Monthly Watch: New Launches In Mumbai Jump 71% In September
As far as India's financial capital Mumbai is concerned, the figures for the second quarter (Q2) by PropTiger DataLabs are not very encouraging. While the new launches fell 33 per cent quarter-to-quarter, sales went down 10 per cent in the same period. At 43 months, the inventory overhang was also quite high. Property prices, on the other hand, saw an annual increase of three per cent. For a property market that has been among the worst-hit by the recent slowdown, this is a contradiction. Home buyers stayed away from property markets expecting a price correction. It is worth mentioning here that Mumbai is among the most expensive real estate markets in the world, and even affordable properties are not so affordable for the common man in the Maximum City.
However, the Q2 report did indicate towards an encouraging trend in Mumbai real estate. Mumbai, together with Pune and Bengaluru, contributed 58 per cent to the total absorption in the September quarter. A monthly report by PropTiger DataLabs proves things are surely looking up.
New launches in Mumbai saw a monthly appreciation of 71 per cent in September over the previous month. Home sales, too, soared 16 per cent in the same period. The affordable segment contributed the maximum to the new launches as well as home sales. But, property prices in localities such as Byculla, Mahim and Saphale remained stable. The three localities, says the report, witnessed an annual price appreciation in the range of 20 per cent in the past 12 months.
Developers who launched new projects in the Maximum City in September include DGS Group, Lodha Group, Kabra Group, Rohan Lifescapes and Ruparel Realty. The new launches included affordable as well as luxury projects.
Property markets that performed well and contributed the highest to the sales in the month include Dombivali, Kalyan West, Neral, Thane West and Ulwe. Behind their good performance lies the fact that all these localities offer affordable properties.