Navi Mumbai outperformed all other zones in Mumbai in Q3 2015 as per the 99acres.com Insite Report
The 99acres.com Insite quarterly report
focusing on capital and rental price trends in the residential realty
market across seven cities of India states that property prices per sq
ft in Mumbai have stagnated in October-December 2015, as compared to the
preceding quarter. The rental market improved by 4% in the quarter
ending December 2015, as compared to the same quarter in 2014. Supply of
properties within the range of Rs 40 lakh surpassed that of houses in
Rs 1-2 crore and ultra-luxury above Rs 2 crore segments.
Narasimha Jayakumar, Chief Business Officer,
99acres.com, said, “Developers in Mumbai have taken cognisance of
homebuyers’ demand, which is centred on the affordable and mid-income
housing segments. To this end, the supply balance has tilted in favour
of properties priced Rs 40 lakh and below, as opposed to apartments
displaying price tags above Rs 1 crore.”
Price trend analysis
(October-December 2015 vs. July-September 2015)
(October-December 2015 vs. July-September 2015)
Mumbai Metropolitan Region (MMR - Central Suburbs, Andheri-Dahisar, Harbour, South and South West Mumbai, Mira Road and beyond)
While the south west region of Mumbai boasted of
minimal growth, all other regions either witnessed a downward trending
property graph or a slight dip in capital values.
Vasai Road, a locality beyond Mira Road, saw capital
values clocking a surge of 10% in October-December 2015, the highest in
MMR.
The peripheral industrial town of Boisar recorded an average rise of 8% as a result of being a comparatively low-cost area.
Kanjur Marg (West), too, witnessed a growth of 8%
owing to the recent improvement in rail infrastructure and the MMRC
prioritising Seepz-Kanjur Marg Metro corridor.
Navi Mumbai
Replicating last quarter’s growth trajectory, Navi
Mumbai’s market clocked a growth of 2% in Oct-Dec 2015, vis-à-vis the
preceding quarter.
Despite the Navi Mumbai International Airport
remaining embroiled in legal controversies, it offered hope to the
micro-markets of Ulwe, Kharghar and Kamothe.
Average capital values in Sector-36, Kharghar, which
houses CIDCO’s affordable residential project under the Swapnapurti
Scheme, plunged by 5%, quarter-on-quarter.
In addition to the ongoing Navi Mumbai Airport
Influence Notified Area (NAINA), the city has another achievement to
boast, CIDCO’s smart city project.
Thane
Despite a slew of infrastructure improvements,
Thane’s property landscape remained stagnant in October-December 2015,
after clocking a minimal growth of 1% in the July-September quarter.
Patlipada’s real estate grew from 3% in the quarter
ending September 2015 to 6% in Oct-Dec 2015 on the back of two premium
projects.
Kapurbawdi’s capital sentiments flagged from 7% in Jul-Sep 2015 to 5% in the October-December quarter.
Bhiwandi and Kolshet Road, too, witnessed property prices appreciating by 5% during the time frame.
Rental analysis
(October-December 2015 vs. July-September 2015)
(October-December 2015 vs. July-September 2015)
Mumbai Metropolitan Region (MMR - Central Suburbs, Andheri-Dahisar, Harbour, South and South West Mumbai, Mira Road and beyond)
Average rental values climbed by a notable margin of 4% in October-December 2015, as compared to the same quarter in 2014.
Sakinaka in Andheri East clocked an enormous rise of 17% each, year-on-year, on the back of metro connectivity.
Jogeshwari (West), where average rental values in
the last one year escalated to the tune of 14%, had to thank the
connecting bridge between the locale and Goregaon (East).
Rental rates in Chandivali and Powai in the Central Mumbai suburbs witnessed a decent jump of 12% in a year.
Navi Mumbai
Navi Mumbai’s rental market witnessed an
unanticipated growth of 7% in October-December 2015 on the back of
strong IT/ITeS presence.
New Panvel boasted of a rise of 20% due to its
excellent civic infrastructure, the Mumbai-Pune Expressway and the
Uran-Panvel Road.
With the state government adopting the ‘Housing for
All’ scheme, the comparatively affordable market of Ulwe clocked a
rental growth of 17%.
The premium residential belt of Palm Beach and Belapur witnessed a growth of 16% each, year-on-year.
Thane
Maintaining its growth pace on the rental charts, clocked an average rise of 4% between October-December 2014 and 2015.
Anand Nagar’s rental landscape witnessed a
remarkable hike of 10% owing to its strategic location at a cross
junction road, which facilitates quick travel to Kolshet Road via the
locality.
The long-pending issue of broadening Pokharan Road
No.1, which will ease bottlenecks at Vartak Nagar junctions has buoyed
sentiment in Pokharan Road which recorded a rental hike of 10%.
Hiranandani Estate, which saw values escalating by
9% during the tracked time span, draws its demand from its excellent
civic amenities, such as clean roads and educational facilities.
Supply analysis
(October-December 2015 vs. July-September 2015)
(October-December 2015 vs. July-September 2015)
l Boasting of several upcoming and proposed infrastructure enhancements,
Navi Mumbai strode ahead of the other zones in bagging nearly one-third
of the total supply of apartments.
Prolonged lack of buyers have succeeded in altering
the market dynamics of Mumbai. In the October-December 2015 quarter, the
supply of properties within the price range of Rs 40 lakh, ousted
luxury and ultra-luxury housing from its prime position.
l High capital rates and inequitable growth in income
ensured that properties configured as 1BHK and 2BHK remained the most
in demand.
Mumbai developers were focussing on completing
existing projects, fixing their own businesses in a bid to win back
homebuyers and clearing unsold stock. This trend is evident in the
consistently dipping number of under-construction properties in the last
three quarters.
Report highlights
With the exception of the south west localities, the
property landscape of the Mumbai Metropolitan Region (MMR) has
experienced a downturn, as a result of lofty price tags.
Navi Mumbai is set to witness Maharashtra’s first
smart city project by the City and Industrial Development Corporation
(CIDCO). It recorded an average capital growth of 2% in the last quarter
of 2015.
The frequent policy changes in Thane’s real estate
market and habitual stonewalling of core stakeholders when drafting
vital industry guidelines, dampened developers’ sentiments. Average
capital values in Thane stagnated between the last two quarters of 2015.
The highway infrastructure may receive a massive
boost with the state government planning to pump Rs 28,000 crore in 21
projects spanning 1,500 km, in 2016.
Taking a step towards promoting real estate
transparency, the state would grant new building permissions and conduct
regular audits via e-platform starting January, 2016.
To read more Mumbai and Thane Real Estate Resources, visit www.mchithane.org
Contact501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com
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