December 13, 2017

 

An analysis of the residential market as of 4th October 2017 reflects that of the 3,465 residential projects registered under RERA, maximum sales were recorded in Mumbai City with 24,681 apartments sold out of the 50,329 units available.

MUMBAI: Around 50% of the apartments in Mumbai residential projects registered under Maharashtra Real Estate Regulatory Authority (MahaRERA) until October 4 are sold units, showed a JLL India report.

An analysis of the residential market as of 4th October 2017 reflects that of the 3,465 residential projects registered under RERA, maximum sales were recorded in Mumbai City with 24,681 apartments sold out of the 50,329 units available. This was followed by Thane with 86,479 apartments sold out of 1,80,071 units available and Mumbai Suburbs with 87,126 apartments sold out of 1,81,155 available, the report said. However, it also added that supply is double and clearly outstripping demand, the report said.

Based on already sold apartments’ data, homebuyers in Mumbai preferred smaller configurations. Out of registered Thane sold the maximum 2 BHKs (61,145 units) as compared to Mumbai Suburbs which sold marginally lower (60,728 units) with Mumbai city selling the least (11,142 units).

1 BHKs were the second preference amongst Mumbai homebuyers, with Thane selling most 1BHKs at a count of 29,551 units, while Mumbai City sold 5,295 units and Suburbs sold 19,803 units. However, supply far exceeded demand in Thane with 62,000 1 BHK units available for sale and only 47% recording sales.

The luxury housing market performed better in Mumbai’s Suburbs as compared to the City. While almost 49% of the supply of 4 BHKs and 4 BHK+ sold in the suburbs, the city saw sales at 42% of the total supply in this category for the region.

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Source: realty.economictimes.indiatimes.com