Monthly Watch: New Launches, Homes Sales Up In Mumbai

Data show major real estate markets of the country warmed up as activity picked up in the first month of the new year. Financial capital Mumbai was no different. According to a PropTiger DataLabs report, new projects launched in January witnessed a monthly increase of 41 per cent while home sales increased by 13 per cent in the same period. “However, on an annual basis, new launches and home sales declined 79 per cent and 51 per cent, respectively,” adds the report.

Average property prices, on the other hand, witnessed an annual increase of two per cent in January. “Overall, the prices remained stagnant, with marginal appreciation in the range of three to four per cent in mid and luxury segments,” says the report.

Also read: Monthly Watch: Mumbai Home Sales, Launches Decline In December

Newcomers

Developers who launched new projects in Mumbai in January include Man Group, Safal Group, Siddha Group, Shivam Group and Rutu Group.  Man Group has launched its new project Opus Phase-2 at Mira Road East which will offer buyers 506 apartments units priced at Rs 8,200 per sq ft. At Chembur, Safal Group will build its new project Trademark, where the 152 units will be priced at Rs 15,714 per sq ft. Siddha Group has announced its new project at Kandivali West. The developers will build 276 units, priced at Rs 12,857 per sq ft. Shivam Group has announced its new project Aspire at Kandivali East, where the 194 units will be sold for Rs 9,999 per sq ft. Rutu Group's new project City at Thane West will have 232 units on offer and are priced at Rs 8,100 per sq ft.

Also read: Mumbai Charms Prospective Homebuyers With Space & Amenities

 Driving the demand

According to the report, around 30 percent of the total sales witnessed in Mumbai in January were concentrated in the suburban localities of Thane and Navi Mumbai. Localities that contributed the highest to monthly home sales figures include Thane West, Karjat, Ulwe, Dombiwali and Panvel, in that order. These localities offer housing options in mid and premium ranges. At Thane West, for example, average property price stands at Rs 9,400-11,500 per sq ft. In comparison, property at Karjat can come for Rs 3,600-3,800 per sq ft. Property is priced at Rs 5,400-5,550 per sq ft at Panvel, Rs 5300-10,250 per sq ft at Dombiwali and Rs 6,000-6,200 per sq ft at Ulwe.