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MUMBAI PROPERTY CAPSULE 2019 YOY CAPITAL PRICE MOVEMENT IN POPULAR LOCALITIES OF MUMBAI

Mumbai’s real estate market displayed GROWTH INDUCERS GROWTH IMPEDIMENTS 3% 3% stability and resilience in 2019. • Approval of three lakh low-cost housing units in • A hike in the stamp duty rate from five percent Resultantly, average property ‘asks’, Thane, Raigad and Palghar districts, relaxation to six percent did not go down well with 2% 2% 2% residential enquiries, site visits and in the registration norms of projects spreading the potential homebuyers in the city. The new supplies recorded an uptrend. A over 500 sq m, unchanged circle rates and the new charge came into effect from February 8, 1% 1% 1% series of reformatory policy initiatives elimination of general tax for homes up to 500 2019, onwards. Kandivali (East) Mulund were at play here. Recording a 22 sq ft spoke of the State’s efforts to uplift realty • The pervasive financial crisis continued to percent annual growth in H1 2019, new sentiment in the city. Besides, the development bother the city realtors in 2019. While many Panvel -1% -1% Chembur launches stood at 96,000 units. Western Manpada

authority also unlocked 1,700 acres of salt pans Karanjade abandoned the projects, several shifted their

suburbs such as Andheri, Jogeshwari, for residential expansion. Kalyan (West) focus to the commercial segment. Overall, MMR Dombivli (East) Dahisar, Kandivali, and Borivali saw Goregaon (West) • A 0.5 percent hike in the Floor Space Index (FSI) accounted for 38,000 stalled residential units at the maximum influx of new projects. from 1.33 to 1.83 remained a crucial game- the end of Jul-Sep 2019. Capturing nearly half of the market changer for the city’s vertically growing realty • Elimination of ongoing projects from cess relief share, compact homes priced within landscape. Rs 50 lakh were the most favoured under Section 154 of the Maharashtra Regional • A free of cost fungible FSI of 0.35 percent for Town Planning Act (MRTPA) failed to impress the by both builders and buyers. , YOY RENTAL PRICE MOVEMENT IN Dharavi Redevelopment Project, allotment of developer community. If imposed, the relaxation Dronagiri, Kharghar, Sanpada, Vasind, POPULAR LOCALITIES OF MUMBAI bigger dwellings of 500 sq ft under the Slum would have exempted the cash-strapped Panvel, Powai, Pokharan Road and Rehabilitation Authority (SRA) scheme, and an developers from high premiums and helped Godhbunder Road saw the launch of amendment in the Maharashtra Housing and them to complete their unfinished projects. 9% maximum low-cost units in the year. 6% 6% Area Development Act, 1976, to accelerate the • The delay in the Mumbai-Ahmedabad Bullet Housing sales also recorded a four restoration of dilapidated housing projects were Train project due to land acquisition issues may 6% percent improvement in H1 2019 a few other crucial steps taken this year. 5% impede the realty growth in the areas alongside with the number averaging at around 3% • The proposal of the third commercial district at micro-markets such as Bandra-Kurla Complex, 33,370 units. Nonetheless, as the Wadala in conjunction with the Transit-Oriented Thane, Virar and Boisar. supply outstripped demand, the unsold 1% Development (TOD) along the planned monorail 0% Worli inventory levels in Mumbai surged by 14 augured well for the real estate expansion in the Chembur

percent to reach 1.36 lakh units in the southern peripheral pockets. first six months. The year ended with Ghansoli Kharghar • Infrastructure developments such as the Majiwada 2.20 lakh unsold housing units across Kasarvadavali Bandra (West)

new Metro Lines 10, 11 and 12, Dombivli (East) Mumbai Metropolitan Region (MMR). Goregaon (East) International Airport, renovation of 508 roads in -3% -3% Completion of infrastructure projects crucial areas of the city and the Bandra-Versova such as BKC-Chunabhatti Corridor, Sea Link boded well for the city’s real estate CBD Belapur flyover and Wadala- market. Moreover, the three cabled bridges in MARKET INDICATORS Sant Gadge Maharaj Chowk Monorail the Western suburbs, CSMT-Panvel fast corridor, coupled with the increased commercial and Panvel-Virar new suburban corridor, are Jan-Mar 2019 Apr-Jun 2019 Jul-Sep 2019 Oct-Dec 2019 Jan-Mar 2020* expansion and the hike in the also some of the critical infrastructure projects

MahaRERA registered projects to 22,455 in the pipeline. Capital Values corroborated Mumbai’s route to a real Rental Values estate recovery. Supply

* Projected price movement and inventory status **Rental values depict annual change in average asks for respective quarters RERA IN NEWS JUN CIDCO launches 90,000 IN FOCUS affordable homes in MAY Navi Mumbai Registered Projects CBD Belapur Flyover opens for public use 23,557

Registered Agents JAN 22,436 Ministry issues a land APR acquisition notice for Raigad JUL Integrated Township MahaRERA empowers homebuyers to revive State waives off property stalled projects tax for flats measuring up to 500 sq ft

Complaints Resolved Maharashtra approves lease renewal policy for 9,910 government plots

*Data shows approximate registrations till December 27, 2019 MAR ** Source: State’s RERA website State keeps ready reckoner FEB rates unchanged for 2019-20 Stamp duty goes up by New areas added to MMR’s DEC one percent in Mumbai boundaries Supreme Court approves Mumbai Coastal Road Project AUG

State amends MHADA Act to expedite redevelopment projects

Government sanctions over 5 lakh homes under PMAY 99acres NOV India’s No.1 Property Portal BKC-Chunabhatti flyover opens for public use CONTACT US OCT SEP 0120 4879400 BMC approves MahaRERA allows infrastructure projects Monday - Friday projects with OC and CC worth Rs 514 crore 9:30 AM to 6:30 PM IST to skip registration Email: [email protected]