PropIndex | Magicbricks
Residential Market Insights
Suburbs with good connectivity witnessing demand
Mumbai residential market was almost flat during the start of 2020, ascribed to a strained funding environment, anda stressed luxury housing segment. Most of the developers in the last few years are focusing on mid and affordablehousing segments, by either shifting the development to peripheral areas or by reducing the size of apartments intheir new projects. About a quarter of the supply in the price segment of 'above INR 20,000 per sqft', reinstates Mumbai's position asone of the most expensive cities in India. Hence, despite the Mumbai Real Estate market being stagnant andoverpriced, the demand is alive in main Mumbai due to aspirational buying, and in peripheral areas due tocomparatively affordable properties.
5 YearChange YoY QoQ
-1.1%0.9%-3.5%
5 YearChange YoY QoQ
-0.9%2.0%6.6%
"With prices around5-15% less thanReady-to-Movesegment, Under
construction segmentposted 6.6% growth inthe last 5 years and 2%
YoY."
MumbaiJan-Mar 2020
Parameters India Mumbai
Demand+ +5.3% +4.3%Supply++ -0.8% +0.7% Price Index+++ +0.1% -1.1%
"Lack of affordabilityand dull economicscenario diminishedhopes of price increasein the near term"
Notes:Above parameters represent QoQ change in Q1 2020 atIndia and city level + volume of property searches ++ volume of active listings +++ change in the weighted average price
Source: Magicbricks Research
Lodha Group
Runwal Developers
Kanakia Spaces Realty
Oberoi Realty
Kalpataru
Godrej Properties
The Wadhwa Group
Sunteck Realty
L&T Realty
CGHS
Beau Monde Prabhadevi
Runwal Greens Mulund West
Dharti Nivas Virar East
Hiranandani Gardens Powai
Ganraj Apartment P&T Colony
Vasant Oasis Andheri East
Rustomjee Global City Virar
Evershine Millenium Thakur Village
Ahuja Towers Worli
Omkar 1973 Worli
Average changes in prices for localities in various price segments
Market Dynamics
Ready to Move Price Index
Under Construction Price Index
- With the luxury homes' inventorypiling up, builders are shifting towardsaffordable and low-cost housing
- Expanding metro network wouldgradually normalize property ratesacross the city
- Proposed property tax for land underconstruction (LUC) as per actualconstruction status, would aid inreducing prices.
- Further, corporates shifting awayfrom South Mumbai and upcomingmetro connectivity, expected to triggera strong demand for houses in suburbs.
"Houses with pricesless than INR 10,000per sqft have beenfavoured by buyers,witnessing the leastchange in prices "
Key Trends to Watch Out
2014
2015
2016
2017
2018
2019
2020
10,000
15,000
20,000
25,000
2014
2015
2016
2017
2018
2019
2020
10,000
15,000
20,000
25,000
Price Bracket (INR per sqft)
< 10,000 10,000-15,000 15,000-20,000 > 20,000
RM UC RM UC RM UC RM UC
-0.2%
-0.6%
-0.8%
-0.6%
-0.8%
-0.5%
-0.3%
-0.6%
Key Projects based on consumersearches
Key Developers based on activelistings
Average Price INR per sqft
Average Price INR per sqft
The above table represents the top developers by share ofactive listings on Magicbricks website in Q1 2020
Source: Magicbricks Research
Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q1 2020
Source: Magicbricks Research
Notes:1. Ready to move price index represents the weighted average price of completed properties on Magicbricks website as on March 20202. The trend line represents the average prices of dominant asset class in each locality of the city. Source: Magicbricks Research
Note:1. Under-construction price index represents the weighted average price of under-construction properties on Magicbricks website as on March 20202. The trend line represents the average prices of dominant asset class in each locality of the city.
Source: Magicbricks Research
Note:Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties for dominant asset classes in each locality under various pricebuckets as on March 2020
Source: Magicbricks Research
Page 1© magicbricks.com
1 BHK44%
3 BHK16%
Above 3 BHK6%
2 BHK35%
DEMAND
Demand Supply Analysis Mumbai | Jan-Mar 2020
Significant demand-supply mismatch
1BHK highest in demand, followed by 2BHK configurationAffordable homes in vicinity ofemployment hubs drive marketgrowth
Smaller configuration homes are the choice ofhome buyers, with 1 and 2 BHK homes makingup around 80% of the property searches inMumbai 1 BHK is also the most undersupplied segmentwith only 28% of the total supply pie
Premium segment houses remained out of favourby most buyers, resulting in just 6% of thedemand for 4 BHks and above.
"1 BHK, with price of 'less thanINR 10,000 per sqft' is the majorproperty search criterion for
Mumbai buyers"
- More than 40% of the searches for housespriced less than INR 10,000 per sqft, majority ofwhich are available in suburbs such as Borivali,Dahisar, Goregaon, and Malad, along withperipheral areas in the Mumbai MetropolitanRegion (MMR) such as Mira- Bhayandar, andVasai- Virar. - The demand for houses in the range of 'INR10,000- 15,000 per sqft' is well catered, withnegligible demand supply gap. This price rangemostly refers to all major suburbs within thecity limits.
- About a quarter of the supply in the pricesegment of 'above INR 20,000 per sqft'reinstating the position of Mumbai as one of themost expensive cities in India.
Top Micromarkets by consumersearches
Propensity of demand and supply in terms of searches andlistings by localities
1 BHK28%
2 BHK41%
3 BHK25%
Above 3 BHK7%
SUPPLY
15,000-20,00026%
10,000-15,00017%
> 20,00029%
< 10,00029%
SUPPLY Price buckets in INR per sqft
Top Micromarkets by active listings
> 20,00023%
15,000-20,00019%
10,000-15,00016%
< 10,00042%
DEMAND Price buckets in INR per sqft
Notes:1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by BHK configuration
Source: Magicbricks Research
.Notes:1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by price buckets
Source: Magicbricks Research
Note:1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) forproperties in the localities on Magicbricks website in Q1 20202. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by their active listings onMagicbricks in Q1 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by number of searches onMagicbricks in Q1 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Colaba
© OpenStreetMap contributors
Demand/SupplySupply
Beyond Mira Road 3500 - 7350
Malad-Kandivali 11100 - 23750
Mira-Bhayandar 6400 - 10900
Andheri West 9100 - 30500
Borivali-Dahisar 9100 - 24350
Andheri East 14300 - 25050
Goregaon 7550 - 26900
11
22
33
54
45
66
77
Malad-Kandivali 11100 - 23750
Mira-Bhayandar 6400 - 10900
Beyond Mira Road 3500 - 7350
Goregaon 7550 - 26900
Andheri West 9100 - 30500
Borivali-Dahisar 9100 - 24350
Andheri East 14300 - 25050
11
22
33
44
65
56
77
Micro-Market Price Range Rank Rank Q1-20 Q4-19
Micro-Market Price Range Rank Rank Q1-20 Q4-19
Page 2© magicbricks.com
Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q1 20202. Color of the bubble represents price change in Q1 2020, with green color representing price increase and red color price decrease.3. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
LocalityAvg.Price
Price Change
Virar East
Nalasopara West
Nalasopara
Virar West
Virar
Nai Gaon
Naigaon East
Nalasopara East
Vasai East
Vasai
Kalyan
Vasai West
Beverly Park
Ramdev Park
Vinay Nagar
-8.9%
-6.2%
-6.7%
0.1%
-2.2%
-1.1%
2.2%
1.2%
-1.7%
-1.5%
3.3%
0.3%
1.8%
0.1%
1.2%
1.4%
-0.1%
-2.2%
0.5%
1.2%
-0.9%
9,234
8,782
8,715
8,391
8,356
8,226
8,167
8,063
8,024
6,296
6,061
5,623
5,087
5,028
4,945
4,941
4,828
4,772
4,764
4,690
4,517
< INR 10,000 psf INR 10,000-15,000 psf INR 15,000-20,000 psf > INR 20,000 psf
Price Analysis Mumbai | Jan-Mar 2020
- Peripheral areas in MMR showed the most positive changes in price upwards 6% QoQ, reflecting a high demand due to lower ticket size- Areas in proximity to IT parks and other employment hubs, such as Mulund, Chembur, and Andheri East had decent price increments- Majority of the decline witnessed in upmarket localities with prices more than INR 20,000 per sqft such as Worli Sea Face, Malabar Hill, Mahim, Versova, andSantacruz
Source: Magicbricks Research
LocalityAvg.Price
Price Change
Akurli Nagar
Andheri East
Asha Nagar
Borivali
Borivali East
Borivali West
Chakala
Chandivali
Chembur
Chiku Wadi
Dahisar West
Datta Pada
Deonar
Dhanukar Wadi
Evershine Nagar -6.7%
5.7%
-6.3%
3.8%
-0.4%
2.4%
0.3%
-1.4%
-2.9%
-0.2%
3.8%
0.0%
-0.4%
0.1%
-0.9%
16,409
16,829
19,444
17,178
15,253
18,058
18,509
18,154
18,777
17,644
16,696
16,907
16,442
18,236
15,931
LocalityAvg.Price
PriceChange
4 Bunglows
Amboli
Andheri
Andheri Link Road
Andheri West
Bandra
Bandra East
Bandra West
Bhakti Park
BKC
Byculla
Central Area
Colaba
Cuffe Parade
D.N. Nagar -1.1%
-1.0%
-0.9%
-2.7%
2.5%
-3.3%
4.1%
-2.8%
1.8%
-7.1%
-0.2%
-0.6%
-0.2%
2.2%
2.8%
22,245
53,356
37,714
20,559
27,754
30,125
22,369
38,720
31,289
33,157
22,903
22,784
21,063
21,002
22,385
Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q1 2020. This is an interactive table available on Magicbricks.com under Propindex section.2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder floor segment, after removing the outlier properties that might distort the overall prices.3. The four tables above categorize the localities in various price buckets.4. The color of the numbers represent the price change in Q1 2020, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research
Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not acceptany liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.
Q1 2020 Price changes for the city's major localities
LocalityAvg.Price
PriceChange
Dahisar East
Vaishali Nagar
Thane
Dahisar
Charkop
Dindoshi
Jankalyan Nagar
Lokhandwala Twp
Bhandup
Bhandup West
Bhandup East
Kurar Village
Kurla East -2.9%
0.3%
-6.4%
1.4%
1.0%
-2.2%
3.1%
-7.1%
1.7%
-2.2%
7.7%
-0.5%
-0.8%
14,963
14,921
14,659
14,640
14,612
14,271
13,864
13,783
13,491
12,422
12,267
11,587
11,586
Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Deepak Rajput | Sr. Research [email protected] [email protected] [email protected] [email protected]
Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
For more information and research related queries, please contact:
Mulund West1.1%
Bandra West-2.8%
Malabar Hill-7.6%
Lower Parel-4.6%
Mazgaon4.7%
Chembur0.3%
© OpenStreetMap contributors
-7.5% 7.5%
-5% -2.5% 0% 2.5% 5%
Page 3© magicbricks.com
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