The share of property registrations in the central suburbs of Mumbai recorded a jump as compared to May 2022 and went from 36% in May 2022 to 41% in June 2022 while the share of the western suburbs fell from 51% in May 2022 to 45% in June 2022, according to Knight Frank data. Central Mumbai saw a contribution of 8% while south Mumbai recorded a 1% rise to 6%.
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.”
In June 2022, buyers continued to demonstrate low inclination towards relocation to a different micro market. Out-of-city buyers have shown interest in purchasing residential properties, primarily in central suburbs followed by the western suburbs for the month of June, the Knight Frank analysis said.
Central and western suburbs being relatively affordable markets, buyers in these micro markets have shown a tendency to upgrade to properties within their own micro market. 95% of home buyers from the central suburbs and 89% home buyers from the western suburbs prefer their current location while purchasing property. About 8% of home buyers from the western suburbs have relocated to central suburbs.
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.”
Maximum share of property registrations having ticket sizes of Rs 5 crores and below has been recorded in the central and western suburbs micro market. For high-value ticket sizes of Rs 5 crores to Rs 20 crores, central Mumbai recorded the largest share.
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