Western Suburbs of Mumbai Experience High Demand for Real Estate
Overview of the Mumbai Real Estate Market
Mumbai’s residential market had an increase in demand (searches) of 2.8% QoQ in Q2 2023, while the city’s supply (listings) fell by 4.3%. Furthermore, there was a 2.1% QoQ increase in real estate prices. The UC segment reported a QoQ average rate gain of 1.9% at the same time as the RM segment had a QoQ average rate increase of 2.4%.
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Mumbai Real Estate Market: Analysis of Demand and Supply
The largest demand is still seen in the western suburbs of Mumbai at Malad–Kandivali. In Q2 2023, housing demand increased in Mumbai’s western suburbs. The localities beyond Mira Road were in second place, followed by the micromarkets of Malad and Kandivali. The demand in this area is influenced by things like the availability of reasonably priced homes, the Coastal Road’s ongoing construction, and the 2A and 7 metro lines’ ongoing phase 1 expansion.
Borivali, Dahisar, Andheri, & Goregaon are other well-known western neighbourhoods that experienced significant demand. This was made possible by the area’s accessibility to the Western Express Highway, proximity to commercial centres, retail infrastructure, and Chhatrapati Shivaji Maharaj International Airport.
The following areas continued to attract a lot of consumer interest:
- Malad-Kandivali
- Goregaon
- Andheri-Jogeshwari (W)
- Andheri-Jogeshwari (E)
- Powai
- Worli–Lower Parel
- Beyond Mira Road
- Borivali-Dahisar
Key points include:
- 42% of the demand & 44% of the supply were for 2 BHK units. The second most popular configuration was 1 BHKs.
- The demand for houses priced between INR 15,000 and 25,000 per square foot (which account for 49%) increased by 2% this quarter, demonstrating the desire for mid-segment housing units.
2021 to 2023 Mumbai Property Market Rate Analysis
High Demand for Real Estate, The average property rate in Mumbai has been rising consistently over the previous two years at a compounded rate of 1.7% due to the continued high demand. During this time, the average rate has increased by a total of 14.4%.
Mumbai Real Estate Market Summary for Q2 2023
Home purchasers are feeling more confident as a result of the recent opening of metro lines 2A and 7 as well as government efforts to resolve abandoned projects and crackdown on unauthorized development. Future supply increases will result from the reduction of unsold inventories, the completion of significant infrastructure projects, and a plan by the State to support self-redevelopment of abandoned and damaged structures.
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