Mumbai
Fuelled by an improving job market and the resulting first time homebuyers, overall Mumbai remains an attractive place to invest in real estate. Mumbai continues to offer comparatively good value for money, and this is the key driver in the majority of buying decisions.
In the following pages, a detailed area wise analysis is presented by the international property consultant, Cushman&Wakefield (C&W), which advises and represents clients on all aspects of property occupancy and investment. As per the C&W report, Mumbai witnessed nearly 4,000 unit launches during the first quarter of 2015, registering a decline of 63% from the same period last year. Around 92% of units launched in the first quarter of 2015 were in the eastern suburbs. Mid and high-end segment contributed 49% and 51% respectively to total unit launches during the quarter. Due to launch of a premium project with large unit sizes in Mulund, 3BHK units dominated launches this quarter with a 53% share, followed by 2BHKs with a 24% share. Although the number of projects launched in this quarter declined by 71% from the previous year, the average number of units launched per project increased by 27%, from 446 in the first quarter of 2014 to 567 in the current quarter. Due to stable demand, average year-on-year quoted capital values increased by 3-8% across all segments of western suburbs submarket.
Here's the lowdown on three of the recent trends that have dramatically impacted the realty graph in Mumbai in the past few quarters.
Connectivity, infrastructure as the buzzword
With the commencement of Monorail and Metro services, the real estate prices due to the connectivity offered by these locations are gaining traction. Infrastructure projects have always had significant positive implications for the real estate market, especially in an infrastructure-challenged city like Mumbai. Parel is one example of multiple infrastructure initiatives driving an area’s real estate market. Initially, Parel gained prominence as a residential destination because of its proximity to Lower Parel and Bandra Kurla Complex (BKC). However, with several infrastructure initiatives such as the Chembur-Wadala monorail and the Eastern Freeway, Parel saw a rapid increase in residential demand, resulting in the doubling of property values over the last three years. The real estate market in areas such as Andheri, Ghatkopar and Wadala, is seeing an upward trend, owing to existing and upcoming infrastructure developments.
Metro has significantly boost to residential development in Andheri which has been typically proclaimed as a commercial hub and is logistically well-connected to the Western Express Highway (WEH), offering quick access to commercial hubs like the Bandra-Kurla Complex (BKC), Lower Parel and the eastern suburbs like Ghatkopar, Vikhroli.
As per C&W report, many new project launches were between Kanjurmarg and Mulund where erstwhile industrial land is being redeveloped. End-user demand remains high in the eastern suburbs due to presence of good social and physical infrastructure.
SOurce - TOI
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