Opinion

MMR’s Most Vibrant Housing Markets – Affordable to Ultra Luxury

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On the back of critical policy reforms like DeMo, RERA and GST, 2018 is seeing both sales and new supply picking up across cities. On the back of critical policy reforms like DeMo, RERA and GST, 2018 is seeing both sales and new supply picking up across cities. Interestingly, the Mumbai Metropolitan Region (MMR) leads this trend.

ANAROCK data indicates that out of the total new housing supply of around 50,100 units in Q2 2018 across the top 7 cities, MMR saw the highest number of new launches with nearly 13,600 new units – a 59% increase against the preceding quarter.

In terms of sales too, MMR clocked the maximum housing sales with approximately 15,200 units being sold in Q2 2018 – an increase of 26% against Q1 2018.

MMR’s top 3 micro markets across budget ranges 2017 – Q2 2018:

Affordable Segment (< Rs. 50 lakh)

Rasayani in Navi Mumbai saw the launch of nearly 2,410 units, with average prices being Rs. 5,100/sft and average property size being 450 sft

Palghar in Mumbai saw launch of nearly 1,710 units, with average prices hovering around Rs. 4,550/sft and average property sizes at around 380 sft

Panvel in Navi Mumbai, the third-most active micro market in MMR in this segment, saw the launch of nearly 1,510 units. The average property prices are Rs. 6,700/sft and average carpet area is 380 sft

Mid Segment (Rs. 50 lakh – 1 Crore)

Kandivali in Mumbai saw as many as 2,300 units launched since 2017, with average prices at Rs. 20,000/sft and average size of 390 sft

Dahisar East in Mumbai saw launch of nearly 710 units with average prices at Rs.18,000/sft and size at 470 sft

Shilphata in Navi Mumbai, another prominent locality for mid segment properties, that saw around 530 units launched with average prices at Rs. 7,800/sft and sizes at 630 sft

Luxury Segment (Rs.1 Crore – 2.5 Crore)

Andheri East in Mumbai saw the launch of nearly 2,230 units with average prices and sizes hovering around Rs. 27,400/sft and 510 square feet respectively.

Mulund West in Mumbai saw the launch of nearly 960 units with average prices at Rs. 27,400/sft and average size at 650 sft

Seawoods in Navi Mumbai, the third most active locality in MMR in this segment, saw the launch of more than 200 units. Average property prices are Rs. 12,500/sft while the average carpet area is 1,050 sft

Ultra-Luxury Segment (> Rs. 2.5 Crore)

Mazgaon in Mumbai saw launch of nearly 820 units with average prices and sizes hovering around Rs. 65,000/sft and 950 sft respectively.
Tardeo in Mumbai saw launch of nearly 550 units with average prices at Rs. 75,000/sft and size at 800 sft

Sanpada in Navi Mumbai saw launch of more than 50 units. Average property prices are Rs. 21,000/sft while average carpet area is 1,250 sft

Immediate Outlook:

Maharashtra has emerged as one of the most active states in RERA implementation, and MahaRERA has been the primary driving force behind 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 1% on stamp duty (increasing to 6% from the existing 5%) 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 of ANAROCK Property Consultants. Views expressed are his own.

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