large open spaces have made the Central Suburbs a much sought after location for those looking for a lifestyle home. We have been witnessing progressively increasing sales volumes across our projects in this region with each passing year and this is testimony to the rise of this region as a key real estate hub.”

Commenting on the transformation of the central suburbs region, Cherag Ramakrishnan, Managing Director, CR Realty said, “Earlier an industrial hub, the stretch from Kanjurmarg to Mulund has completely transformed into a most coveted residential destination. The employment catchment areas of Powai, Vikhroli, Airoli, and Thane are also in close proximity to this location. With the upcoming Metro 4, the location is undergoing a residential, commercial, and infrastructural metamorphosis that has spurred the interest of end-users and investors alike.”

According to the latest Knight Frank India’s assessment, of the total registrations in the month of August 2022, Central Suburbs recorded a rise of 7% from 28% in July 2022 to 35% in August 2022. In July 2022, 93% of homebuyers from Central Suburbs and Western Suburbs each preferred their current micro market while purchasing property. About 5% of home buyers from Western Suburbs have relocated to Central Suburbs. Central suburb has emerged as the second preferred market for homebuyers of central and south Mumbai having a share contribution of 33% and 15%.

Commenting on the advantage of this suburb, Shraddha Kedia-Agarwal, Director, Transcon Developers said, “This suburban area is known for its seamless connectivity and the ever transforming infrastructure. Today, it is connected to every city corner, reducing travel time through most modern infrastructure projects in Mumbai. Further, the Metro and GMLR will ease and enhance the connectivity to almost all parts of the city. The location especially towards the Mulund end provides panoramic vistas of the hills with enchanting green surroundings as it is located on the foothills of one of the largest urban reserve forests in the world. Also, housing the city’s finest healthcare and educational institutions, the suburb has become one of the most preferred locations for residential, commercial and recreational spaces.”

Considering the overall real estate trends in Mumbai and factoring in affordability, infrastructure and connectivity, the central suburb offers good returns on investment and is likely to see rapid growth in real estate development in the future.

Also Read: Home sold in Worli for ₹151 Crore

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By Varun singh

Under the Pradhanmantri Awas Yojna to create equal opportunity of “Housing for All” for uplifting economically weaker section of the society, the State, has also set a target to build affordable houses under PMAY scheme.

To fulfil this objective, on the auspicious occasion of Ganesh Chaturthi CIDCO has come up with a scheme of sale of 4,158 available apartments in CIDCO’s housing complexes. Along with this CIDCO has launched schemes of 245 shops, 6 commercial premises at railway station complexes and plots for various purposes. This bound to double the joy of Ganesh Festival among the various classes in society like the businessmen, developers and common citizens.

CIDCO sells apartments, plots, shops and commercial premises through various schemes to all segments of the society which facilitates economic development of the city that helps to boost the commercial abilities of Navi Mumbai to international standards.

Dr. Sanjay Mukherjee announced the scheme and said, this has paved a way to the citizens, businessmen and developers to own their homes, offices, businesses in Navi Mumbai, a city of an international repute.

Under the Mass Housing Scheme the available 4,158 apartments are located in Dronagiri, Kalamboli, Taloja and Kharghar nodes of Navi Mumbai.. These 4,158 apartments are available at affordable rates and out of the total apartments 404 are available for EWS under Pradhan Mantri Awas Yojana while the remaining 3,754 are available for the general category. For PMAY new income slab is upto Rs. 6,00,000 & subsidy is Rs. 2,50,000. The housing complexes are at prime locations and located in well-developed nodes of Navi Mumbai which are well-connected through roads, railways and CIDCO’s metro. Also they are well-equipped with modern amenities & top class quality and the social facilities like school, colleges, hospitals etc. are available in the nearby vicinity.

Under the other schemes total 245 shops from CIDCO’s housing complexes located in Kharghar, Taloja, Dronagiri, Kalamboli and Ghansoli are available for sale. Also, total 6 commercial premises each 3 from Nerul railway station complex and Juinagar railway station complex are available for sale. Along with that, 1 plot for star category hotel, 64 plots for residential use and 5 plots for residential cum commercial use are available for sale.

The detailed information is available on www.cidco.maharashtra.gov.in. All the processes right from the registration to computerized draw will be conducted through the transparent online procedure. Applicants are requested to visit the above website to know about the details of the schemes.

Also Read: 500 slabs in 489 days by CIDCO

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Residential apartment sales clocked 269,407 units in FY 22 across tier I cities, an increase of 41% from FY 21 when the sales were 191,093 units.

Sales improved maximum in Bangalore (67%) and minimum in Kolkata (5%) yearly.

Overall sales across tier 1 cities increased by 8% (YoY). 75,487 units in Q4 FY 22 Vs. 69,691 units in Q4 FY 21.

Sales witnessed maximum recovery in Chennai by 21%, followed by Hyderabad (20%), Ahmedabad and Pune (17%),

Bangalore and MMR (2%), and NCR (1%) and decreased by 4% in Kolkata on YoY basis.
Unsold units remained stable on a QoQ basis, and the current unsold across the top 8 cities stands at 901,967 units. It decreased maximum in Bangalore by -5% QoQ and -23% YoY.

Months’ inventory dropped by two months in Tier I cities and is now 36 months in Mar-21. Inventory overhang of Bangalore and Pune are lowest among the tier 1 cities at 21 and 25 months, respectively. Prices in tier I cities increased 1% on QoQ and 3% on a YoY basis.

Tier I cities had recorded a sales growth of 41% in with 269,407 units, compared to previous year. Sales across the Tier I cities improved with all cities showcasing an upward movement.

Sales witnessed maximum gain in Bangalore by 67%, followed by Chennai (50%), Pune (49%), Hyderabad (48%), Ahmedabad (39%), MMR (33%), NCR (30%) and Kolkata (5%).

Overall sales across tier I cities stayed similar in FY22 compared to FY20. Sales witnessed maximum recovery in Chennai and Pune by 25%, followed by Hyderabad (17%), Bangalore (9%). Sales in Kolkata decreased by 30% on NCR (28%), Ahmedabad (5%), and MMR (4%).

Tier I cities had recorded a sales growth of 7% in the Mar quarter (Q4 FY 21-22) with 75,487 units, compared to previous quarter. Sales across the Tier I cities improved with all cities showcasing an upward movement except for Bangalore. Sales witnessed maximum gain in Hyderabad by 18%, followed by Chennai and Kolkata (15%), MMR (12%), Pune (9%), Ahmedabad (3%), NCR (2%). Sales decreased in Bangalore by 4%

Overall sales across tier I cities increased by 8%. Sales witnessed maximum recovery in Chennai by 21%, followed by Hyderabad (20%), Ahmedabad and Pune (17%), Bangalore and MMR (2%), and NCR (1%) Sales in Kolkata decreased by 4% on YoY basis.

Consolidated tier 1 cities’ unsold stock remains stable in Q4 FY 21-22. The unsold stock increased in Hyderabad by 14%, Ahmedabad by 6% and MMR by 4% while it declined or remained stable in all other cities.

Unsold stock in Tier I cities decreased only by 1% in Mar-22 compared to the same period last year. Bangalore witnessed the maximum decline in unsold stock (23%), followed by Kolkata (15%), Pune (11%), NCR (5%), and Chennai (1%). Unsold stock increased in Hyderabad by 41%, Ahmedabad by 24% and in MMR by 1%.

Months’ inventory dropped by 2 months in Tier I cities and is now standing at 36 months in Mar-21. Inventory overhang of Bangalore and Pune are lowest among the tier 1 cities at 21 and 25 months, respectively. Chennai and NCR has the highest months inventory in the quarter with 52 months.

Overall months inventory decreased by 3 months on YoY basis. Maximum drop in months inventory happened in Pune by 7 months and is now having 25 months as overhang. Hyderabad witnessed an increase of 5 months in months inventory and reached a value of 29 months.

Tier I cities had recorded new launches of 84,422 units in the Mar quarter (Q4 FY 21-22) which is a 14% increase compared to last quarter when it was 74,237 units. New launches witnessed maximum gain in MMR by 59%, followed by Hyderabad (30%), Pune
(12%), and Bangalore (2%). New launches declined in Chennai by 36%, NCR by 30%, Kolkata by 19% and in Ahmedabad by 1%.

Overall New Launches across tier I cities increased by 46%. New launches witnessed maximum increase in Ahmedabad by 201%, followed by Hyderabad (132%), Kolkata (97%), MMR (83%), Pune (35%). • New launches declined in Chennai, Bangalore and
NCR by 74%, 21% and 13% respectively.

Also Read: NAREDCO Maharashtra targets 2030 as the Real Estate decade

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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

Housing demand (searches) in Mumbai grew 15.2% while supply (listings) grew 3.8% QoQ, revealed MagicbricksPropIndex 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%.

Commenting on the trend, Sudhir Pai, CEO, Magicbricks shared, “Across India, increasing project completions, attractive offers from developers, supportive policies and improving employment opportunities have boosted buyer-confidence in the real-estate industry. While the present geopolitical situation is impacting the supply chain and input costs, we expect the momentum gained thus far to continue across demand and supply backed by new launches tailored to the evolving needs of consumers and all-time low home loan interest rates. In Mumbai, the suburbs of the city continue to be hotspots of demand driven by infrastructure development. These trends signal optimism and a stable outlook for the industry for the coming quarters.”

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.

In Navi Mumbai, New Panvel, Kharghar, Airoli, Taloja, Vashi, Kamothe, and Nerul were observed to be the most preferred localities, 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.

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

Also Read: CSMT’s Original Glory To Be Restored By This Month

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