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Mumbai Real Estate market continues to stager under high pressure of unsold inventories. The average property prices have eased out by around the 2% on a quarterly basis. Still, the fundamental of the market remains strong as intake of housing units have increased by the 3%, when compared to a quarter before. According to Mumbai scenario in Q1, FY 2019-20, a total transaction of over 18,500 units has been recorded, as per the research 360 Realtors. The MMR remains primarily an end-user driven market with demand concentration happening in the INR 75 lac-1.5 crore segments. There is also limited yet visible no. of demand in the luxury segment. As buyers are depend more towards the affordable segments, developers are reading the pulse. The new launches are mostly taking place in the central region & western region suburbs along with other satellite towns such as Thane & Navi-Mumbai, etc. and these are very developed area.
The main interesting thing is that the work has begun on a host of stuck projects as deep-pocketed bigger developers are expanding their foothold. As the market will continue to combine, the industry will move towards further organization.
Recently, Mumbai along with its extensions (Thane & Navi Mumbai) are primarily an end-user driven market with limited involvement of the investor fraternity. Approximately 90% of the market is govern and move by the end-users, who are mostly vying for budget property in the range of INR 75 lac to 1.5 crore.
Looking at the recent trend, developers are also focusing more on the segment which are cheaper
in price. Now a day we have seen a host of new launches from Piramal, Chandak, Paradigm, etc.
in the affordable segment. As per the condition of market is driven by end-users with more focus
on affordable projects, prices have moved downward in MMR.
Average prices are controlled at INR 12,735/ sq. ft. in Q1 FY 20, easing out by 1.9% Q/Q. The
downward mode in prices which is also due to major developers cutting down on rates to knock
off the existing inventory. The Mumbai region, which currently has an inventory of around
250,000 & hence developers are coming up with attractive offers to reduce the pile.
The central region & western region suburbs in recent times have also seen a rise in commercial
activities, which is further giving the buying boost to the market. The contiguity to major IT
sector & industrial parks along with growth in retail activities & enhancement in the social
infrastructure (schools, hospitals, etc.) will continue to feed into demand for quality residential
Green park extension
J b nagar
Kanjur marg east
Kanjur marg west
Lower parel east
Lower parel west