Introduction Mumbai Real Estate: After COVID 1BHK Owners Are Switching To 2BHKs

After COVID, 1BHK owners are switching to 2BHKs. according to experts, the first half of 2023 will see a 48 percent decrease in new launches in Mumbai as a result of consolidation, strict MahaRERA registration requirements, and a slowdown in sales.

According to MahaRERA data, the launch rate for three-bedroom flats has increased between 2019 and 2023 compared to the year before the COVID-19 pandemic.

After COVID-19, many prospective homeowners around the nation have thought about moving up to larger homes. Mumbai, the most expensive real estate market in the nation, is experiencing the same trend. According to data, owners of 1 BHK apartments are switching to 2 BHK units, and owners of 2 BHK apartments are switching to 3 BHK units.

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According to registration data from real estate regulator Maharashtra Real Estate Regulatory Authority (MahaRERA), the launch ratio of 1 BHK apartments in Mumbai has decreased slightly by 5%, while the launch ratio of 2 BHK apartments has remained unchanged, and the launch ratio of 3 BHK apartments has increased by approximately 5%.

The statistics may show that buyers of one-bedroom homes are upgrading to two-bedroom homes and that owners of two-bedroom flats are doing the same.

Additionally, compared to the pre-Covid-19 period in 2019, the number of flat releases in the calendar years 2021 and 2022 has increased by double, while there has been a 48 percent decrease. According to the data, there will be a decrease in the number of launches in 2023’s first half compare to 2022’s.

The decline in the first half of 2023 has been link by experts to a number of factors, including consolidation, strict MahaRERA registration requirements, and a decrease in sales.

Upgrade Potential

Experts claim that when it comes to the launch ratio in the Mumbai real estate market, 2 BHK continues to be popular.

“North and central Mumbai saw the majority of new buildings in 2023, particularly above Dadar and Sion.  Malad West, Andheri East, Vikhroli, Mulund East, and Jogeshwari East are the top locations with the highest number of new releases, topping 1,000 units. The inventory of new homes includes 1 BHK variants in about 30% of the total.

According to the country’s top organisation for real estate developers, affordability is a big problem for homebuyers.

However, there has been an increasing desire for larger apartment configurations of 3 BHK, while the launch ratio of 2 BHK has essentially kept the same, according to Ajmera, who conducted an analysis based on the data made available from the MahaRERA website. This may point to a trend whereby 1 BHK apartment owners are upgrading to 2 BHK homes, and 2 BHK apartment owners are upgrading to 3 BHK homes.

Releases A Surge After COVID-19

In Mumbai, approximately 34,000 units were introduce in the year 2019, but due to the COVID-19 lockdown, that number fell to 25,000 units in the following year. But in 2021 and 2022, the number of launches significantly increase to about 55,000 and 73,000, respectively. However, compare to approximately 48,000 units in the first half of 2022, only about 27,000 units were introduce in the first six months of 2023.

The percentage of new 1 bedroom units launched in 2023 decreased from 34% to 29%, while the percentage of new 2 bedrooms remain at 38%, and the percentage of new 3 bedroom apartments increase from 11% to 15% from 2023 to 2019. Launch ratio is the proportion of a given configuration type among all launched units.

A Combination Of Small Players

Consolidation by minor players, according to real estate developers, is one of the causes of the decline in launches in 2023.

“After COVID-19, there were more new launches in Mumbai for a number of reasons, including the greater possibility of obtaining additional floor space index (FSI) due to development control and promotion regulation. 2034 since 2021, followed by a 50% waiver in premiums paid by developers to authorities.”

But the launches may have slowed down over the past year, he continued. The market is oversupplied, which has made it difficult for small players—who account for about 40% of sales—to sell their products in recent months. As a result, they are consolidating. Another factor contributing to the decline in registrations and launches is the justified tightening of MahaRERA registration requirements this year.

After COVID 1BHK Owners Are Switching To 2BHKs : Sales Declines

A slowdown in the primary market, meanwhile, is another factor contributing to fewer launches in Mumbai, say real estate advisors.

“Mumbai’s primary market has slowed significantly during the last three months. However, compared to under-construction developments, demand and sales for ready-to-move-in flats are greater, and agreements are closing.

Developers, he continued, are optimistic but delaying launches in Mumbai and closely monitoring the market. “There is a lot of supply, and approaching national and state elections will be crucial for developers looking to start new projects in the near future. year,” he said.

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