Most promising micro-locations within the MMR, across segments

With Mumbai accounting for the highest number of new launches and sales among the top seven cities in India in Q2 2018, we look at the top micro-markets in the city, across various segments

On the back of critical policy reforms like demonetisation, the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST), 2018 is seeing both, sales and new supply picking up, across cities. Interestingly, the Mumbai Metropolitan Region (MMR) leads this trend.

Data available with ANAROCK indicates that out of the total new housing supply of around 50,100 units in Q2 2018 across the top seven cities, the MMR saw the highest number of new launches, with nearly 13,600 new units – a 59 per cent increase against the preceding quarter. In terms of sales too, the MMR clocked the maximum housing sales, with approximately 15,200 units being sold in Q2 2018 – an increase of 26 per cent against Q1 2018.

 

MMR’s top three micro markets across budget ranges (2017-Q2 2018)

 

Affordable segment (Less than Rs 50 lakhs)

  • Rasayani in Navi Mumbai saw the launch of nearly 2,410 units, with – average prices being Rs 5,100 per sq ft and the average property size being 450 sq ft.
  • Palghar in Mumbai saw the launch of nearly 1,710 units, with average prices hovering around Rs 4,550 per sq ft and average property sizes at around 380 sq ft.
  • Panvel in Navi Mumbai, the third-most active micro-market in the MMR in this segment, saw the launch of nearly 1,510 units. The average property prices were Rs 6,700 per sq ft and the average carpet area was 380 sq ft.

 

Mid-segment (Rs 50 lakhs to Rs 1 crore)

  • Kandivali in Mumbai saw as many as 2,300 units launched since 2017, with average prices at Rs 20,000 per sq ft and average size of 390 sq ft.
  • Dahisar east in Mumbai saw the launch of nearly 710 units with average prices at Rs 18,000 per sq ft and size at 470 sq ft.
  • Shilphata in Navi Mumbai, another prominent locality for mid-segment properties, saw around 530 units launched with average prices at Rs 7,800 per sq ft and sizes at 630 sq ft.

See also: Stamp duty on land deals in the MMR to be recovered as per 2017-18 rates

 

City Budget configurations Micro-markets Average price (on carpet area) Average size (on carpet) Launched units (2017 – Q2 2018)
Navi Mumbai Less than Rs 50 lakhs Rasayani 5,100 450 2,410
Mumbai Less than Rs 50 lakhs Palghar 4,550 380 1,710
Navi Mumbai Less than Rs 50 lakhs Panvel 6,700 380 1,510
Mumbai Rs 50 lakhs – Rs 1 crore Kandivali 20,000 390 2,300
Mumbai Rs 50 lakhs – Rs 1 crore Dahisar east 18,000 470 710
Navi Mumbai Rs 50 lakhs – Rs 1 crore Shilphata 7,800 630 530
Mumbai Rs 1 crore – Rs 2.5 crores Andheri east 27,400 510 2,230
Mumbai Rs 1 crore – Rs 2.5 crores Mulund west 27,400 650 960
Navi Mumbai Rs 1 crore – Rs 2.5 crores Seawoods 12,500 1050 200
Mumbai More than Rs 2.5 cores Mazgaon 65,000 950 820
Mumbai More than Rs 2.5 crores Tardeo 75,000 800 550
Navi Mumbai More than Rs 2.5 crores Sanpada 21,000 1250 50

(Source: ANAROCK Research)

 

Luxury segment (Rs 1 crore to Rs 2.5 crores)

  • Andheri east in Mumbai saw the launch of nearly 2,230 units, with average prices and sizes hovering around Rs 27,400 per sq ft and 510 sq ft, respectively.
  • Mulund west in Mumbai saw the launch of nearly 960 units, with average prices at Rs 27,400 per sq ft and average size at 650 sq ft.
  • Seawoods in Navi Mumbai, the third-most active locality in the MMR in this segment, saw the launch of more than 200 units. Average property prices were at Rs 12,500 per sq ft while the average carpet area was 1,050 sq ft.

 

Ultra-luxury segment (More than Rs 2.5 crores)

  • Mazgaon in Mumbai saw the launch of nearly 820 units, with average prices and sizes hovering around Rs 65,000 per sq ft and 950 sq ft, respectively.
  • Tardeo in Mumbai saw the launch of nearly 550 units, with average prices at Rs 75,000 per sq ft and size at 800 sq ft.
  • Sanpada in Navi Mumbai saw the launch of more than 50 units. Average property prices were at Rs 21,000 per sq ft while average carpet area was 1,250 sq ft.

 

Immediate outlook

Maharashtra has emerged as one of the most active states, vis-à-vis the implementation of RERA and MahaRERA has been the primary driving force behind the MMR’s regained momentum in 2018. In over a year, the authority has registered more than 17,220 promoters and 15,550 agents, the highest across the country. While the proposal to levy a surcharge of one per cent on stamp duty (increasing to six per cent from the existing five per cent) could prove to be a slight dampener in the short-term, the decisive return of buyers to the market is beyond question.

(The writer is chairman, ANAROCK Property Consultants)

 

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