Looking for residential property in Mumbai? Developers are launching new projects in Mumbai, irrespective of the weak scenario of city’s property market.
According to a Knight Frank report, new launches of residential units in Mumbai city have gone down by 43%. However, the weak scenario of the property market in the city has not been deterred developers from launching new projects in and around the city. For instance, various new launches have been seen in Navi Mumbai last year. Since old nodes of Navi Mumbai have been saturated due to property development, real estate companies are shifting to new nodes such as Ulwe, New Panvel, Kalamboli, Khandeshwar and Uran.
With the rise in demand for affordable yet stylish residential property in Mumbai, rates for flats and row houses have shot up in these areas. Planned development of infrastructure has also pushed the demand for properties in these areas. Execution of upcoming projects such as Mumbai Trans Harbor Link, Navi Mumbai International Airport and Metro has boosted the confidence of buyers to buy or invest in real estate in these locations.
Every year, new residential projects are being announced by developers. For instance, various reputed developers announced their projects in Ulwe which happens to be in close proximity to the newly planned international airport. As per the industry reports, this area has witnessed a CAGR growth rate of 20% from 2010 to the first quarter of 2014. Currently, if someone wishes to buy a flat in locations such as Kamothe, Panvel, Taloje and Uran, they will have to spend around 4500 to 7000 INR per square feet. In the years to come, rates are expected to increase (between the range of 7000 to 9000 INR per square feet).
As per an article in First post, Mumbai had the highest property inventory of 50 months. Reduced demand and sales due to skyrocketing property rates is the reason why the inventory level has increased in the city. For instance, if you wish to buy 2 bhk flats in Thane’s posh area, you would have to shell around 1-1.2 Crore INR.
Project Launches in 2013
According to a quarterly report by Cushman and Wakefield, approximately 18,000 residential units were launched in Mumbai in 2013. This was an increase of 30% from 2012. Majority (30%) of property launches were done in Mumbai’s suburban areas of Malad, Goregaon, Bandra and Andheri. Around 24% launches were done in Navi Mumbai. 20% launches of new projects in Mumbai were contributed by the central suburban stretch from Kurla to Mulund.
Western suburbs, South Mumbai and South Central areas witnessed increase in capital values between 17-24%. This increase was due to limited or low availability of ready-to-possess apartments. As per the report, locations such as Thane, Navi Mumbai, Central and Western Suburbs also witnessed capital value appreciation between 3-6% in the mid and high-end segment.
In the coming months, it is predicted that property rates in the city will remain stagnant. Slew of launches in this city might have a cooling effect on the property rates. How new launches will affect the property market will be a thing to watch out for in the coming months.
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