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MUMBAI RESIDENTIAL MARKET UPDATE JULY - SEPTEMBER 2020

Market Sentiment WHAT’S INSIDE?

• Impact of COVID-19 on Indian Real Estate • National Outlook Snapshot of real estate ambience across top 8 metro cities • Market Movers News that impacted ’s realty market in Jul-Sep 2020 • Commercial real estate outlook • Residential demand and supply dynamics • 99acres’ Outlook Our perspective on the current market sentiment • Key trends in the buying and renting landscape • Price trends across key micro-markets

FROM CBO’S DESK

The Jul-Sep 2020 quarter set the pace for the recovery of Indian developers have further fueled the penchant for ready or near-ready residential real estate market. Post an initial lull in sales and new housing units. There seems to be a newfound demand for independent launches in the previous quarter, the current quarter came as a breather houses and builder floors, which offer increased privacy and scope for as sales resurged by almost 2.5 times of the pre-COVID levels. Both Delhi social distancing, as opposed to residential apartments. NCR and Mumbai saw a significant improvement in transactions, QoQ, as end-users flocked to leverage the lucrative deals floating in the market. A gradual improvement in the realty market was also evident from the Price correction, unlike anticipated, remained a far cry; however, with owner listings posted on 99acres, which went up by seven percent against a negotiation window of up to 10-15 percent, the deals closed in at a the pre-COVID times. Buyer responses also reported a 30 percent surge in reduced price of 2-5 percent of the pre-COVID levels. the same time period.

New launches went up, QoQ, but remained lower than the previous year. On the policy framework front, a fiscal stimulus of Rs 10,000 crore for Majority of the developers focused on completing the ongoing projects, Maneesh Upadhyaya stuck realty projects, along with the sustenance of Repo Rate at four which were stuck during the nationwide lockdown. While work on Chief Business Officer percent, an all-time low, are likely to push the market towards a revival almost all housing projects resumed in the current quarter, a lot of them 99acres.com in the ensuing quarters. The upcoming festive season may see a further continue to face delays spanning quarters. Liquidity constraints with the improvement in the absorption of residential units, across cities. COVID-19 AND REAL ESTATE NATIONAL OUTLOOK

IMPACT ON HOMEBUYERS IMPACT ON INDUSTRY HOME BUYING SENTIMENT PROPERTY PRICES

After an initial set back amid pay cuts Even as supply chain reopened in Home buying sentiment improved The resale segment remained under and job losses, homebuyers were seen Jul-Sep 2020, a ban on Chinese imports as public sector banks and private pressure with deals closing at a returning to the market in Jul-Sep 2020. impacted the cost of development in players slashed home loan interest 2-5 percent discounted rate on average. Reduced home loan rates, sweetened the realty landscape. Developers cited rates to a 15-year low. This, along Developers also kept new unit prices deals by developers and more scope of increased expenses, and thus, little with resumption of construction unchanged even as some spoke of negotiations in the resale segment were scope to reduce prices in the primary work, helped take the enquiries up by increased costs amid a ban on Chinese seen as the key drivers. The quarter market. Yet, in a bid to offload the 80 percent of the pre-COVID times. imports. However, initial speculations of continued witnessing the popularity existing inventory, several schemes Developers reported a 50 percent hefty price corrections did not hold true of ready housing units, and improved were introduced in the quarter. recovery in the number of transactions. for either of the segments. demand for independent houses and Digital transformation continued as builder floors in most metro cities. developers took to the online medium RENTAL LANDSCAPE SUPPLY Window shoppers exited and genuine to interact with potential homebuyers Rental market remained in doldrums With an addition of over 31,000 units homebuyers were seen leveraging at various stages of the buying cycle. despite the opening up of the in metro cities, new launches went up the discounts available in the market. Several governmental procedures nationwide lockdown. Tenants avoided by 4.5 times, QoQ. The resale segment, Noticeably, the quarter reported shifted online as organisations adopted moving as the majority of offices too, reported an improvement as renewed interest from the NRI homebuyer to the new normal. The infusion of continued with the work-from-home several property owners returned to community against the backdrop of Rs 10,000 crore to aid the completion model. Resultantly, the rental rates the market after lockdown restrictions depreciating rupee and attractive deals of stuck realty projects was hailed by did not see any movement and offtake were gradually lifted. Unsold inventory in the new home category. the industry. was meek in both residential and stood at 4.40 lakh units at the end of commercial segments. September 2020.

KOLKATA DELHI NCR 1% CHENNAI 3% 1% SHARE OF NEW LAUNCHES AHMEDABAD 16% The quarter witnessed the launch of about 240 new residential projects in top eight metro cities. Despite being severely hit by the Coronavirus pandemic, Mumbai led all cities with a 25 percent share in new and re-launched projects. Pune, Hyderabad, Bangalore and Ahmedabad followed suit with a 16-19 percent share, each. Delhi NCR made a meagre three percent share of the total new launches, with a few projects in Greater Noida, Ghaziabad and Gurgaon. MUMBAI Kolkata and Chennai reported minimal new activity from developers. 25% BANGALORE 17% PUNE 19% Note: The data depicts share of new launches across metro cities in the studied quarter The numbers include re-launched projects HYDERABAD 18% MARKET MOVERS COMMERCIAL REAL ESTATE OUTLOOK MHADA to construct 15,000 Faster approvals to budget housing units restore denser slum • A 15-20 percent decline in the office out of renting and chose to work in pockets space leasing increased the vacancy from home. Only the companies rate in the city by approximately downsizing their capacity opted The Housing and Area The Slum Rehabilitation Authority 20 percent in Jul-Sep 2020 as for shared spaces, that too, on a Development Authority (MHADA) (SRA) reduced the project approval against the pre-pandemic times. profit-sharing model. planned to build around 15,000 timeline to seven days for faster low-cost residential units in Goregaon restoration of denser slum pockets • Popularity for large offices took • A few significant deals recorded under the Pradhan Mantri Awas Yojana in Mumbai. To expedite the a backseat. However, compact in the city were by Appai (PMAY). Besides, it also waived off the refurbishment process further, the spaces with area ranging between Technologies signing a Letter of interest on premiums of affordable State government will establish 1,500 sq ft and 5,000 sq ft remained Intent (LOI) for 10,000 sq ft in L&T housing projects to improve the supply an additional SRA in the Mumbai popular in , Belapur, , Seawoods and CMS Technologies of budgeted homes. Metropolitan Region (MMR) along and . leasing a 6,000 sq ft of office space with a stress fund. in Mahape. • The share of leased coworking spaces decreased in Q2 2020- 21, as many small firms opted -Kasarvadavali Government tightens metro line clears legal the noose on hurdles redevelopment projects The Mumbai Metropolitan Regional The Maharashtra government Development Authority (MMRDA) proposed an automatic cancellation received a go-ahead for the of No Objection Certificate (NOC) construction of Line 4 of Mumbai for builders who fail to deliver Metro in a mangrove buffer zone. their redevelopment projects The 32 km-long metro corridor, once within three years. Currently, through, would benefit around there are over 14,000 dilapidated 34 residential hubs, including , structures in Mumbai with those , Manpada, Majiwada and in Dongri, Bhuleshwar and Kapurwada, among others. Mohammed Ali Road requiring immediate renovation.

acres ’s No.1 Property Portal MUMBAI’S REALTY AT A GLANCE Property Prices Rental Rates Demand Supply

BUDGET-WISE DEMAND AND SUPPLY Key micro-markets across budget segments

Budget Localities based on Average Average Rental Jul-Sep 2020 Range Consumer Demand and Property Prices Rental ‘Asks’ Yield Active Listings (Rs per sq ft) (Rs per sq ft/month)

13% Within Rs 40 lakh Ambernath 3,600-4,400 9 2.42% 3,300-3,900 7 2.15% 8% -21% Rs 40 lakh - Rs 1 crore (East) 4,900-6,200 13 2.68% Taloja 4,600-5,500 9 2.00% 5,800-7,200 13 2.47%

Rs 1 crore and above (West) 5,500-6,600 14 2.49% 8,000-9,500 19 2.44% Demand (West) 13,900-16,300 33 2.52%

Note: Rental Yield has been calculated for a 1,000 sq ft apartment. 40% 19%0% 27% 35% 33% 46% Supply Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments. Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above

BHK-WISE DEMAND AND SUPPLY Key micro-markets across BHK-configurations

Configuration Localities based on Average Average Jul-Sep 2020 Consumer Demand and Unit Size Property Prices Active Listings (Sq ft) (Rs per sq ft) -15% 7% 1 BHK 540-560 4,500-5,100 560-600 6,700-7,800 (West) 550-570 13,100-15,100 2 BHK Dombivli (East) 810-850 4,900-6,200 Kharghar 950-1,000 8,000-9,500 Panvel 910-960 5,800-7,200 6% 3 BHK Majiwada 1,350-1,400 9,700-11,000 Kandivali (East) 1,200-1,250 14,000-16,100 Demand Balkum 1,300-1,350 9,000-11,000 2% 51% 36%0% 35% 42% 12% 18% 2% 4% Note: Average property prices and rental rates have been calculated as per listings posted on 99acres.com in Supply the studied quarter. The range of property prices may vary by 10 percent depending on the age and furnishing status 1BHK 2BHK 3BHK 4BHK of the residential apartments.

Note: Supply is basis properties listed on 99acres.com in the studied quarter. Demand is basis queries received on 99acres.com in the studied quarter. INSITE : MUMBAI 9 ZONAL SHARE OF South West acres Mumbai India’s No.1 Property Portal 10% NEW LAUNCHES 2% After Navi Mumbai, Central Mumbai 33% Suburbs captured the maximum Harbour 99ACRES’ OUTLOOK number of new project launches 6% in the city. Despite being The homebuying sentiment in Mumbai Coronavirus cases and news around the severely hit in terms of demand, - improved month-on-month in the State government re-implementing the the posh South Mumbai, too, 16% studied period. The reopening of the lockdown from October 15, developers captured 10 percent of the total construction sites, reduced stamp refrained from announcing new projects launches in the city. duty and flexible payment schemes by fearing restricted traction. Except for a developers ushered in nearly few launches by Category A builders, the 45 percent quarterly growth in the inventory addition in the city remained Note: The data depicts share of new launches residential enquiries. However, as low-key. Many developers deferred their And Central Mumbai across zones in Mumbai in the studied quarter. the sub-urban trains remained expansion plans to an indefinite period. Beyond 12% suburbs 20% non-operational due to the COVID-19 pandemic, site visits declined The average capital values in Mumbai significantly, resulting in a 60 percent and Navi Mumbai remained unchanged, drop in the housing sales, YoY. QoQ. Only depicted an increase Deal cancellations in the quarter also in the average ‘asks’, albeit marginally. increased by 10-15 percent amid the The rental market remained resilient RENTAL growing economic uncertainty. across zones; however, Mumbai felt the heat in the backdrop of limited enquiries, LANDSCAPE New launches across zones reeled societies disallowing the entry of new under pressure. Amid the soaring tenants and an increase in the number of containment zones. Key micro-markets based on consumer demand and active listings

Localities Most Supplied Market Rental Rates YoY % Rental Units Share (Rs per Month) Change in Rental ‘Asks’

Worli 2BHK 45% 59,000-69,500 -6% 3BHK 44% 88,000-98,000

Dombivli (East) 1BHK 54% 6,000-8,000 4% 2BHK 34% 7,500-10,500

Powai 2BHK 50% 40,000-48,000 -2% 3BHK 23% 61,000-80,000

Goregaon (East) 1BHK 49% 18,500-22,100 -1% 3BHK 43% 58,500-72,500

Kasarvadavali 1BHK 68% 10,000-12,000 0% 2BHK 28% 13,500-16,500

Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter. Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter.

INSITEINSITE : AHMEDABAD : MUMBAI 11 NAVI MUMBAI

Property Prices Rental Rates Demand Supply

BUDGET-WISE DEMAND AND SUPPLY Key micro-markets across budget segments

Budget Localities based on Average Average Rental Jul-Sep 2020 Range Consumer Demand and Property Prices Rental ‘Asks’ Yield Active Listings (Rs per sq ft) (Rs per sq ft/month)

Within Rs 40 lakh Panvel 5,800-7,200 13 2.47%

Taloja 4,600-5,500 9 2.00% -43% 23% Rs 40 lakh - Rs 1 crore Ulwe 6,700-7,800 10 1.50%

Kamothe 7,000-8,100 14 2.10%

21% Rs 1 crore and above Kharghar 8,000-9,500 19 2.44% Airoli 9,600-11,400 27 2.87%

Demand Note: Rental Yield has been calculated for a 1,000 sq ft apartment. Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. 60% 17%0% 28% 51% 11% 32% The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments. Supply Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above

BHK-WISE DEMAND AND SUPPLY Key micro-markets across BHK-configurations

Jul-Sep 2020 -7% Configuration Localities based on Average Average Consumer Demand and Unit Size Property Prices Active Listings (Sq ft) (Rs per sq ft) -3% 1 BHK Ulwe 560-600 6,700-7,800 Koperkhairane 400-550 9,400-11,600 2 BHK Kharghar 950-1,000 8,000-9,500 Panvel 910-960 5,800-7,200 Ghansoli 980-1,020 10,100-12,000 3 BHK 1,300-1,350 7,000-8,100 8% Demand Taloja 1,250-1,300 4,600-5,500

41% 38%0% 53% 46% 6% 14% 0% 2% 2% 1,200-1,240 5,300-7,300 Supply Note: Average property prices and rental rates have been calculated as per listings posted on 99acres.com in 1BHK 2BHK 3BHK 4BHK the studied quarter. The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.

Note: Supply is basis properties listed on 99acres.com in the studied quarter. Demand is basis queries received on 99acres.com in the studied quarter. INSITE : MUMBAI 13 INSITE : MUMBAI 13 RENTAL KEY HIGHLIGHTS

LANDSCAPE The homebuying sentiment in Navi Mumbai logistics of labour and raw materials improved, QoQ. Close to 400 units were sold coerced builders to adopt a wait-and-watch in Jul-Sep 2020, denoting around 25 percent approach. Around 16 projects were added Key micro-markets based on consumer demand and active listings growth as against Apr-Jun 2020. Both ready in , Panvel, Taloja and Ulwe in the Localities Most Supplied Market Rental Rates YoY % homes and under-construction units were price bracket of Rs 25-30 lakh. Rental Units Share (Rs per Month) Change in in demand. However, the big-ticket size Rental ‘Asks’ investments in the latter category were less The unsold stock dipped from 25,000 preferred owing to execution risks. units in Apr-Jun 2020 to 23,500 units in Ulwe 2BHK 48% 9,300-11,000 6% Jul-Sep 2020 and the quarters required 1BHK 29% 5,000-6,000 Panvel, Ulwe and Kharghar remained to dispose of the existing stock stand at popular among end-users and captured 12. Ghansoli, Panvel, Kharghar, Taloja Kharghar 2BHK 68% 17,000-21,000 3% nearly 65 percent of the market demand. and Dronagiri occupy the maximum 1BHK 18% 9,500-12,000 While Ulwe and Panvel received enquiries unsold inventory in the budget range Panvel 2BHK 67% 11,500-13,000 4% due to their adjacency to the upcoming of Rs 50-80 lakh. international airport and availability of 3BHK 33% 15,500-19,000 low-cost units priced within Rs 30-65 lakh, The rental market across Navi Mumbai New panvel 1BHK 62% 7,000-8,500 -4% Kharghar near the Central Business District remained robust. Ulwe, Roadpali and Airoli 2BHK 34% 10,500-12,000 (CBD) of Belapur witnessed popularity on were favoured due to the presence of account of 5-7 percent price cuts offered by Taloja 2BHK 85% 7,000-8,500 0% several IT/ITeS majors nearby and lower developers. The average ‘asks’ in Kharghar rental values, i.e. around Rs 10-12 per sq 3BHK 15% 11,000-13,500 stood around Rs 9,000 per sq ft. ft. Among the premium pockets, Sanpada, Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter. and Palm Beach garnered popularity. Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter. New residential supply declined by around The average rents in these locales were 20 percent, YoY, to 2,650 units. Interrupted close to Rs 28-36 per sq ft.

INSITE : MUMBAI 15 THANE AND BEYOND

Property Prices Rental Rates Demand Supply

BUDGET-WISE DEMAND AND SUPPLY Key micro-markets across budget segments

Budget Localities based on Average Average Rental Jul-Sep 2020 Range Consumer Demand and Property Prices Rental ‘Asks’ Yield Active Listings (Rs per sq ft) (Rs per sq ft/month) -11% 6% Within Rs 40 lakh Badlapur 3,300-3,900 7 2.15% Ambernath 3,600-4,400 9 2.42%

Rs 40 lakh - Rs 1 crore Kalyan (West) 5,500-6,600 14 2.49%

Dombivli (East) 4,900-6,200 13 2.68%

Rs 1 crore and above Kasarvadavali 7,900-9,500 20 2.50%

Manpada 10,500-11,900 26 2.60%

Demand 5% Note: Rental Yield has been calculated for a 1,000 sq ft apartment. Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. 47% 36%0% 36% 42% 17% 22% Supply The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments. Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above

BHK-WISE DEMAND AND SUPPLY Key micro-markets across BHK-configurations

Configuration Localities based on Average Average Consumer Demand and Unit Size Property Prices Jul-Sep 2020 Active Listings (Sq ft) (Rs per sq ft)

1 BHK Neral 540-570 3,100-3,600 9% -1% Kalwa 580-620 8,100-9,100 2 BHK Dombivli (East) 810-850 4,900-6,200 Anand Nagar 860-900 8,300-10,100 3 BHK Majiwada 1,350-1,400 9,700-11,000

-6% Balkum 1,300-1,350 9,000-11,000 Panch Pakhadi 1,200-1,230 11,800-14,500

Demand Note: Average property prices and rental rates have been calculated as per listings posted on 99acres.com in -2% the studied quarter. The range of property prices may vary by 10 percent depending on the age and furnishing status 36% 45%0% 40% 39% 21% 15% 3% 1% of the residential apartments. Supply 1BHK 2BHK 3BHK 4BHK

Note: Supply is basis properties listed on 99acres.com in the studied quarter. Demand is basis queries received on 99acres.com in the studied quarter. INSITE : MUMBAI 17 INSITE : MUMBAI 15 RENTAL KEY HIGHLIGHTS

LANDSCAPE The unprecedented economic tailspin and amid the increasing number of containment increase in the COVID-19 cases dented the zones and extended buying cycle from homebuying sentiment in Thane as the 45-60 days to 120-150 days. Merely 15 Key micro-markets based on consumer demand and active listings annual sales declined by around 15 percent new projects were added by Grade B and Localities Most Supplied Market Rental Rates YoY % in Jul-Sep 2020. The average property prices, C builders in , Ambernath, Neral, Rental Units Share (Rs per Month) Change in however, did not see major alterations. Badlapur and . Rental ‘Asks’ Locales, such as Majiwada, Hiranandani Unsold inventory in Thane remained Dombivli (East) 1BHK 54% 6,000-8,000 4% Estates, Vartak Nagar and Ghodbunder unchanged at 27,000 units for the third 2BHK 34% 7,500-10,500 Road, remained popular amid 5-10 percent quarter in a row and the quarters to price cuts and 5:95 payment schemes dispose of the current residential stock Kasarvadavali 1BHK 68% 10,000-12,000 0% offered stand at 14. Maximum unsold inventory 2BHK 28% 13,500-16,500 by developers. Mid-sized 2 BHK units in is concentrated in Ghodbunder Road, Rs 65 lakh - Rs 1.2 crore budget segment Hiranandani Estates, Pokharan Road 2, Kalyan (West) 2BHK 71% 11,000-13,500 0% witnessed more traction. Badlapur and Dombivli regions. 3BHK 22% 15,500-18,500 Badlapur and Ambernath garnered attention The rental market in Thane suffered a Manpada 2BHK 52% 21,500-24,500 2% from price-sensitive buyers as the average setback as enquiries plummeted by nearly 3BHK 31% 28,000-33,500 capital prices in these areas stood around 50 percent, YoY, in Jul-Sep 2020. Barring

Ambernath 1BHK 93% 4,500-5,500 6% Rs 3,800-4,300 per sq ft. Kalyan (West), a the central locations of Majiwada, Vartak self-sufficient locale, emerged as a preferred Nagar, Patlipada and Hiranandani Estates, 2BHK 7% 5,500-7,500 market for investors with property prices the rental trend reeled under pressure

Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter. averaging around Rs 6,500 per sq ft. across the city due to societies disallowing Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter. new tenants. The average rents in the above Developers deferred their expansion plans areas stood at Rs 25-30 per sq ft.

INSITE : MUMBAI 19 MUMBAI

Property Prices Rental Rates Demand Supply

BUDGET-WISE DEMAND AND SUPPLY Key micro-markets across budget segments

Budget Localities based on Average Average Rental Jul-Sep 2020 Range Consumer Demand and Property Prices Rental ‘Asks’ Yield Active Listings (Rs per sq ft) (Rs per sq ft/month) 11% Within Rs 40 lakh (East) 4,400-5,300 11 2.84% 2,900-3,700 8 3.03%

Rs 40 lakh - Rs 1 crore Bhayander (East) 6,700-8,300 20 2.96%

Rs 1 crore and above Goregaon (West) 15,300-17,900 42 2.91% (West) 15,700-18,100 34 2.39% 2% Kandivali (East) 14,000-16,100 34 2.54% -13% Demand Note: Rental Yield has been calculated for a 1,000 sq ft apartment. Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter. 24% 11%0% 21% 23% 55% 66% Supply The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments. Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above

BHK-WISE DEMAND AND SUPPLY Key micro-markets across BHK-configurations

Configuration Localities based on Average Average Jul-Sep 2020 Consumer Demand and Unit Size Property Prices Active Listings (Sq ft) (Rs per sq ft)

1 BHK Virar 540-560 4,500-5,100 Bhandup (West) 550-570 13,100-15,100 -33% 2 BHK Breach Candy 1,250-1,300 48,000-59,000 Mazgaon 1,070-1,100 24,000-29,300

21% Sion (East) 820-860 12,900-15,100 3 BHK Kandivali (East) 1,200-1,280 14,000-16,100 10% Borivali (East) 1,350-1,380 15,000-17,000 Demand 1,240-1,280 12,500-14,100 -2% 66% 33%0% 20% 41% 11% 21% 3% 5% Supply Note: Average property prices and rental rates have been calculated as per listings posted on 99acres.com in 1BHK 2BHK 3BHK 4BHK the studied quarter. The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.

Note: Supply is basis properties listed on 99acres.com in the studied quarter. Demand is basis queries received on 99acres.com in the studied quarter. INSITE : MUMBAI 21 RENTAL KEY HIGHLIGHTS

LANDSCAPE Homebuying trend in Mumbai gained Nevertheless, Sion managed to grab the steam in Jul-Sep 2020. Close to 1,500 units eyeballs due to the new inventory addition were sold across the city, i.e. around 45 by a renowned builder and proximity to Key micro-markets based on consumer demand and active listings percent higher than the preceding quarter. Kurla, a commercial hotspot. Localities Most Supplied Market Rental Rates YoY % The western belts of Goregaon-, Rental Units Share (Rs per Month) Change in Andheri-Dahisar and Kandivali (West) Amid the slow-paced launches and Rental ‘Asks’ remained homebuyers’ favourites, clocking improved offtake, the unsold residential maximum enquiries for homes priced inventory in the city dipped by nearly Andheri (West) 3BHK 55% 64,000-83,500 0% within Rs 80 lakh - Rs 1.5 crore. , 10 percent to 68,000 units at the end of 1BHK 37% 26,500-31,500 Virar and Boisar were popular among the September 2020. price-cautious buyers, who were looking Goregaon (East) 1BHK 49% 18,500-22,100 -1% for homes within Rs 3,200-5,200 per sq ft 3BHK 43% 58,500-72,500 The rental market suffered a setback. budget range. Except for a few areas, including , Mulund 2BHK 62% 29,000-32,500 1% Sion East, Ghatkopar East, and Kurla East, 1BHK 34% 17,500-20,500 While ready homes remained sought- the rental trend across the city remained after, the under-construction projects with 2BHK 50% 40,500-47,500 -2% muted in Jul-Sep 2020. While Vasai Occupancy Certificates also witnessed 1BHK 23% 24,500-32,500 benefitted on account of lower rentals, some momentum due to their lower risks i.e. Rs 13 per sq ft, Ghatkopar (East), Sion Borivali (West) 1BHK 57% 15,500-18,500 2% and ‘zero stamp duty’ scheme offered by a (East) and Kurla (East) garnered enquiries 2BHK 31% 23,500-27,500 few developers. owing to the vicinity to several IT/ITeS firms

Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter. and well-established retail and residential Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter. South Mumbai reeled under pressure markets. The average rents in these areas due to the exorbitant property prices. were around Rs 39-48 per sq ft.

CONCLUDING REMARKS

The residential market of Mumbai stood the test of times as the homebuying enquiries and conversions grew, QoQ, although marginally. However, the slow- paced construction amid the financial adversity and restricted supply of labour and raw material remained pressing concerns. The hike in the circle rates disturbed the market further. With the Ready Reckoner Rates (RRR) in many areas of Mumbai being higher than the market rate; the revision might dampen the sentiment. Hence, to keep the homebuyers’ fervour high during the festive period, developers urge the government to extend some relief measures or withdraw the circle rate hike until the market reaches a state of normalcy.

INSITE : MUMBAI 23 ANNEXURES

CAPITAL VALUES RENTAL VALUES CAPITAL VALUES RENTAL VALUES MUMBAI MUMBAI NAVI MUMBAI THANE AND BEYOND

Locality Jul-Sep 2020 Locality Jul-Sep 2020 Locality Jul-Sep 2020 Locality Jul-Sep 2020 Locality Jul-Sep 2020 Locality Jul-Sep 2020 Panvel 13 Ambernath 9 Andheri (East) 18210 Mahalaxmi 35040 Ghatkopar (East) 48 Airoli 11290 Roadpali 12 Anand Nagar 19 Andheri (West) 22000 (West) 29900 Ghatkopar (West) 43 Belapur 11300 Sanpada 33 Badlapur 7 (East) 31000 Malad (East) 15300 Goregaon (East) 41 Dronagiri 5480 Seawoods 29 Balkum 23 Bandra (West) 39000 Malad (West) 16600 Goregaon (West) 42 Ghansoli 11680 Taloja 9 Dhokali 25 Bhandup (East) 15300 Mulund 16400 (East) 46 7280 Ulwe 10 Dombivli (East) 13 Bhandup (West) 14840 Naigaon (East) 4650 Jogeshwari (West) 45 Kamothe 8000 Vashi 30 Kalwa 21 Bhayander (East) 8100 Nallasopara 4800 76 Karanjade 6000 Kalyan (West) 14 Bhayander (West) 8300 27100 Kandivali (East) 34 Khanda Colony 8200 CAPITAL VALUES - THANE Kasarvadavali 20 Boisar 3170 Powai 19300 Kandivali (West) 33 Kharghar 9080 AND BEYOND Kavesar 22 Borivali (East) 16800 35600 (East) 40 3830 Ambernath 4220 Majiwada 26 Borivali (West) 16800 Santacruz (East) 21700 Kanjurmarg (West) 42 Koperkhairane 11450 Anand Nagar 9700 Manpada 26 Breach Candy 57420 Santacruz (West) 34000 Khar 79 Nerul 13200 Badlapur 3900 Owale 17 26300 28000 Kurla (East) 39 New Panvel 6650 5100 Panch Pakhadi 30 Chandivali 17800 Vasai 5400 Kurla (West) 45 Palm Beach 19000 Dhokali 10910 Patlipada 27 Charkop 14100 Versova 23000 Mahim (West) 67 Panvel 6070 Dombivli (East) 5830 Teen Haath Naka 32 16870 (East) 20500 Malad (East) 38 Roadpali 7200 Dombivli (West) 6900 Vartak Nagar 29 40800 Vikhroli (West) 15500 Malad (West) 41 Sanpada 15180 Kalwa 9100 Vasant Vihar 29 53880 (East) 28500 Mulund 37 Seawoods 13000 Kalyan (East) 5550 Waghbil 23 31200 Vile Parle (West) 30500 Nallasopara 10 Shilphata 6350 Kalyan (West) 6500 Dahisar 13200 Virar 5100 Parel 67 Taloja 5400 Kapurbawadi 12290 Ghatkopar (East) 21500 Wadala 21280 Powai 50 Ulwe 7600 Karjat 3480 Ghatkopar (West) 18300 34800 Prabhadevi 84 Vashi 14200 Kasarvadavali 9360 Goregaon (East) 17250 Santacruz (East) 54 Khopat 12650 RENTAL VALUES - MUMBAI Goregaon (West) 17100 Santacruz (West) 77 RENTAL VALUES - NAVI MUMBAI 11500 Jogeshwari (East) 18200 Andheri (East) 46 Sewri 85 Majiwada 11100 Jogeshwari (West) 17000 Andheri (West) 55 Sion (East) 41 Airoli 27 Manpada 11750 Juhu 37000 Bandra (East) 68 Vasai 13 Belapur 27 Neral 3550 Kandivali (East) 16060 Bandra (West) 85 Versova 56 Ghansoli 26 Patlipada 12600 Kandivali (West) 15460 Bhandup (East) 38 Vikhroli (East) 49 Kalamboli 13 Teen Haath Naka 15300 Kanjurmarg (East) 16300 Bhandup (West) 38 Vikhroli (West) 46 Kamothe 14 7400 Kanjurmarg (West) 15800 Borivali (East) 34 Vile Parle (East) 62 Kharghar 19 Titwala 3920 Khar 36000 Borivali (West) 34 Vile Parle (West) 69 Koperkhairane 26 Vartak Nagar 12000 Kurla (East) 14600 Chembur 44 Virar 10 Nerul 29 Vasant Vihar 12800 Kurla (West) 16050 Dadar 74 Wadala 54 New Panvel 13 Vasind 3200 Lower Parel 32670 Dahisar 28 Worli 81 Palm Beach 35 Waghbil 9900

*All prices are per sq ft rates *All prices are per sq ft rates INSITE : MUMBAI 25 METHODOLOGY

The Insite Report by 99acres.com properties across varied budget captures the trends in the capital segments and BHK configurations. and rental markets across top The report also gives insight into eight metro cities – Delhi NCR, the key micro-markets based on Mumbai Metropolitan Region consumer demand and active listings (MMR), Bangalore, Pune, Chennai, in the rental market. While demand is Hyderabad, Kolkata and Ahmedabad. a function of expressions of interest In order to assess the prevailing raised on 99acres.com, supply is sentiment, the report delves based on property listings posted on FINDdeep into BEST demand OPTIONS and supply TO of 99acres.com in Jul-Sep 2020. BUY SELL RENT PROPERTY

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