Real Estate Monthly Market Research

MMR Property Tracker

Feb 2021

1 MESSAGE FROM THE PRESIDENT’S DESK Shri Deepak Goradia President

Season’s Greetings to Everyone!

I am thrilled to announce our first of its kind tie-up with CRE Matrix as our Knowledge and Research Partner. CRE Matrix is ’s most trusted source for complete Real Estate Intelligence. CREDAI MCHI, through this exclusive tie-up aims to strengthen its Research and Analytics Wing through verified Statistics and Data which will add impetus to our Public Relations, Knowledge Sharing and Thought Leadership Initiatives.

CRE Matrix has developed proprietary algorithms that relentlessly provide up-to-date information and enable deep data analytics across sectors and geographies. CRE Matrix is one of the largest custodians of registered information in the real estate sector. Asset Comparison, Valuations, Demand / Supply Analysis, Property Benchmarking and Predictive Analytics for accurate Real Estate forecasting are some of their services. Members of CREDAI MCHI will get benefit of below research initiatives:

CREDAI MCHI – CRE Matrix Research Initiatives would benefit our Member Developers tremendously, providing them with data which can help them in efficient decision making. • Monthly MMR Property Tracker • Quarterly Research Papers • Yearly Realty Round-Up

MMR Property Tracker’s frequency will be monthly and it will give a detailed micro-markets analysis of - CBD , Central Mumbai, Central Suburbs, , , , Raigad and . The report explains the characteristics of each micro market and captures key parameters like :- - Value of Units Registered - Growth in Value of Units Registered

CREDAI MCHI is one of the oldest Real Estate Developers Association, established in 1982 and has an active membership base of more than 1,400 Real Estate Developers across MMR and more than 270 ancillary industries work with We Procure, the procurement wing of our association. CREDAI MCHI has a dynamic Youth Wing and an active Women Wing which looks into various CSR Initiatives. Annual CREDAI MCHI MAHA Property Expo is the flagship and the most sought after event of our association for which home buyers eagerly wait.

WeProcure is the procurement Portal to bring together the demand and supply of construction material Industry. With WeProcure, CREDAI MCHI aims to facilitate proper communication and encourage business between the Real Estate Developers, Allied Industry and their Procurement team. BizNet is the quarterly procurement expo organized by our association.

CREDAI MCHI has always believed in transparency and has exhibited thought leadership with its various initiatives. I personally believe that Research Orientation and Data backed decision making will go a long way to help all the stakeholders of our Industry including Government, Developers, Financial Institutions, Ancillary Industry and Customers. MMR Property Tracker | Feb 2021

MMR

Talasari 1,38,728 96,956 Cr From Sep’20 – Units Registered in Value of Units Khodala Jan’21 Palghar MMR Registered

Vasai

Kalyan 22,762 14,120 Cr Thane ‘January’ Mumbai Ambernath Suburban Avg. Units Registered in Avg. Monthly Value of Only

Panvel January in last 4 years Units Registered in Mumbai District January in last 4 years

Pen Alibaug

Property Sale Registrations – Sep’20 – Jan’21 Property Sale Registrations – ‘January’ Only

60,000 36,435 40,000 30,000 20,000 35,000 18,000 50,000 25,000

16,000 ₹

30,000 ₹ 18,839

Cr. Cr. 40,000 14,000 25,000 20,000

18,839 12,000 # of Units of # # of Units of # 17,468 12,704 12,486 12,451 30,000 20,000 15,000 10,000 14,159 15,000 8,000 20,000 10,054 10,000 6,000 10,000 4,000 10,000 5,000 5,000 2,000 15,299 20,799 25,640 48,624 28,366 20,109 21,233 21,339 28,366 0 0 0 0 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Jan'18 Jan'19 Jan'20 Jan'21

Units Registered Value of Units Registered Units Registered Value of Units Registered

DECODING THE NUMBERS

The effect of year-end discounts in December 2020 was which was a massive 162% more than the average of carried forward to January 2021 as well as the month previous 3 months. Also, the registrations in January witnessed sales better than the months of Sep, Oct 2021, which stood at INR 19,099 Cr, was 36% higher Nov’20. The value of registrations in December 2020 at than the average registration value for Sept-Nov 2020 INR 36,772 Cr., period.

₹ 66Lakhs 14% 33% Avg. Value of Growth in More Units Property Sold in Avg. Value of Sold in MMR MMR in Jan’21 Property Sold in In Jan’21 vs Jan’20 Jan’21 vs Jan’20 Source: CREDAI MCHI - CRE Matrix Research

3 MMR Property Tracker | Feb 2021

CBD Mumbai

From 5,543 Cr 39% Mumbai Sep’20 – Suburban Value of Units Avg. Monthly Jan’21 Registered Growth Rate of Registered Units

Mumbai ‘January’ 622 Cr 38% District Only Avg. Monthly Value of Growth in Registered CBD Units Registered in Value in Jan’21 vs Mumbai January in last 4 years Jan’20

CBD Mumbai, one of the most expensive housing markets in India which has been struggling since almost half a decade, witnessed renewed enthusiasm from the HNI’s, as they opened their wallets to acquire properties. The Sept’20 to Jan’21 period saw registrations worth ₹ 5,543 Cr with average ticket size touching ₹ 2.6 Cr during the month of December 2020.

PROPERTY SALES IN CBD Mumbai

Property Sale Registrations – Sep’20 – Jan’21 Property Sale Registrations – ‘January’ Only

1,200 3,000 2,725 600 1,000 900 1,000 2,500 500

905 800

₹ ₹ Cr. Cr. 700 800 2,000 400

600 # of Units of # # of Units of # 657 600 1,500 300 500 905 514 400 916 400 716 1,000 200 414 300 200 200 279 500 100 100 237 317 497 1,046 569 276 252 384 569 0 0 0 0 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Jan'18 Jan'19 Jan'20 Jan'21

Units Registered Value of Units Registered Units Registered Value of Units Registered

₹ 1.6Cr. -7% 48% Avg. Value of Property Decline in More Units Sold in in Jan’21 Avg. Value of Sold In Jan’21 Property Sold in vs Jan’20 Jan’21 vs Jan’20 Source: CREDAI MCHI - CRE Matrix Research

4 MMR Property Tracker | Feb 2021

Central Mumbai

From Mumbai 12,050 Cr 39% Suburban Sep’20 – Value of Units Avg. Monthly Jan’21 Registered Growth Rate of Registered Units

Central Mumbai 1,366 Cr 97% Mumbai ‘January’ District Avg. Monthly Value of Growth in Registered Only Units Registered in January Value in Jan’21 vs in last 4 years Jan’20

The period from September 2020 to December 2020 showed a hockey-stick like increase in value of units registered, which truly captures the positive effect of stamp duty reduction taken by the state govt. Also, the value of sales in January 2021 which stood at ₹ 2,173 Cr. was almost twice the monthly average of value of units sold in previous 3 years.

PROPERTY SALES IN CENTRAL MUMBAI

Property Sale Registrations – Sep’20 – Jan’21 Property Sale Registrations – ‘January’ Only

2,000 4,757 5,000 900 2,500 1,800 4,500 800

1,600 4,000 2,000 ₹

₹ 700 2,173 Cr. 1,400 3,500 Cr. 600

1,200 3,000 1,500 # of Units of # # of Units of # 2,173 500 1,000 2,387 2,500 400 800 2,000 1,476 1,177 1,000 1,256 1,104 600 1,500 300 1,009

400 1,000 200 500 200 500 100 374 585 761 1,724 772 341 399 444 772 0 0 0 0 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Jan'18 Jan'19 Jan'20 Jan'21

Units Registered Value of Units Registered Units Registered Value of Units Registered

₹ 2.8Cr. 13% 74% Avg. Value of Growth in More Units Property Sold in in Avg. Value of Sold In Jan’21 Jan’21 Property Sold in vs Jan’20 Jan’21 vs Jan’20 Source: CREDAI MCHI - CRE Matrix Research

5 MMR Property Tracker | Feb 2021

Central Suburbs

From 5,316 Cr 25% Mumbai Sep’20 – Suburban Value of Units Avg. Monthly Jan’21 Registered Growth Rate of Central Registered Units Suburbs

Mumbai ‘January’ 737 Cr 82% District Only Avg. Monthly Value of Growth in Registered Units Registered in Value in Jan’21 vs January in last 4 years Jan’20

The value of sales in January 2021 which stood at ₹ 1,069 Cr was a substantial 71% more than the monthly average of value of units sold in previous 3 years. This can be attributed to the rush for taking advantage of the stamp duty reduction and the value-added attractive offers and flexible payment schemes being offered by real estate developers.

PROPERTY SALES IN CENTRAL SUBURBS

Property Sale Registrations – Sep’20 – Jan’21 Property Sale Registrations – ‘January’ Only

1,200 1,901 2,000 600 1,200 1,800 1,000 500 1,000

1,600 1,069

₹ ₹ Cr. 1,400 Cr. 800 400 800

1,200

# of Units of # # of Units of # 600 845 1,000 826 1,069 300 679 600 675 800 611 587 400 600 200 400

400 200 100 200 200 386 409 484 1,107 507 373 405 384 507 0 0 0 0 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Jan'18 Jan'19 Jan'20 Jan'21

Units Registered Value of Units Registered Units Registered Value of Units Registered

₹ 2.1Cr. 38% 32% Avg. Value of Growth in More Units Property Sold in Avg. Value of Sold in Jan’21 Jan’21 Property Sold in vs Jan’20 Jan’21 vs Jan’20 Source: CREDAI MCHI - CRE Matrix Research

6 MMR Property Tracker | Feb 2021

Western Suburbs

From Western 23,912 Cr 30% Suburbs Sep’20 – Value of Units Avg. Monthly Jan’21 Registered Growth Rate of Registered Units

Central Mumbai 3,380 Cr 64% Mumbai ‘January’ District Avg. Monthly Value of Growth in Registered Only Units Registered in January Value in Jan’21 vs in last 4 years Jan’20

The average value of units registered in January 2021 maintained level with previous 3 years, which re-affirms a sweet- spot of INR 1.1 Cr as the ideal ticket size in the western suburban region of Mumbai. The sales momentum is expected to continue further as pandemic effect is slowing down and fence-sitters are now going ahead and taking the property investment plunge.

PROPERTY SALES IN WESTERN SUBURBS

Property Sale Registrations – Sep’20 – Jan’21 Property Sale Registrations – ‘January’ Only

8,000 8,741 10,000 4,500 5,000 9,000 7,000 4,000 4,500 4,596

8,000 4,000 ₹

6,000 ₹ 3,500 Cr. 7,000 Cr. 3,500 5,000 3,000

4,596 6,000 3,000 # of Units of # # of Units of # 4,310 2,500 4,000 5,000 3,105 3,010 3,756 2,811 2,500 2,000 4,000 3,000 2,000 2,510 1,500 3,000 1,500 2,000 2,000 1,000 1,000 1,000 1,000 500 500 2,068 2,979 3,606 7,196 4,096 2,617 2,720 2,587 4,096 0 0 0 0 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Jan'18 Jan'19 Jan'20 Jan'21

Units Registered Value of Units Registered Units Registered Value of Units Registered

₹ 1.1Cr. 3% 58% Avg. Value of Growth in More Units Property Sold in Avg. Value of Sold In Jan’21 Jan’21 Property Sold in vs Jan’20 Jan’21 vs Jan’20 Source: CREDAI MCHI - CRE Matrix Research

7 MMR Property Tracker | Feb 2021

Eastern Suburbs

From 13,565 Cr 34% Western Sep’20 – Suburbs Value of Units Avg. Monthly Eastern Jan’21 Registered Growth Rate of Suburbs Registered Units

Central 1,688 Cr 73% Mumbai ‘January’ Mumbai District Only Avg. Monthly Value of Growth in Registered Units Registered in Value in Jan’21 vs January in last 4 years Jan’20

From Sept’20 to Dec’20, the number of property registrations showed sequential growth due to the stamp duty reduction. Also, the spill-over effect could be witnessed in registration numbers in month of January 2021 and the tremendous increase in online queries and site-visits at the project sales offices.

PROPERTY SALES IN EASTERN SUBURBS

Property Sale Registrations – Sep’20 – Jan’21 Property Sale Registrations – ‘January’ Only

4,500 5,858 7,000 2,500 3,000 4,000 6,000 2,500

3,500 2,000

₹ ₹ Cr. 5,000 Cr. 2,475 3,000 2,000

4,000 1,500 # of Units of # # of Units of # 2,500 2,377 2,475 1,500 2,000 3,000 1,668 1,681 1,000 1,427 1,500 1,000 2,000 1,182 1,000 1,174 500 1,000 500 500 1,039 1,488 2,171 4,254 2,157 1,453 1,052 1,262 2,157 0 0 0 0 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Jan'18 Jan'19 Jan'20 Jan'21

Units Registered Value of Units Registered Units Registered Value of Units Registered

₹ 1.1Cr. 1% 71% Avg. Value of Growth in More Units Property Sold in Avg. Value of Sold in Jan’21 Jan’21 Property Sold in vs Jan’20 Jan’21 vs Jan’20 Source: CREDAI MCHI - CRE Matrix Research

8 MMR Property Tracker | Feb 2021

Thane

Talasari

Boisar From Khodala 24,163 Cr 25% Sep’20 – Palghar Value of Units Avg. Monthly Jan’21 Registered Growth Rate of Virar Bhiwandi Registered Units

Kalyan Ulhasnagar Mumbai Ambernath Suburban Thane 4,328 Cr 31% ‘January’ Panvel Only Mumbai Avg. Monthly Value of Growth in Registered District Karjat Uran Khalapur Units Registered in January Value in Jan’21 vs in last 4 years Jan’20 Pen Alibaug

The value of properties registered in December 2020 was a substantial 78% higher than the previous month of November 2020 and a massive 181% higher than month of September 2020. This is in-line with the tremendous increase in online queries and site-visits at project sales offices, after easing of lockdown restrictions.

PROPERTY SALES IN THANE

Property Sale Registrations – Sep’20 – Jan’21 Property Sale Registrations – ‘January’ Only

25,000 7,884 9,000 14,000 6,000 8,000 12,000 5,000

20,000 7,000 ₹

₹ 5,244 Cr. 4,433 5,244 Cr. 10,000 6,000 4,000 15,000

4,140 4,002 # of Units of # # of Units of # 5,000 8,000 3,925 3,794 3,000 4,000 10,000 2,807 6,000 3,000 2,000 4,000 5,000 2,000 1,000 1,000 2,000 6,727 9,055 11,015 19,477 12,807 9,292 9,384 9,826 12,807 0 0 0 0 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Jan'18 Jan'19 Jan'20 Jan'21

Units Registered Value of Units Registered Units Registered Value of Units Registered

₹ 41Lakhs 1% 30% Avg. Value of Growth in More Units Property Sold in Avg. Value of Sold in Jan’21 Jan’21 Property Sold in vs Jan’20 Jan’21 vs Jan’20 Source: CREDAI MCHI - CRE Matrix Research

9 MMR Property Tracker | Feb 2021

Raigad

Talasari

From Boisar 7,836 Cr 28% Khodala Sep’20 – Value of Units Avg. Monthly Palghar Jan’21 Registered Growth Rate of Vasai Virar Registered Units Bhiwandi

Kalyan Thane Ulhasnagar Mumbai Ambernath ‘January’ 1,341 Cr 36% Suburban Only Panvel Avg. Monthly Value of Growth in Registered Mumbai District Karjat Units Registered in Value in Jan’21 vs Uran Khalapur January in last 4 years Jan’20 Pen Alibaug

The rush for property registrations was also witnessed in outskirts of Mumbai, in regions such as Raigad, which is considered to be an affordable housing market. During the Sept’20 to Jan’21 period, the average value of property registered stood at ₹ 37 Lakhs and garnered a total of ₹ 7,835 Cr worth of sales.

PROPERTY SALES IN RAIGAD

Property Sale Registrations – Sep’20 – Jan’21 Property Sale Registrations – ‘January’ Only

8,000 3,500 5,000 1,800 2,879 7,000 3,000 4,500 1,600

4,000 ₹

6,000 ₹ 1,573 1,400 Cr. 2,500 Cr. 3,500 1,354 1,200 5,000 1,393 1,277

1,573 2,000 3,000 # of Units of # # of Units of # 1,160 1,000 4,000 2,500 1,188 1,500 800 3,000 2,000 600 802 1,000 1,500 2,000 1,000 400 1,000 500 500 200 2,271 3,281 3,806 7,400 4,303 3,995 3,957 3,502 4,303 0 0 0 0 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Jan'18 Jan'19 Jan'20 Jan'21

Units Registered Value of Units Registered Units Registered Value of Units Registered

₹ 37Lakhs 10% 23% Avg. Value of Growth in More Units Property Sold in Avg. Value of Sold in Jan’21 Jan’21 Property Sold in vs Jan’20 Jan’21 vs Jan’20 Source: CREDAI MCHI - CRE Matrix Research

10 MMR Property Tracker | Feb 2021

Palghar

Talasari

Boisar From Khodala 4,571 Cr 22% Sep’20 – Palghar Value of Units Avg. Monthly Jan’21 Registered Growth Rate of Vasai Virar Bhiwandi Registered Units

Kalyan Thane Ulhasnagar Mumbai Ambernath Suburban 658 Cr 14% ‘January’ Panvel Only Mumbai Avg. Monthly Value of Growth in Registered District Karjat Uran Khalapur Units Registered in January Value in Jan’21 vs in last 4 years Jan’20 Pen Alibaug

Palghar market was an outlier, as there was no major impact in month of January 2021 as compared to the previous 3 years, in terms of property registrations and the value of units registered. However, the month of December 2020 did show a ~100% surge, both in the value of units and the number of units registered.

PROPERTY SALES IN PALGHAR

Property Sale Registrations – Sep’20 – Jan’21 Property Sale Registrations – ‘January’ Only

7,000 1,691 1,800 3,500 900

1,600 800 6,000 3,000

1,400 803 ₹

₹ 700 Cr. 5,000 Cr. 2,500 745 1,200 703 600

4,000 803 # of Units of # # of Units of # 824 1,000 2,000 500 703 3,000 800 400 549 1,500 600 380 300 2,000 1,000 400 200 1,000 500 200 100 2,197 2,685 3,300 6,420 3,155 1,762 3,064 2,950 3,155 0 0 0 0 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Jan'18 Jan'19 Jan'20 Jan'21

Units Registered Value of Units Registered Units Registered Value of Units Registered

₹ 25Lakhs 7% 7% Avg. Value of Growth in More Units Property Sold in Avg. Value of Sold in Jan’21 Jan’21 Property Sold in vs Jan’20 Jan’21 vs Jan’20 Source: CREDAI MCHI - CRE Matrix Research

11 MMR Property Tracker | Feb 2021

Shri Boman Irani Shri Pritam Chivukula Dr. Adv. Harshul Savla President-Elect Secretary Research Convener

CREDAI-MCHI is an apex body consisting of members from the Real Estate Industry among Mumbai Metropolitan Region (MMR). It is the most prominent and the only recognized body of Real Estate Developers in MMR.

We bring together members dealing in Real Estate Development on one common platform to address various issues facing the Industry. With a strong Membership of over 1400 leading Developers in Mumbai, CREDAI-MCHI has expanded across MMR, having its own units in the region of Thane, Kalyan-Dombivali, Mira-Virar, Raigad and . CREDAI-MCHI is recognized by Government of and the Central Government and helps in meeting their objectives of providing housing, which is a basic necessity. CREDAI-MCHI is responsible for a host of important activities which includes providing research, statistics and general information to the members.

If it is registered in India, we've got it covered. We have developed proprietary algorithms that relentlessly provide up-to-date information and enable deep data analytics across sectors and geographies. CRE Matrix aims to be the largest custodian of registered information in the real estate sector.

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