Mumbai: Houses in Dombivli top buyers’ list
December 10, 2019
According to the report, Dombivli ranks first on the list of top 10 most active Indian residential micro-markets, based on the number of new units launched during 2019.
Credits : freepressjournal.in
According to the report, Dombivli ranks first on the list of top 10 most active Indian residential micro-markets, based on the number of new units launched during 2019.
The research reveals that this micro-market saw more than 7,130 new units launched in 2019, with average property prices hovering around Rs 6,597 per square feet. (built-up area). Similarly, Panvel in Navi Mumbai ranks second with nearly 5,900 new units added at an average price of Rs 6,170 per sq. ft. while Badlapur bagged the fourth rank.
Located in close proximity to Mumbai in Thane district, Badlapur attracts increasing interest from both end-users and investors, cites the report. The report further mentions that the affordable prices and good connectivity to key areas in MMR have boosted its real estate prospects.
In 2019, Badlapur saw a new launch supply of nearly 5,350 units, with the lowest average property prices among the top 10 markets at Rs 3,770 per sq. ft.
Interestingly, with this rising trend, the developers in all top cities are now extremely selective with their choice of locations and focus on markets with high demand within specific budget categories.
Further analysis of the top 10 most active micro-markets reveals that the new launch supply in the western cities of MMR was notably of smaller-sized units.
For instance, the average property size in these cities’ micro-markets was as low as 500 sq. ft. (Badlapur). Besides this, in a period of three years, the average property prices in the top 10 most active micro-markets also increased.
Panvel saw a 9 per cent jump in average property prices in this period —from Rs 5,680 per sq. ft. in 2016 to Rs 6,170 per sq. ft. in 2019. Badlapur saw a 5 per cent price rise —from Rs 4,353 per sq. ft. and Rs 3,588 per sq. ft. in 2016 to Rs 4,590 per sq. ft. and Rs 3,770 per sq. ft. in 2019. Similarly, Dombivli saw a 2 per cent price rise from Rs 6,444 per sq. ft., Rs 3,971 per sq. ft. and Rs 5,545 per sq. ft. to the current Rs 6,597 per sq. ft., Rs 4,065 per sq. ft. and Rs 5,657 per sq. ft, respectively.
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Source: freepressjournal.in