In June 2022, the core suburbs of Mumbai accounted for 41% of all property registrations in the city.

According to Knight Frank statistics, the percentage of property registrations in Mumbai’s central suburbs increased from 36 percent in May 2022 to 41 percent in June 2022, while the share in the western suburbs decreased from 51 percent in May 2022 to 45 percent in June 2022. Central Mumbai contributed 8%, while south Mumbai increased its contribution by 1% to 6%.

The central suburbs’ growth narrative is described as follows: “With all major branded developers now present in Mumbai’s central suburbs, the region has emerged as a popular home purchasing destination.” Prime location, excellent connections, lush surroundings, and affordable property prices have all contributed to the region’s growing popularity. Proximity to schools, hotels, hospitals, malls, and restaurants has played a significant role in the region’s growing appeal among house buyers.

 

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Property Registrations Mumbai’s Suburbs

Quality projects with premium facilities. Contemporary infrastructure, and expansive open spaces have made the central suburbs a popular choice for those seeking a lifestyle home. With each passing year, we have seen a gradual increase in sales volumes across our projects in this region, demonstrating the region’s growth as a vital real estate centre.”

 

 

Property Registrations Mumbai’s Suburbs

Buyers continued to show a low proclivity to relocate to a different micro market in June 2022. For the month of June, out-of-town buyers were most interested in acquiring residential homes in the central suburbs. Followed by the western suburbs, according to a Knight Frank research.

Because the central and western suburbs are relatively inexpensive markets. Purchasers in these micro markets have a proclivity to upgrade to houses inside their own micro market. While purchasing property, 95 percent of house purchasers in the central suburbs and 89 percent of home buyers in the western suburbs prefer their present location. Approximately 8% of house purchasers in the western suburbs have shifted to the centre suburbs.

“Previously an industrial hub. The stretch from Kanjurmarg to Mulund has entirely converted into a highly desirable residential location.” This region is also near to the job catchment areas of Powai. Vikhroli, Airoli, and Thane. With the impending Metro 4, the area is experiencing a residential, commercial, and infrastructural transformation. Which has piqued the interest of both end-users and investors.”

The central and western suburbs micro market has the highest percentage of property registrations. With ticket amounts of Rs 5 crores and below. Central Mumbai has the highest percentage of high-value ticket sizes ranging from Rs 5 crores to Rs 20 crores.

 

 

 

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