The Apr.–June 2022 quarter saw the Mumbai real estate market continue to rise favorably. Homebuyers in the housing market maintained their composure in the face of rising reckoner rates & stamp duty. In addition, despite increased input costs, developers did not permit property values to rise.

Are you searching for 2bhk flat in Bhayander?

Mumbai’s housing market showed optimism in the April to June 2022 quarter, with residential sales increasing by roughly 10% QoQ. Housing sales momentum was consistent QoQ, unaffected by the increase in ready reckoner rates, stamp tax, and repo rates. The number of inquiries increased steadily, primarily for 1 BHK & 2 BHK apartments. Despite increased input costs, the majority of developers took a flexible approach on home values, which was encouraging.

Mumbai maintained its lead in terms of new releases, accounting for more than 50% of the total supply across the seven metropolises and showing an increase of 8% in its share from the previous quarter. In Q2 2022, the Maharashtra Real Estate Regulatory Authority (MahaRERA) registered about 400 new (including phases) and refurbished housing societies, representing an increase of roughly 80% QoQ. Prestige Group, Arihant Superstructures, and Mahavir Buildcon, among others, announced residential projects that each included more than 100 homes. For the second consecutive year in 2022, there were more than a lakh items in the unsold inventory.

Key micro-markets across budget segments

With businesses reopening and employees returning to their workplaces, Mumbai’s rental demand increased by 10% in the studied quarter compared to the same period in 2021. However, limited supply, particularly in well-known micro-markets like Powai & Wadala, to name a few, caused a rise in rentals of roughly 2-4 percent.

Important micromarkets in BHK arrangements

Industry Movers

Tax registrations and collection are at an all-time high.

As more than 21,000 residential units were registered in April and May 2022, the number of property registrations in Mumbai increased. In spite of changes to stamp duty & ready reckoner rates, there were 78 percent more deals in May 2022 than the previous month. The continued trend of home ownership is also shown by the 10% YoY growth in property tax collections.

Train connectivity is expanding

On April 2, 2022, the public could utilize the first phase of Mumbai Metro Line 2A (Dahanukar Wadi to Upper Dahisar) & Line 7 (Aarey Colony to Dahisar East). By the beginning of next year, phase 2 of these lines is anticipated to be operating. Line 2A would connect Dahisar East, D N Nagar, and Andheri West in the second phase, while Line 7 will link Andheri and Dahisar East. Additionally, operations on the Mumbai-Ahmedabad Bullet Train are expected to begin in 2026 thanks to the acquisition of 90% of the necessary land.

The focus is on redevelopment

Whether on private or public property, the Slum Rehabilitation Authority (SRA) has given notice for the widespread declaration of slum areas. However, as announced by MHADA, only cluster rehabilitation projects would be approved across the layouts of the Maharashtra Housing & Area Development Authority. The RBI has also made it possible for cooperative banks to provide funding for self-redevelopment initiatives.

Construction on the Navi Mumbai airport accelerates

The Navi Mumbai International Airport (NMIA) is located inside a 20-kilometer zone where the Airports Authority of India (AAI) has set a height restriction of 55 metres (12-15 floors). The 1,160 hectares of the main airport area have been removed of over 3,000 structures, affecting over 10 surrounding settlements.

Outlook for Commercial Real Estate

The commercial sector has accelerated as more offices come up and choose a mixed work paradigm, and a number of occupiers want to expand their portfolios. The trend persisted in Mumbai as well, but there was still a shortage of Grade A office space there, with over 15% of those available.

For a period of ten years, HDFC Bank leased more than 2.5 lakh square feet of office space in the Mindspace Business Park in Airoli, Navi Mumbai. A request for proposals (EOI) for more than 50,000 square feet of office space at Mumbai’s Bandra–Kurla Complex (BKC) was also made by the Reserve Bank of India.

For Rs 202 crore, Polycab purchased two floors and about 55,400 square feet of office space in The Ruby Tower, Dadar. For Rs 188 crore, National Realty acquired more than 1.60 lakh square feet of commercial space in the iThink project by Lodha Group in Kolshet, Thane.

A 1 lakh square foot research and development (R&D) centre will be built by Macrotech Developers & Encube Ethicals, an integrated pharmaceutical company, in Palava, close to Mumbai.

Important Points: Navi Mumbai

Housing sales in Navi Mumbai decreased by roughly 10-15 percent QoQ in Apr-Jun 2022 as the stamp duty exemption came to an end on March 31, 2022. However, QoQ inquiries rose by approximately 30-35 percent, pointing to an acceleration of development in the upcoming quarters. But the monsoon season can be a hindrance. Prices were constant from the previous quarter despite developers only making modest profits due to growing construction expenses. Negotiations and discounts were place right away, and some builders also offered special Akshaya Tritiya offers like gold coins and same-day reservations.

The majority of property sales—nearly 65 percent—included 2 BHK units with 700–800 square feet in a price range of Rs 65–85 lakh. There was still a need for the micromarkets in Panvel, New Panvel, Kharghar, Taloja, Ulwe, & Ghansoli. Due to the inherent financial flexibility, nearly 60% of the buyers picked housing societies that were still under development.

The analyzed quarter, new releases in all zones had a Navi Mumbai share of about 15%. In the quarter, more than 3,000 new units were added. In regions like Taloja, Panvel, and Kharghar, developers including Mahavir Buildcon, Kanakia Spaces Realty, & Arihant Superstructures announced projects. The unsold stock increased by around 5% to 21,000 units due to the reduced demand and improved supply, and should be sold in roughly 16 quarters.

Important Points: Thane and Beyond

Sales in the analyzed quarter were constant due to a plentiful supply of goods in Thane’s micromarkets, with a 20–25% increase in closures anticipated in the next quarter during the Ganpati festival. The city saw an increase in inquiries of almost 20% QoQ. Similar to other areas of Mumbai, developers in this area were wary of changing the pricing equilibrium, and discussions generally involved taking a lump sum—roughly Rs 1 lakh—off the entire price.

The units with the most traction were 1 BHK and 2 BHK homes, with sizes ranging from 400-450 sq ft to 650-800 sq ft, respectively. In Thane, the price range of Rs. 45–75 lakh attracted purchasers’ attention the most, but in the Beyond Thane region, it was Rs. 20–45 lakh. Kolshet Road, Ghodbunder Road, & Hiranandani Estate are popular micromarkets in Thane, whereas Kalyan, Ambernath, Badlapur, & Dombivli are popular beyond Thane.

In the Thane & Beyond Thane regions, over 7,000 new units were added in Q2 2022. Projects with more than 100 apartments each were launched by developers such Terraform Realty, Yogi Developers, & Arihant Superstructures, among others. In response to consumer demand, primarily 1 and 2 bedroom flats priced between Rs 75 and Rs 85 lakh in Thane & Rs 25 to Rs 40 lakh outside of Thane were introduced. As a result, the unsold inventory increased by around 5% to nearly 37,000 pieces, and it might take 20 quarters to sell it all.

The study quarter saw an almost three-fold increase in rental demand, with an average rent increase of about three percent QoQ. Hiranandani Estate, Hiranandani Meadows, Vijay Garden, Majiwada, Teen Hath Naka, & Thane City showed the highest levels of tenant activity. The most sought-after apartments by tenants continue to be those with 1 or 2 bedrooms, with monthly rents averaging between Rs 12,000 and 30,000.

Important Points: Mumbai

Despite the rise in the ready reckoner rate & metro cess, Mumbai’s residential market remained strong. With over 10,000 transaction closing, the sales increased by 10-15% QoQ. Due to developers’ attractive payment plans & value increases, inquiries increased by about 20% QoQ. Sales momentum is anticipated to persist despite major banks’ changes to repo rate & home loan interest rates. Builders have been hesitant to impose any costs on the customers due to the market’s extreme price sensitivity. As a result, the average property prices remained steady from the previous quarter, with notable demand in the micromarkets of Mira Road, Vasai, & Goregaon.

The most interest was seen in one-bedroom apartments with an average size of 350–450 square feet. Most buyers were between the ranges of Rs 60 lakh to Rs 1 crore. Buyers either choose ready homes or under-construction projects by reputable developers. As a result, the resale market increased by almost 10% quarter over quarter.

Mumbai added 241 projects to its portfolio with an increase in new launches of about 5%, including phase-wise launches, with budgets between Rs 80 lakh and Rs 2 crore. Projects with over 100 units each were launched by reputable developers including Prestige Group, Sunteck Realty, & Godrej Properties. A move towards 2 BHK units was observed in the market as work-from-home opportunities increased. The most launches occurred at Byculla, Wadala, Vasai, & Mulund. At the conclusion of the quarter in June 2022, the amount of unsold stock rose by almost 5% to 43,000 units, and it would take around a year to sell them all.

About YoY growth

About 4% YoY growth was seen in the rental sector. Tenants continued to choose one and two bedroom apartments, with monthly rents average between Rs 28,000 and Rs 48,000. Although the market for rentals is anticipated to remain steady for a while, the trend is likely to wane as tenants turn to resale homes.

Conclusion

Mumbai’s real estate market remained robust despite changes in the sector and an increase in COVID caseload. Although a steady growth momentum can be projected, rising input costs could cause developers to continue to run out of money in the future quarters. Site visits, property sales, & rental activity may momentarily slow down with the impending monsoon. The increase in the repo rate has yet to have an effect on the market, and while many purchasers may wait it out until inflation subsides, the real increase in the Equated Monthly Instalments (EMI) is not significant enough to influence their choice to purchase a home.

3 best Flats For Sale in Mumbai

Source From

You’re looking for New Projects in Mumbai we have the Best Properties In Mumbai Like Ready to Move:https://navimumbaihouses.com/properties/search/mumbai-all/

If you want daily property update details please follow us on Facebook Page / YouTube Channel / Twitter