Mumbai Property Market as always is full of surprises for both the home buyers and the Investors.
Mumbai Property Market as always is full of surprises for both the home buyers and the Investors. Being the financial capital of India, Mumbai is the only city in India where we see a double digit growth in the property prices and the same is not relenting. Mumbai as a city has gone through a slow down in Property Development for nearly past 15-18 Months. This was due to the New DCR Rules which came in force very recently.
The result of this delay was a large gap in Demand and Supply and in this MCHI Exhibition 2012 which concluded last week we saw a lot of new and proposed launches in coming months. The property market in Mumbai seems buoyant and chances of any corrections seem to be less, however, in certain micro markets there may be over supply and one has to really watch out for those sectors.
A good thing which has come out that a lot of Developers are focussing on efficient planning, 1 , 1.5, 2 and 2.5 BHK in the market. There is still a huge demand for the 1 and 2 BHK in the market. The market seems to also be opening up for Complexes and the preferences to the same is given with lots of amenities with focus on need for Children and Family living.
Overview of Locations
Strong market still in the Malabar Hill, Breach Candy and surrounding areas. Around 6-10 New Projects in these locations which are in different stages of construction. Prices vary in different blocks here.
Worli – Lower Parel – Prabhadevi
Exciting location to be in, lots of Top Developers have presence in this area. The ticket size starts upwards of 10 CR and goes up to 50 Cr for a large apartment. Lots of New Launches coming up in 2013. It will be exciting to see what Lodha Group Launches in 2013 on the newly acquired plot of DLF. Oberoi Realty, DB Realty, Lodha, Ahuja Group, India Bulls, Lokhandwala, Omkar and a few other Top Developers have their presence here.
Bandra – Juhu – Andheri
A lot of redevelopment activity bound to happen in these locations. Andheri West – Lokhandwala Complex has already seen some new movement with Mayfair Group, Orbit, Kalpataru picking up some societies. Bandra – Khar – Juhu remain the Hot Locations for Society Redevelopment. The prices in Bandra are quoted in the range of Rs.30000 to Rs.50000 PSF already.
Jogeshwari – Borivali
This belt has numerous developments both in the Eastern and the Western side. All of these locations are fast becoming micro townships with renowned builders creating their own Landmarks. Oberoi Garden City is fast becoming a land mark. The Eastern side of all these locations seems to do well then the western side due to the connectivity to the Express Highway going South due to the presence of CBD’s.
The promising location in future, it has seen a consistent appreciation, infrastructure is better than Mumbai, good connectivity to Mumbai, presence of lot of top Developers etc. Hirandanani Thane, Runwal, Soham, Rustomjee, Nirmal etc. have new launches.
Prices have gone up really high and fast in the past 2 years, Kharghar and Nerul, Airoli seem to be still better markets in Navi Mumbai. Ulwe is far flung and out of the way as of now, but lots of developments coming up. Watch out for the Navi Mumbai property exhibition starting December 1.