Mumbai Real Estate Market Analysis for Q1 2023
Inthefirstquarterof2023,customersearchesforpropertiesinMumbaiare generallydown.Malad,Kandivali,andotherwesternsuburbslikeAndheriWest, Borivali-Dahisar,JogeshwariWestandlocationsoutsideMiraRoad,ontheother hand,sawstrongdemand.
Are you searching for new projects in dadar?
Mumbai'sresidentialrealestatesawa2.4%QoQfallindemandinthefirstquarter of2023.(searches).Thesupply(activelistings)&averagepropertyrateinthecity, however,sawincreasesof0.8%and2.2%quarteroverquarter,respectively.
Mumbai Real Estate Market: Study of Demand and Supply
Basedonsupplyanddemand,MaladandKandivalicontinuetoholdthetopspots. MaladandKandivaliexperiencedthebiggesthousingdemandinQ12023.Aside fromJogeshwariWest,AndheriWest,Borivali-Dahisar,&areasbeyondMiraRoad, otherwesternsuburbsalsoexperiencedstrongdemandandsupplybecauseoftheir proximitytocommercialofficespaces,reasonableprices,andimprovedconnectivity asaresultoftheopeningofmetrolines2Aand7.
InQ12023,thedemand&supplyfortwobedroomsmadeup44%ofthetotal.A combined75%ofdemand&72%ofsupplyfor1&2BHKunitsshowedthat demandandsupplywerecloselymatched.
DemandandsupplyforhousesquotingINR15,000–25,000persquarefoot(psf) ratesaccountedfor47%ofeach,followedbypropertiesquoting
Note: Theimportantlocalesofthecityareshownonthemapabove,andthesizeof thebubblerepresentsthedemand(consumerpreference)andsupply(current listings)forhousesinthoseareasinQ12023.
Mumbai Real Estate Market Study
Affordablemicro-marketsincludingVirarWest(3.1%),Nalasopara(3.6%),and Vasai(2.6%)experiencedincreasesintheircorrespondingaveragerates.
KandivaliEast(2.3%),MaladWest(2.9%)&BKC(3.1%)allsawincreasesintheir respectiveaverageratesasaresultofbettermetroconnectivity.
Note:
1.Thelistofthecities’majorneighbourhoodsisshownabove,alongwithdataon theaveragerate&QoQratefluctuationsforQ12023.
2.Afterremovinganyoutlierpropertiesthatmighthaveanimpactontheaverage price,thelocalityrateiscalculatedbyaveragingtheratesofallpropertieswithina locationinmulti-storey&builderfloorsegments.
3.Thethreetablesabovegrouptheareasintodifferentratecategories.
4.Thecolourofthefiguresdepictsthechangeinpriceduringthefirstquarterof 2023,withgreendenotinganincreaseinprice,reddenotingareductioninprice, andgreydenotingneutrality.
Note:
1.Thesizeofthebubblerepresentsdemand,asdeterminedbythenumberoflocal propertysearchesconductedinQ12023.
2.Thecolourofthebubblesymbolisesthechangeinpriceforthefirstquarterof 2023,withgreendenotinganincreaseinpriceandreddenotingafall.