Mumbai: Property prices in the Mumbai region has seen an escalation in prices when compared with per square feet prices (PSF) of first quarter of 2012 over same period last year, a study by 99acres.com reveals. This clearly reflects that the overall sentiment of the sector has improved drastically.
Commenting on the same Vineet Singh, Business Head and 99acres.com said “The real estate market of Mumbai has always been an attractive destination for buyers because it provides high return on investments. Almost 50% of the Mumbai market comprises of investors. And we find that despite the slowdown in transactions for the past 4-5 months prices continue to move-up. However, the growth in prices will moderate and increase in a 10-15% range for the year 2012.”
Key localities around the Mumbai Andheri Dahisar area saw an appreciation in per square rates with areas like Kandivali (East and West), Borivali (West), Andheri (East and West ), Dahisar witnessing a 10% to 17% rise in prices in Q1-2012 over Q1-2011.
Prime localities of South and South west Mumbai like Lower Parel, Prabhadevi, Worli, Napean Sea Road, Bandra (W) , Mahalaxmi witnessed stable rentals over the period of last one year. Both Dadar (W) and Juhu saw prices appreciate by 18% respectively in the first quarter to end-March over a year ago period.
Localities in Thane witnessed maximum price appreciation over the last one year. Badlapur witnessed 29% rise in PSQF prices in Q1-12 over Q1-11, while both Hiranandani Estate and Majiwada witnessed 21% increase in prices during the same time period.
A look at the property prices of key localities in Navi Mumbai show that Kalamboli, Sanpada and Kamothe has seen a high appreciation in property prices with prices moving up by 20%, 17% and 15% in Q1-12 over Q1-11. Property Prices for Kalamboli is around Rs4,396/- and prices in Sanpada and Kamothe are around Rs8,958/- and Rs4,632/- respectively in Q1-12. Both Ghansoli and Kharghar in Navi Mumbai saw prices appreciate by 12% respectively in Q1-12 over Q1-11.