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MUMBAI RESIDENTIAL MARKET UPDATE JANUARY - MARCH 2021

Market Sentiment WHAT’S INSIDE?

• InFocus: Union Budget 2021-22 • National Outlook Snapshot of real estate ambience across top 8 metro cities • Market Movers News that impacted ’s realty market in Jan-Mar 2021 • 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 first quarter of 2021 witnessed a resurgence in sales volume across On the supply front, over 600 residential projects were launched in metro cities, particularly in Pune and Mumbai, amid a stamp duty cut metro cities, adding approximately 75,000 new units to the market. until March. While continued adoption of work-from-home weighed down Mumbai contributed close to 40 percent of the total new supply, rental demand and ‘asks’, it pushed the desire to own a home further up. followed by Hyderabad at 20 percent and Pune at 15 percent. Owner This subsequently brought back interested homebuyers to the market, listings posted on 99acres also went up by 20 percent in Jan-Mar 2021 who leveraged on deals and discounts rolled out by developers and against Oct-Dec 2020. home loan interest rates slashed by lending institutions. In line with the recovering market sentiment, site visits and sales, pricing power returned The green shoots of recovery seen so far will have to stand the test of to the sellers. Based on properties listed on 99acres, none of the eight time with a steep surge in COVID-19 cases and the resultant restrictions metro cities recorded a downward revision in average listing prices of in some cities may impact economic recovery, project construction Maneesh Upadhyaya residential apartments in Jan-Mar 2021 against the previous quarter. timelines and buyer site visits. Fingers crossed as we enter the new Chief Business Officer Buyer responses also reported a seven percent surge in the same period financial year. 99acres.com on 99acres. INFOCUS: UNION BUDGET 2021-22 NATIONAL OUTLOOK

FOR THE HOMEBUYERS FOR THE INDUSTRY HOME BUYING SENTIMENT PROPERTY PRICES

Giving a fillip to affordable The Government showed its inclination The home buying sentiment remained Property prices remained unchanged homebuyers, Union Finance Minister towards boosting affordable housing upbeat in Q1 2021, despite a fresh wave in Delhi NCR, Mumbai, Bangalore and Nirmala Sitharaman extended the time supply by proposing an extension in time of COVID-19 cases across metro cities. Pune, but inched up slightly in cities limit to avail additional tax benefits of line for developers to avail a tax holiday While site visits reduced in March 2021, like Hyderabad, Chennai, Kolkata and Rs 1.5 lakh under Section 80 (EEA) of for another year till March 31, 2022. The housing sales grew gradually. Mumbai Ahmedabad. Unsold inventory of about the Income Tax Act. The Government Union Finance Minister also granted and Pune led all metro cities in terms of 4.6 lakh units maintained a downward also announced steps towards additional tax exemptions for affordable property sales as homebuyers rushed pressure on property prices, despite a improving the civic and transport rental housing projects, which are aimed to cash in on the reduced stamp duty surge in construction costs, thus forcing infrastructure in the country. For at providing rental housing for migrant rates, a benefit valid until March 31. developers to limit profit margins. instance, under the Jal Jeevan Mission, workers. Moreover, the Government an outlay of nearly Rs 3 lakh crore was proposed to make suitable amendments RENTAL LANDSCAPE SUPPLY announced to improve water supply in the legislations regarding debt financing In line with the previous quarters, While new housing projects surged across 4,400 urban local bodies, and of Infrastructure Investment Trusts (InvITs) the rental market remained grim as across cities, QoQ, numbers remained Rs 18,000 crore were allotted for and Real Estate Investment Trusts (REITs) professionals and students continued significantly lower than a year augmenting public transport, such as by Foreign Portfolio Investors (FPIs), to operating from home. A surge in COVID ago. About 600 new projects were bus and metro networks in Tier I and ease access to finance for InvITs and REITs, cases further delayed the reopening of launched this quarter. Supply in the Tier II cities. While the Government therefore augmenting funds for the realty organisations and institutions, marring secondary market also improved as did not provide any direct benefits to sector. Apart from these inclusions, there hopes of a revival in the rental market. property owners attempted sales while homebuyers, it tabled several fiscal was no mention of key industry demands Rentals are reportedly down by 10-15 maintaining their ‘asks’ and avoiding benefits to boost the economy and such as reduction of GST slab rate or percent since last one year. massive negotiations. address unemployment at large. reintroduction of Input Tax Credit (ITC).

KOLKATA DELHI NCR 3% CHENNAI 3% 4% SHARE OF NEW LAUNCHES BANGALORE 8% The quarter witnessed the launch of about 600 new residential projects in top eight metro cities. Mumbai led all cities for the third quarter in a row with a 38 percent share in new and re-launched projects. Hyderabad surpassed Pune and took the second position with a 21 percent share. Interestingly, Delhi NCR again contributed the least with a AHMEDABAD three percent share in the overall new unit additions; however, it reported a 70 percent jump in new launches, QoQ. 9% MUMBAI Bangalore, too, reported a nearly 10 percent growth in the number of new project launches in Jan-Mar 2021 vis-à-vis 38% Oct-Dec 2020.

PUNE Note: The data depicts share of new launches across metro cities in the studied quarter 14% The numbers include re-launched projects

HYDERABAD 21% MARKET MOVERS COMMERCIAL REAL ESTATE OUTLOOK Property registrations Construction premiums spike by 70 pc in Mumbai slashed by 50 percent • The COVID-19 vaccine roll-out • Demand for co-working spaces The two percent reduction in stamp The government reinstated investors’ confidence in declined by nearly 20 percent, QoQ. duty and all-time low home loan reduced the construction premiums the market. Resultantly, the office Conventional workspace models interest rates helped push property by 50 percent until December 2021. space leasing in Mumbai increased and managed offices regained the registrations up in Mumbai by However, only those developers who by nearly 15 percent, QoQ in lost ground amid the reduced fear 70 percent in February 2021, YoY. bear the burden of homebuyers’ Jan-Mar 2021. All Cargo Logistics of the contagion. Total sale deeds registered in January stamp duty would be allowed to leased 6,000 sq ft of Grade A office • hBits, a fractional ownership and February were around 10,400 leverage the opportunity. space in Belapur, . facilitator of office spaces, units and 10,200 units, respectively. • and signed a two-floor deal in Ackruti Complex (BKC) in Mumbai and Centre in Andheri East. Fractional the commercial districts of Navi ownership, assuring higher rental Mumbai witnessed increased yields, remained a popular trend popularity for pre-leased offices in in Mumbai. the studied quarter. New metro lines to Aerocity and FSI hike to improve connectivity spur realty expansion in in MMR Navi Mumbai The Metro Lines 2A and 7, scheduled The ongoing construction of 400 lakh for operations in May 2021, would sq ft of an Aerocity, an increased augur well for the northern pockets of Floor Space Index (FSI) of four, and Mumbai, including , the Metro Lines 1, 2 and 3 are likely and Andheri. Furthermore, the to drive housing demand in Panvel, 29 km-long Light Metro project Karanjade, Taloja and , approved in also came as a shot among others. in the arm and would connect some of the densely populated areas, such as , and Rabodi.

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 Jan-Mar 2021 Range Consumer Demand and Property Prices Rental ‘Asks’ Yield Active Listings (Rs per sq ft) (Rs per sq ft/month)

19% Within Rs 40 lakh Nallasopara 3,920-4,890 10 2.24% 3,330-3,800 8 2.42% 0% -19% Rs 40 lakh - Rs 1 crore (East) 5,000-6,120 13 2.50% (West) 6,100-6,860 14 2.48% Panvel 6,000-7,000 13 2.44%

Rs 1 crore and above 8,100-9,600 19 2.34% (East) 14,150-16,730 34 2.47% Demand 16,500-19,000 44 2.92%

Note: Rental Yield has been calculated for a 1,000 sq ft apartment. 40% 21%0% 30% 30% 30% 49% 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 Jan-Mar 2021 Consumer Demand and Unit Size Property Prices Active Listings (Sq ft) (Rs per sq ft) -15% 6% 1 BHK Dombivli (East) 500-600 5,000-6,120 Kandivali (East) 520-550 14,150-16,730 2 BHK Kharghar 800-950 8,100-9,600 Chembur 850-1000 16,500-19,000 980-1020 6,700-8,000 3 BHK (East) 1100-1350 14,870-18,000 7% Manpada 1300-1400 10,700-12,600 1200-1400 34,500-36,200 Demand 2% 52% 37%0% 35% 41% 11% 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 Central Mumbai Mumbai ZONAL SHARE OF Thane suburbs Mira acres India’s No.1 Property Portal 12% 7% Road And NEW LAUNCHES Beyond South West 6% Mumbai After Navi Mumbai, Central 2% Mumbai 99ACRES’ OUTLOOK Suburbs captured the maximum Andheri- number of new project launches in the city. Despite being 11% The introduction of the COVID-19 vaccine maximum new supply, as many builders severely hit in terms of demand, Mumbai and re-operationalisation of local trains in Navi Mumbai and Thane withheld Navi the posh , too, helped improve home buying sentiment their launches planned during the 23% captured 10 percent of the total in Mumbai in Jan-Mar 2021. Property festive season due to an increase in the launches in the city. enquiries and site visits were reportedly number of COVID-19 cases. Category Mumbai up by almost 15-20 percent, YoY. The two A developers, including Runwal Group, Beyond percent cut in stamp duty until March Lodha Group, Mahindra Lifespaces, Mumbai Thane Note: The data depicts share of new launches 2021 and an additional rebate of one among others, captured nearly 60 Harbour across zones in Mumbai in the studied quarter. 35% percent in the stamp duty for female percent of the new launch share. 3% homebuyers from April 1, 2021, also benefitted the market sentiment. Overall, The average property prices remained the housing sales in Mumbai recorded a unchanged in MMR, barring Mumbai that 20 percent hike, YoY. displayed a marginal one percent hike, QoQ. The rental market, too, improved Increased residential offtake and a relatively against Oct-Dec 2020. However, RENTAL 50 percent cut in the construction with the second wave of COVID-19 and premiums encouraged developers to the re-imposition of lockdown in many LANDSCAPE launch projects. Consequently, about areas, landlords fear increasing vacancy, 3,500 housing units were added across subdued demand and stagnant rental zones. Mumbai accounted for the rates in the upcoming months. 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’

Goregaon (East) 2BHK 42% 33,000-38,000 -9% 3BHK 30% 60,000-73,000

Chembur 2BHK 51% 35,000-40,000 -5% 3BHK 29% 50,000-60,000

Bandra (West) 2BHK 44% 64,000-78,000 -1% 1BHK 28% 42,000-51,000

Powai 2BHK 53% 37,000-46,000 -6% 3BHK 27% 61,000-80,000

Kandivali (East) 2BHK 46% 24,000-28,000 -6% 1BHK 39% 16,000-19,000

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 Jan-Mar 2021 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 6,000-7,000 13 2.44%

Taloja 4,900-5,800 9 1.90% -25% 9% Rs 40 lakh - Rs 1 crore Ulwe 6,700-8,000 10 1.35%

Kamothe 6,900-8,100 14 2.03%

16% 5,800-7,400 13 2.25%

Rs 1 crore and above Kharghar 8,100-9,600 19 2.34% Demand Ghansoli 10,700-12,400 26 2.59%

50% 25%0% 34% 43% 16% 32% 11,700-14,400 29 2.56% Supply Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above 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. The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments. BHK-WISE DEMAND AND SUPPLY Key micro-markets across BHK-configurations

Jan-Mar 2021 Configuration Localities based on Average Average -16% Consumer Demand and Unit Size Property Prices 9% Active Listings (Sq ft) (Rs per sq ft)

1 BHK Karanjade 550-600 5,500-5,850 Taloja 570-600 4,900-5,800 2 BHK Ulwe 980-1020 6,700-8,000 New Panvel 900-1000 5,800-7,400 Kamothe 870-950 6,900-8,100 3 BHK Kharghar 1400-1450 8,100-9,600 6% Demand Ghansoli 1400-1500 10,700-12,400

54% 38%0% 37% 46% 8% 14% 1% 1% 2% Panvel 1300-1350 6,000-7,000 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 Homebuying sentiment in Navi Mumbai project announcements amid the growing remained positive in Jan-Mar 2021. The containment zones and lockdown scare. ongoing infrastructure projects and slashed Key micro-markets based on consumer demand and active listings home acquisition cost lured a share of the Unsold inventory in Navi Mumbai slipped Localities Most Supplied Market Rental Rates YoY % fence-sitters back into the market, boosting from 28,000 units in Oct-Dec 2020 to 20,000 Rental Units Share (Rs per Month) Change in the residential enquiries and site visits by units in Jan-Mar 2021. A portion of home Rental ‘Asks’ nearly 35-40 percent, YoY. Annual residential sellers exited the market speculating price sales also surged by approximately hike in the resale segment, helping the Kharghar 2BHK 65% 17,000-21,000 3% 40 percent in Q1 2021. overall residential inventory go downhill. 1BHK 21% 9,000-12,000 Apartments priced between Rs 85 lakh and Ghansoli 2BHK 45% 23,000-27,000 -2% The rental market gathered momentum in Rs 1.3 crore remained the most popular the quarter, with housing societies opening 3BHK 28% 33,000-38,000 in Kharghar, Ulwe and Koperkhairane. to new tenants. Compared to Oct-Dec 2020, Kamothe 2BHK 51% 12,000-14,000 -1% However, Taloja, Dronagiri and Shilphata rental enquiries improved by 20-25 percent garnered traction for 1 BHK units measuring 1BHK 43% 8,000-10,000 in Jan-Mar 2021; however, still have a lot of 400-550 sq ft and tagged at Rs 35-65 lakh. ground to cover to reach pre-COVID levels. 2BHK 46% 12,000-15,000 -2% Airoli, Seawoods and Nerul in proximity 1BHK 35% 21,000-25,000 New supply in Navi Mumbai reeled under to Mumbai-Bangalore Highway and the Ulwe 2BHK 47% 10,000-12,000 9% pressure. Around 400 new units were added business district of Belapur remained in the review period in , Ulwe, Taloja popular. The average rentals in these areas 1BHK 31% 5,000-6,500 and Karanjade from Grade C developers. stood at Rs 25-30 per sq ft. Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter. Category A developers withheld their Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter.

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 Jan-Mar 2021 Range Consumer Demand and Property Prices Rental ‘Asks’ Yield -14% Active Listings (Rs per sq ft) (Rs per sq ft/month)

Within Rs 40 lakh Ambernath 3,700-4,500 9 2.37%

Badlapur 3,330-3,800 8 2.42% 4% Rs 40 lakh - Rs 1 crore Dombivli (East) 5,000-6,120 13 2.50%

Kalyan (West) 5,700-6,660 14 2.48% 10% Owale 8,800-10,100 18 2.36%

Rs 1 crore and above Manpada 10,700-12,400 26 2.49% Demand Kasarvadavali 8,000-9,500 20 2.49%

52% 38%0% 30% 34% 18% 28% Majiwada 9,900-11,900 26 2.62% Supply Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above 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. The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.

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

Configuration Localities based on Average Average -10% Consumer Demand and Unit Size Property Prices Jan-Mar 2021 Active Listings (Sq ft) (Rs per sq ft)

1 BHK Kasarvadavali 560-580 8,000-9,500 Dombivli (East) 500-600 5,000-6,120 4% 2 BHK Kalyan (West) 900-950 5,700-6,660 Majiwada 940-980 9,900-11,900 Balkum 800-850 9,800-11,860

3 BHK Manpada 1300-1400 10,700-12,400

4% Badlapur 1200-1350 3,330-3,800 Demand Kavesar 1170-1250 9,950-10,800 2% 55% 45%0% 34% 38% 10% 14% Supply 1% 3% Note: 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 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 17 INSITE : MUMBAI 17 RENTAL KEY HIGHLIGHTS

LANDSCAPE Despite a few hiccups, the residential the maximum new supply share with 2 BHK market in Thane fared well in Q1 2021 and 3 BHK units again topping the supply against the same period last year. Flexible charts. Proximity to Badlapur industrial hub Key micro-markets based on consumer demand and active listings payment terms and deal sweeteners and Logistics Park keep these Localities Most Supplied Market Rental Rates YoY % by developers lifted the homebuying housing zones popular among buyers and Rental Units Share (Rs per Month) Change in sentiment. Thane recorded the sale of developers, alike. Rental ‘Asks’ nearly 3,000 units in the studied quarter. Unsold inventory truncated from 28,000 Dombivli (East) 2BHK 46% 8,000-11,000 0% Thane City, Kolshet Road, Kapurbawadi units in Oct-Dec 2020 to 25,000 by the 1BHK 45% 6,000-8,000 and Hiranandani Estate remained end of March 2021. The quarters required popular among end-users. Units to dispose of this inventory stand at 14. Manpada 2BHK 48% 21,000-24,000 2% configured as 2 BHK apartments, measuring Areas beyond Thane carry the maximum 3BHK 34% 29,000-32,000 600-750 sq ft and pegged within Rs 85 lakh share of unsold stock due to the non- to Rs 1.2 crore continued garnering traction. operationalisation of local trains. Kasarvadavali 1BHK 64% 10,000-12,000 0% Compact apartments measuring 450-550 sq 2BHK 31% 13,000-16,000 ft were the second most desirable. Rental enquiries in Thane went north by 20-25 percent, YoY. However, with security Majiwada 2BHK 74% 20,000-23,000 2% New supply remained meek. Merely 1,000 and sanitisation facilities being the tenants’ 3BHK 18% 26,000-31,000 residential units were added to the market priority, quality projects in well-established

Majiwada 2BHK 66% 18,000-20,000 7% as developers remained apprehensive in the areas, such as Hiranandani Meadows, backdrop of the increasing red zones and Vasant Vihar, Majiwada and Manpada, were 3BHK 18% 22,000-28,000 partial lockdown. Kolshet Road, Shilphata, the most preferred. The average rentals in

Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter. Wada and Kalyan-Dombivali region captured these areas hovered at Rs 20-30 per sq ft. Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter.

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 Jan-Mar 2021 Range Consumer Demand and Property Prices Rental ‘Asks’ Yield Active Listings (Rs per sq ft) (Rs per sq ft/month)

22% Within Rs 40 lakh Nallasopara 3,920-4,890 10 2.24% 4,800-5,560 13 2.78%

Rs 40 lakh - Rs 1 crore Anand Nagar 8,960-9,700 19 2.31%

Rs 1 crore and above Kandivali (East) 14,150-16,730 34 2.47% Chembur 16,500-19,000 44 2.92% -7% Goregaon (East) 14,870-18,000 39 2.73% -15% 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. 25% 10%0% 28% 21% 47% 69% 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 Jan-Mar 2021 Consumer Demand and Unit Size Property Prices Active Listings (Sq ft) (Rs per sq ft)

1 BHK (East) 470-550 4,200-5,120 (West) 500-600 14,650-15,900 -18% 2 BHK Chembur 850-1000 16,500-19,000 5% (East) 850-950 14,650-17,400 Kandivali (East) 840-860 14,150-16,730 3 BHK Goregaon (East) 1350-1500 14,870-18,000 9% Worli 1200-1400 34,500-36,200 Demand 4% 1250-1300 18,400-20,300 50% 32%0% 35% 40% 13% 22% Supply 2% 6% 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 Reduced home loan interest rates and price range of Rs 80 lakh to property registration cost encouraged Rs 1.2 crore. South and South-West people to enter the property market. Mumbai also witnessed a surge in Key micro-markets based on consumer demand and active listings Central Mumbai, Andheri-Borivali belt residential supply in Rs 2.3-3 crore budget. Localities Most Supplied Market Rental Rates YoY % and and beyond garnered the Rental Units Share (Rs per Month) Change in maximum traction due to the availability Demand outpaced supply in the above Rental ‘Asks’ of mid-income segment housing units and mentioned budget categories. Unsold new residential supply. inventory, too, was seen dipping to Goregaon (East) 2BHK 42% 33,000-38,000 -9% around 50,000 units in Jan-Mar 2021. 3BHK 30% 60,000-73,000 Apartments configured as 1 BHK and South and South-west Mumbai and Mira Chembur 2BHK 51% 35,000-40,000 -5% 1.5 BHK in Rs 35-65 lakh budget remained Road and beyond comprise the maximum 3BHK 29% 50,000-60,000 the most popular around Mira Road. unsold stock. The Central Suburbs of , Bandra (West) 2BHK 44% 64,000-78,000 -1% , Kandivali, Goregaon and The rental landscape in Mumbai improved 1BHK 28% 42,000-51,000 in the Andheri-Borivali belt attracted unexpectedly in Q1 2021, with January home buyers looking for mid-sized 2 BHK Powai 2BHK 53% 37,000-46,000 -6% recording the highest number of rental and 2.5 BHK units in Rs 1-1.3 crore 3BHK 27% 61,000-80,000 agreements in the last five years, price bracket. numbering over 22,650. Rentals also Kandivali (East) 2BHK 46% 24,000-28,000 -6% improved, YoY, with the luxury market 1BHK 39% 16,000-19,000 Nearly 2,000 new residential units were already commanding pre-COVID-19 rates.

Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter. added in Jan-Mar 2021. Grade A builders, However, marginal price correction was Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter. including Kalpataru Group, Godrej Realty visible in the agreement renewal cases, and Wadhwa Group, launched projects in where landlords preferred old tenants to , Chandivali and Kandivali in the dodge the risk of finding new ones.

CONCLUDING REMARKS

Mumbai Metropolitan Region captured about 40 percent of the new project launch share in Jan-Mar 2021 among the eight metro cities in India, with Thane and regions beyond it taking the lead. Extensive marketing by developers, stamp duty cut and lower home loan interest rates bore fruits as serious home buyers hurried to swoop in attractive deals. While home sales grew this quarter, unsold inventory came tumbling down and rail-road projects gained steam. The reversal of stamp duty sops, however, might de-rail the buyer sentiment. In a bid to retain the buyer confidence, MahaRERA needs to tighten the noose as only 25 percent of housing projects have been completed of the 28,200 projects registered with the authority since 2017.

INSITE : MUMBAI 23 ANNEXURES

CAPITAL VALUES RENTAL VALUES CAPITAL VALUES MUMBAI MUMBAI NAVI MUMBAI

Locality Jan-Mar 2021 Locality Jan-Mar 2021 Locality Jan-Mar 2021 Locality Jan-Mar 2021 Locality Jan-Mar 2021 Locality Jan-Mar 2021 Panvel 13 Vartak Nagar 12200 Andheri (East) 18700 Mahalaxmi 35400 Ghatkopar (East) 43 Airoli 11600 Roadpali 13 Vasant Vihar 12600 Andheri (West) 23200 (West) 29500 Ghatkopar West 44 Belapur 11700 Sanpada 32 Vasind 3350 Bandra (East) 31800 Malad (East) 15500 Goregaon (East) 39 Dronagiri 5700 Seawoods 30 Waghbil 10150 Bandra (West) 39800 Malad (West) 17100 Goregaon (West) 39 Ghansoli 11900 Taloja 9 Bhandup (East) 16700 16800 (East) 48 Kalamboli 7600 Ulwe 10 RENTAL VALUES - THANE Bhandup (West) 15400 Naigaon (East) 4900 Jogeshwari (West) 46 Kamothe 8000 AND BEYOND 29 Bhayander (East) 8500 Nallasopara 4700 76 Karanjade 5850 Bhayander (West) 9100 27300 Kandivali (East) 34 Khanda Colony 8050 CAPITAL VALUES - THANE Ambernath 9 3300 Powai 19000 Kandivali (West) 32 Kharghar 9600 AND BEYOND Anand Nagar 19 Borivali (East) 17000 38300 Kanjurmarg (East) 36 3750 Ambernath 4300 Badlapur 8 Borivali (West) 16800 Santacruz (East) 22400 Kanjurmarg (West) 40 Koperkhairane 11300 Anand Nagar 9400 Balkum 25 Breach Candy 54800 Santacruz (West) 34500 Khar 82 Nerul 13800 Badlapur 3750 Dhokali 25 26800 28900 Kurla (East) 36 New Panvel 7100 Balkum 10900 Dombivli (East) 13 Chandivali 18700 Vasai 5400 Kurla (West) 43 Palm Beach 18700 Bhiwandi 5000 Kalwa 21 15000 Versova 23750 Mahim (West) 65 Panvel 6200 Dhokali 11150 Kalyan (West) 14 Chembur 17900 Vikhroli (East) 19800 Malad (East) 36 Roadpali 7200 Dombivli (East) 6100 Kasarvadavali 20 40200 Vikhroli (West) 16600 Malad (West) 39 Sanpada 15600 Dombivli (West) 6900 Kavesar 23 55000 (East) 29400 Mulund 36 Seawoods 12800 Kalwa 9150 Majiwada 26 32900 Vile Parle (West) 31500 Nallasopara 10 Shilphata 6100 Kalyan (East) 6050 Manpada 26 Dahisar 13400 5200 Parel 68 Taloja 5650 Kalyan (West) 6550 Owale 18 Ghatkopar (East) 21500 Wadala 22300 Powai 48 Ulwe 8000 Kapurbawadi 13000 Panch Pakhadi 29 Ghatkopar (West) 18900 Worli 35600 Prabhadevi 87 Vashi 14400 3550 25 Goregaon (East) 17800 Santacruz (East) 51 Kasar vadavali 9300 Teen Haath Naka 30 RENTAL VALUES - MUMBAI Goregaon (West) 17500 Santacruz (West) 73 RENTAL VALUES - NAVI MUMBAI Kavesar 10400 Vartak Nagar 28 Jogeshwari (East) 18900 Andheri (East) 44 Sewri 88 Khopat 12890 Vasant Vihar 23 Jogeshwari (West) 17400 Andheri (West) 52 Sion (East) 45 Airoli 27 Kolshet 11800 Waghbil 24 Juhu 39500 Bandra (East) 66 Vasai 13 Belapur 26 Majiwada 11800 Kandivali (East) 16700 Bandra (West) 85 Versova 53 Ghansoli 26 Manpada 12500 Kandivali (West) 16300 Bhandup (East) 38 Vikhroli (East) 50 Kalamboli 13 Neral 3650 Kanjurmarg (East) 17200 Bhandup (West) 38 Vikhroli (West) 44 Kamothe 14 Owale 9300 Kanjurmarg (West) 16750 Borivali (East) 33 Vile Parle (East) 63 Kharghar 19 Panch Pakhadi 15100 Khar 34500 Borivali (West) 30 Vile Parle (West) 69 Koperkhairane 26 Patlipada 12700 Kurla (East) 15750 Chembur 44 Virar 10 Nerul 29 Teen Haath Naka 15100 Kurla (West) 16900 Dadar 75 Wadala 54 New Panvel 13 7000 Lower Parel 32800 Dahisar 26 Worli 82 Palm Beach 34 Titwala 4200

*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 Jan-Mar 2021. BUY SELL RENT PROPERTY

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