The Top 5 Localities In Mumbai
Top 5 Localities In Mumbai: People frequently take into account neighbourhoods with more options and more popularity when purchasing a house in order to maximise financial gains. This article may assist you in locating locations with the highest year-over-year demand even if Mumbai continues to lead the Indian real estate market in terms of new supply. In Mumbai, navimumbaihouses.com is among the top 5 neighbourhoods, with the largest deals recorded for the yearly period ending in Q3 2022.
Despite the fact that the epidemic slowed down real estate sales nationwide, Maharashtra saw an increase in property purchases. Market vigour was assured by elements like the stamp duty reduction from August 2020 to March 2021, low loan rates, and the continuous 1% incentive for female purchasers. Due to this, despite growing building material costs and the Ukraine-Russia Crisis, developers were restrained from making drastic price changes to properties. Mumbai outperformed the rest of the State in terms of new project launches and transaction closing.
The supply of new homes increased by around 70% in the first half of 2022–2023 compared to the first half of FY 2021. Around 17,500 home sales were reporte annually in the quarter ending September 2022. With over 20% of the overall sales, Andheri, Powai, Mulund, Kandivali, and Wadala continued to be the most popular locations in Mumbai.
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Mumbai areas record highest year-over-year sales
Top 5 Localities In Mumbai: Powai
In Mumbai, Powai emerged as the most popular neighbourhood, seeing 650 or so house sales over the course of a year, according to statistics from navimumbaihouses. This community’s close proximity to commercial districts, easy accessibility via the railroad station, and well-established social infrastructure set it apart from other places. After a 15% increase in the previous three years, the average price of a home in Powai is now about Rs 25,200 per square foot. Also, around 45 percent of the residential stock for sale here is 2 BHK units, the most in-demand, followed by 3 BHK apartments. Presence of reputed developers like Hiranandani Developers, Nahar Group, and LNT Realty has, too, led to the favourability of the area.
Powai is anticipated to be served by three metro stations on the Pink Line (Line 6) of the Mumbai Metro, including Powai Lake, IIT Powai, and Kanjurmarg (West), which would further spur the community’s upward development.
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Top 5 Localities In Mumbai: Andheri West
Although Powai has dominated the tables for deal closing, Andheri has amassed about 900 deals overall year over year. With more than 550 sales, Andheri West has outperformed its eastern cousin substantially.
Over the course of five years, Andheri West has seen a price increase of 10% and a rental yield of over 15%. About 45% of the stock is made up of units with a 2 BHK configuration, and the majority of them are more expensive than Rs 2 crore. Property prices in the neighbourhood are roughly Rs 27,000 per square foot, and between April and September 2022. There were about eight new releases in the area. Housing societies are available from well-known builders such Oberoi Realty, Lokhandwala Construction, and Kalpataru Limited, among others. Once Metro Line 6 and Line 2A are open, the connection in the micromarket is anticipated to significantly increase. In addition, efficient road connection is anticipated with the building of a bridge connecting Versova to the Bandra–Worli Sea Link.
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Top 5 Localities In Mumbai: Mulund West
Mulund, a suburb of central Mumbai, provides mid-range to luxury apartments and had roughly 450 sales every year. According to navimumbaihouses statistics, the region also saw the debut of five new projects during that time. In Mulund West, the average cost of a home has increased by almost 20% over the past five years. Making it about Rs 19,400 per square foot.
Most of the residential stock in this area is priced between Rs 1 crore and Rs 2 crore. And it is evenly spread amongst 1, 2, and 3 BHK apartments. A dedicated railway station, a consistent supply of ready units. And an anticipated metro stop at Mulund Fire Station on the Wadala–Kasarvadavali Line have all helped the micromarket develop.
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Wadala East
Wadala East had more than 430 house sales amidst the strong metro and road connections and the presence of business centres within a 10-km radius. Around Rs 24,000 per square foot is the local average for property pricing.
In terms of the stock, more than half of it is price above Rs 2 crore and consists primarily of apartments in high-rise structures. Developers like Lodha Group, Dosti Realty, and Ajmera Group have left their stamp on the landscape with their housing societies. Making it easy to find units with two bedrooms and a living room. Wadala East is projected to experience increase demand, particularly from the investor and tenant communities. Since a proposed Central Business District and a pumping station near Mahul are in the works.
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Top 5 Localities In Mumbai: Kandivali West
A develope micromarket called Kandivali is essentially divide into Kandivali East and Kandivali West. In the area, there were 23 new residential launches between April 2022 and September 2022. And there were over 800 house sales year over year. On deeper inspection, Kandivali West has shown to be a popular location, with over 450 transaction closes.
Kandivali West is a well-like neighbourhood among renters and homebuyers since it is home to the renowned Charkop Industrial Estate and is service by a dedicate metro station named Dahanukarwadi on Metro Line 2A. The cost of real estate in this area has increased by around 20% in the previous five years. Reaching about Rs 18,000 per square foot. The majority of the apartments in this location are 1 BHK and 2 BHK units. With prices typically falling between Rs 50 lakh and Rs 1.5 crore. The region contributes an annual rental income of roughly 5%. Once the Coastal Road. Which is now under construction and will improve communication with Marine Lines, is finish. Investor confidence is expected to increase even further.
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Kandivali West
With over 900 distinct communities, it is not surprising that Mumbai’s micromarkets have strong year-round business. In addition to the aforementioned neighbourhoods, Sardar Nagar, Malad West, and Kanjurmarg West each had roughly 300 transactions. The steadily increasing housing demand, thanks to the hybrid work model that most organisations have adopted. May be the cause of the sales momentum. However, before making an investment in a neighbourhood that suits their needs and way of life. Purchasers must conduct the necessary research.
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