Mumbai. Dominates the supply of new residential units in Q2 FY22
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.
“With all major branded developers now The region, which is located in Mumbai’s Central Suburbs, has developed as a popular house buying destination. Prime location, excellent connections, lush surroundings, and affordable property prices have all contributed to the region’s growing popularity. Quality projects with premium amenities, contemporary infrastructure, and expansive open spaces have made the Central Suburbs a popular choice for those seeking a lifestyle home. We have noticed a progressive growth in sales volumes throughout our projects in this region with each passing year, demonstrating the region’s growth as a vital real estate hub.”Mr. Rajat Rastogi, Executive Director, Runwal Group, described the growth story of the central suburbs as follows:
“Earlier an industrial hub, The region from Kanjurmarg to Mulund has fully evolved into a highly sought-after residential area. This region is also close to the job catchment areas of Powai, Vikhroli, Airoli, and Thane. With the impending Metro 4, the area is undergoing a residential, commercial, and infrastructural transformation, which has piqued the interest of both end-users and investors.”Mr. Cherag Ramakrishnan, Managing Director, CR Realty said,
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.
With a share contribution of 33% and 15%, central suburbs have emerged as the second choice market for homebuyers in central and south Mumbai, respectively.
“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.”Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers said,