Monthly Watch: New Launches Up 14% In Mumbai
Data show real estate in Mumbai is headed for some stability. This comes as a good news for a real estate market which has not seen much activity in the past. Mumbai's super-expensive property long ceased to be affordable for the country's common man, a major reason why home sales in the city failed to pick up in the past couple of years.
In October, new launches increased 14 per cent in Mumbai on a month-on-month basis. In September, new launches in the city witnessed a monthly appreciation of 71 per cent over August. According to the PropTiger DataLabs report, a large part of the new launches was made in the high-end segment.
Developers who launched their projects in Mumbai in October include Indiabulls, Marathon, Runwal, Shree Mahalaxmi Developers and Sheth Corp. Units in these projects are priced between Rs 1,500 per sq ft and Rs 11,900 per sq ft.
However, homes sales trend in October is different when compared to that in the month ago period. Home sales increased 16 per cent in September over August while the numbers declined one per cent in October. On a yearly basis, however, home sales declined 29 per cent.
Top-performing localities in Mumbai in October were Thane West, Dombivali, Neral, Ulwe and Mira Road East, contributing the highest to the monthly home sales.
When compared to the same month last year, property prices in Mumbai increased three per cent in October. However, there has been a sharp rise in prices of certain localities. According to the report, localities such as Mahim, Saphale and Byculla saw property prices rising about 20 per cent in the past 12 months.