2. WHAT’S INSIDE?
• InFocus: Union Budget 2022-23
• National Outlook
Snapshot of real estate ambience across top 8
metro cities
• Market Movers
News that impacted Mumbai’s realty market in
Jan-Mar 2022
• Commercial real estate outlook
• Residential demand and supply dynamics
• 99acres’ Outlook
Our perspective on the current market sentiment
• Key trends in the buying and renting
landscape
• Price trends across key micro-markets
Maneesh Upadhyaya
Chief Business Officer
99acres.com
FROM CBO’S DESK
Residential markets across the top eight cities together contributed to
a 4-year high in sales volume in Jan-Mar 2022. Homebuyers were seen
visiting sites and closing deals in new homes and resale markets despite
initial lockdowns due to rising virus load in January 2022. Nevertheless,
increasing raw material costs due to the Ukraine-Russia conflict kept the
builder fraternity worried. Developer bodies in Maharashtra and Delhi
threatened to halt construction activities in the absence of Government
intervention.
On the supply front, Jan-Mar 2022 witnessed over 500 residential projects
registered under respective State RERA bodies in the top seven metros.
Mumbai continued to lead the pack with close to 45 percent share in
new launches. Pune and Chennai followed suit with 27 and 15 percent
contributions, respectively. Across metros, the demand for properties
priced within Rs 40 lakh remained the highest, with Kolkata, Chennai and
Ahmedabad topping the charts. While average weighted property prices
stayed stable, certain popular micro-markets in metro cities commanded
higher premiums due to locational, infrastructural and associated
advantages. Rentals remained under pressure this quarter, but rental
vacancy dipped across metro cities as more and more corporates started
shifting to hybrid work mode beginning February 2022.
Traction on 99acres, too, corroborates the rising sales volume as buyer
responses on the platform reported a 10 percent growth in Jan-Mar 2022
against the quarter ending December 2021.
3. PUNE
27%
SHARE OF NEW LAUNCHES
Note: The data depicts share of RERA-registered projects in metro cities of India, barring Kolkata
The top metro cities in India witnessed the registration of over 500 projects under various Real Estate Regulatory
Authorities in Jan-Mar 2022. Western markets like Mumbai and Pune saw the registration of around 400 projects, while
southern cities like Bangalore, Chennai and Hyderabad accounted for 110 new RERA registrations. Nevertheless, Delhi
NCR in the north continued to trail behind with negligible share of projects registered in the studied period. MUMBAI
44%
AHMEDABAD
7%
CHENNAI
15%
BANGALORE
4%
HYDERABAD
3%
INFOCUS: UNION BUDGET 2022-23 NATIONAL OUTLOOK
FOR THE HOMEBUYERS
Giving a push to the Pradhan Mantri Awas
Yojana (PMAY), the Central Government
announced the completion of nearly 80,000
units in the financial year 2022-23. A fund
of Rs 48,000 crore has been allocated for
the task, and additional 60,000 beneficiaries
will be identified in rural and urban areas.
Further, an allocation of Rs 60,000 crore for
tap water supply in 3.8 crore households
will help improve livability. The sanctioning
of Rs 20,000 crore to expand the National
Highway network by 25,000 km in FY23, and
the implementation of mass transit projects
on a hub-and-spoke model in view of rapid
urbanisation are also expected to pave the
way for new realty markets and provide a
slew of opportunities to homebuyers. While
the Budget did not comprise any direct
benefits for homebuyers, such as Income
Tax relaxations, or an increase in the limit
of home loan interest for a tax rebate from
Rs 2 lakh to Rs 5 lakh, some announcements
aimed at fast-tracking economic growth
impeded by COVID-led disruptions.
HOME BUYING SENTIMENT
Housing sales in Jan-Mar 2022 remained
upbeat with considerable growth in
numbers QoQ. The anticipated hike in
home acquisition cost amid the rising
raw materials prices coupled with a
decadal low home loan interest rates
drove homebuyers to close deals faster
than before. The stamp duty hike in
Maharashtra w.e.f April 1 and an expected
increase in circle rates in the posh areas
of Delhi by around 30 percent also stood
in corroboration.
RENTAL LANDSCAPE
Significantly affected by the wrath of
COVID-19, the rental market continued to
reel under pressure in the studied period.
Except for Mumbai that displayed a two
percent hike in average home rentals, the
monthly home leasing rates across metro
cities tumbled by around 1-3 percent.
However, with many companies resuming
offices, the market is expected to see
some improvement and reduced vacancy
rates in the upcoming quarters.
FOR THE INDUSTRY
The Union Budget 2022-23 displayed an
increased focus on holistic infrastructure
development, clean energy, digitisation
and technology. The Government
extended the scope and usage of
Parivesh- a portal launched in 2018
for green approvals for housing units.
Further, the provision of ‘anywhere
registration’ of deeds and documents
under the ‘One Nation One-Registration
Software’ is also anticipated to be a
game-changer for the realty sector.
Infrastructure status to Data Centres
to boost the fast-evolving digital
environment, an extension of tax benefits
to new manufacturing units, a unified
logistics platform and the development
of 100 new cargo terminals in the next
three years are expected to significantly
improve the supply chain ecosystem in
the country. Measures will also be taken
to reduce the land and construction
elated approvals to promote affordable
housing for middle-class and EWS buyers.
PROPERTY PRICES
Average homebuying rates witnessed a
hike across the top metro cities barring
Mumbai, where property prices remained
unchanged QoQ. Rising construction costs
coerced developers to increase the ‘asks’;
however, the change was marginal amid
the enormous unsold residential stock of
around 6.5 lakh units at the quarter ending
March 2022.
SUPPLY
RERA registrations under different State bodies
stood at over 500 housing projects in Jan-Mar
2022. Mumbai, Pune, Chennai and Ahmedabad
witnessed the maximum share of registered
housing societies in the period. However,
builders in Delhi NCR continued to maintain a
cautious approach, with the region contributing
an insignificant share to the overall new supply
added in the period. Bangalore and Hyderabad
witnessed around 3-5 percent growth in new
project launches, QoQ.
4. MARKET MOVERS
Home registrations
increase by over double
Property registrations in Mumbai
nearly doubled from around 7,700
stamp duty deals in January to about
15,700 registrations in March 2022.
The last month of the quarter got
some of its pace due to the impending
one percent metro cess effective from
April 1, 2022. February clocked around
10,000 registrations amounting to over
Rs 500 crore stamp duty collection.
Slum redevelopment to
bolster housing sales
The Maharashtra government
increased the Floor Space Index (FSI)
to four times from three for slum-
rehabilitation projects across State
and revised the Unified Development
Control Promotion Regulations
(UDCPR) to give effect to this
increase in FSI. However, the height
restriction for structures near the Juhu
Airport to 32.7 meters has affected
redevelopment works in Juhu, DN
Nagar and Andheri area.
Rising raw material prices
affect construction work
Amid the continuously growing steel
and cement prices, Mumbai realtors
are likely to halt construction work
at various project sites. Prices of
construction materials have surged by
40-45 percent to 400-600 per sq ft in
the last couple of years. Also, realtors
have urged the State government
to extend project delivery deadlines
by at least six months until prices
rationalise.
CIDCO allocates over 5,700
homes under its housing
scheme
The extension of the City and
Industrial Development Corporation
(CIDCO) housing scheme until
March 2022 gave sufficient time to
applicants to submit their documents
and make payments. Over 20,000
individuals applied under the scheme
for over 5,700 homes in Taloja and
Navi Mumbai.
COMMERCIAL
REAL ESTATE OUTLOOK
acres
99
India’s No.1 Property Portal
• Net office space leasing in Mumbai
jumped to 1.44 million sq ft in Jan-Mar
2022 against 0.24 million sq ft a year
ago. Majority corporates who withheld
their deals in the previous quarter due
to Omicron fear locked deals, thus
improving the absorption rate.
• Around 6.9 million sq ft of office space
is likely to be added to the city based
on the scheduled completions during
2022. The planned supply comprises IT
and non-IT developments concentrated
in Central Mumbai and the micro-
markets of Navi Mumbai, where BKC-2
is proposed.
• Boston Consulting Group leased
around one lakh sq ft of office space
in the Bandra-Kurla Complex (BKC),
and Morgan Stanley signed a deal
for 3.35 lakh sq ft of office space in
Oberoi Commerz III in the Goregaon
suburb.
• The international retailer, IKEA leased
over one lakh sq ft of retail space
at R City Mall in Ghatkopar for nine
years. Sketchers acquired office space
of nearly 80,000 sq ft on an outright
basis in Andheri.
5. MUMBAI’S REALTY
AT A GLANCE
Within Rs 40 lakh Ambernath 4,100 - 5,000 10 2.37%
Badlapur 3,650 - 4,350 7 2.42%
Rs 40 lakh - Rs 1 crore Dombivli (East) 5,900 - 7,200 13 2.50%
Kalyan (West) 6,600 - 7,850 14 2.48%
Taloja 5,050 - 6,050 10 1.90%
Rs 1 crore and above Powai 20,000 - 25,000 49 3.08%
Kharghar 9,050 - 11,000 19 2.34%
Manpada 12,700 - 15,000 27 2.49%
1 BHK Dombivli (East) 500 - 600 5,900 - 7,200
Virar 520 - 550 5,250 - 6,100
2 BHK Kharghar 800 - 950 9,050 - 11,000
Balkum 850 - 1,000 11,500 - 13,500
Powai 9,80 - 1,020 20,000 - 25,000
3 BHK Manpada 1,100 - 1,350 12,700 - 15,000
Worli 1,300 -1,400 37,450 - 43,500
Goregaon (East) 1,200 - 1,400 17,300 - 22,200
0%
1BHK
38%
50%
29%
36%
33%
12% 2%
21%
36%
-17%
5%
-14%
3%
6%
-1%
18%
28%
41%
51%
18% 5%
2BHK 3BHK 4BHK
Demand
Jan-Mar 2022
Jan-Mar 2022
Demand
Supply
Supply
Supply
Demand
Property Prices Rental Rates
BUDGET-WISE DEMAND AND SUPPLY
BHK-WISE DEMAND AND SUPPLY
Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above
Note: Supply is basis properties listed on 99acres.com in the studied quarter.
Demand is basis queries received on 99acres.com in the studied quarter.
Key micro-markets across budget segments
Localities based on
Consumer Demand and
Active Listings
Rental
Yield
Average
Property Prices
(Rs per sq ft)
Average
Rental ‘Asks’
(Rs per sq ft/month)
Localities based on
Consumer Demand and
Active Listings
Average
Unit Size
(Sq ft)
Average
Property Prices
(Rs per sq ft)
Key micro-markets across BHK-configurations
Note: Rental Yield has been calculated for a 1,000 sq ft apartment.
Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter.
The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.
Note: Average property prices have been calculated as per listings posted on 99acres.com in the studied quarter. The range of
property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.
Budget
Range
Configuration
9
INSITE : MUMBAI
6. Mumbai continued to be the
bellwether with the maximum
number of new launches in Q1 2022.
The city occupied over 60 percent
share of new projects added in the
quarter followed by Thane, capturing
over 30 percent of the market
portion. Nearly 50 percent of new
supply in Mumbai is concentrated
in Andheri-Dahisar Belt and Central
Suburbs.
ZONAL SHARE OF
NEW LAUNCHES
Central
Mumbai
Suburbs
13%
Mira Road
And
Beyond
12%
Mumbai
Andheri-
Dahisar
19%
Mumbai
Beyond Thane
30%
Mumbai
Harbour
5%
Navi
Mumbai
5%
Mumbai
South
6%
Mumbai
South
West
7%
Mumbai
Thane
3%
The residential market in Mumbai saw a
25 percent hike in property sales volume
in Q1 2022 against Q4 2021. Competitive
home loan interest rates and the proposed
one percent hike in stamp duty starting
April 2022 drove buyers to quickly close
deals and register. Majority housing sales
were recorded for units in projects nearing
completion and ready homes, measuring
around 500-800 sq ft. Competitively
priced, thinly populated suburban pockets
remained the most popular among
homebuyers across zones in Mumbai.
New supply witnessed a triple-digit growth
with over 230 projects registered under
the Maharashtra Real Estate Regulatory
Authority (MahaRERA) in Jan-Mar 2022.
These projects include new launches as well
phase-wise additions in ongoing projects
by developers, such as Prestige Group,
Transcon Developers and Lodha Group.
Chembur 2BHK 42% 40,000 - 45,000 1%
3BHK 28% 60,000 - 70,000
Goregaon (East) 2BHK 42% 36,000 - 45,000 6%
3BHK 28% 55,000 - 70,000
Powai 2BHK 54% 44,000 - 55,000 5%
3BHK 28% 73,000 - 90,000
Bandra (West) 2BHK 43% 80,000 - 1,00,000 2%
1BHK 25% 50,000 - 65,000
Worli 3BHK 45% 1,60,000 - 2,00,000 7%
2BHK 27% 84,000 - 1,10,000
Localities Most Supplied
Rental Units
Market
Share
YoY %
Change in
Rental ‘Asks’
11
INSITE : AHMEDABAD
Rental Rates
(Rs per Month)
Note: The data depicts share of new launches
across zones in Mumbai in the studied quarter.
RENTAL
LANDSCAPE
Key micro-markets based on consumer demand and active listings
Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter.
Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter.
acres
99
India’s No.1 Property Portal
99ACRES’OUTLOOK
Andheri-Dahisar Belt and Beyond Thane
region witnessed maximum new supply in the
quarter.
The snail-paced homebuying sentiment in
the initial couple of weeks and rigorous
new launches by developers led the unsold
inventory to increase from around 95,000
units in Oct-Dec 2021 to around 1.1 lakh units
in the quarter ending March 2022. However,
despite the increase in residential stock, the
average property prices stayed firm.
Annual rental demand registered growth in
Jan-Mar 2022. Transactions improved starting
February amid offices and educational
centres reopening; however, the rentals
maintained status quo-COVID level. The
upcoming quarter, nonetheless is expected to
witness increased rental deals amid the onset
of the new financial year.
11
INSITE : MUMBAI
7. Within Rs 40 lakh Taloja 5,050 - 6,050 10 1.90%
Panvel 6,950 - 8,750 13 2.44%
Rs 40 lakh - Rs 1 crore Ulwe 8,000 - 9,300 11 1.35%
New Panvel 6,600 - 8,800 13 2.25%
Kamothe 8,000 - 9,250 14 2.03%
Rs 1 crore and above Kharghar 9,050 - 11,000 19 2.34%
Ghansoli 12,100 - 14,950 26 2.59%
Kamothe 8,000 - 9,250 14 2.03%
1 BHK Panvel 550 - 600 6,950 - 8,750
Taloja 570 - 600 5,050 - 6,050
2 BHK Kharghar 950 - 1,020 9,050 - 11,000
Ulwe 930 - 1,000 8,000 - 9,300
Kamothe 870 - 950 8,000 - 9,250
3 BHK Ghansoli 1,400 - 1,450 12,100 - 14,950
Nerul 1,440 - 1,500 13,050 - 17,100
New Panvel 1,300 - 1,350 6,600 - 8,800
BUDGET-WISE DEMAND AND SUPPLY
BHK-WISE DEMAND AND SUPPLY
0%
1BHK
45%
50%
34%
39%
21%
10% 1%
23%
38%
-22%
-12%
6%
5%
1%
9%
13%
43%
45%
34%
15% 2%
2BHK 3BHK 4BHK
Demand
Jan-Mar 2022
Jan-Mar 2022
Demand
Supply
Supply
13
INSITE : MUMBAI
Supply
Demand
Property Prices Rental Rates
Note: Supply is basis properties listed on 99acres.com in the studied quarter.
Demand is basis queries received on 99acres.com in the studied quarter.
Key micro-markets across budget segments
Localities based on
Consumer Demand and
Active Listings
Rental
Yield
Average
Property Prices
(Rs per sq ft)
Average
Rental ‘Asks’
(Rs per sq ft/month)
Key micro-markets across BHK-configurations
Localities based on
Consumer Demand and
Active Listings
Average
Unit Size
(Sq ft)
Average
Property Prices
(Rs per sq ft)
Note: Rental Yield has been calculated for a 1,000 sq ft apartment.
Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter.
The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.
Note: Average property prices have been calculated as per listings posted on 99acres.com in the studied quarter. The range of
property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.
NAVI MUMBAI
Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above
Budget
Range
Configuration
13
INSITE : MUMBAI
8. Ghansoli 2BHK 48% 27,000 - 33,000 0%
1BHK 36% 14,000 - 16,000
Kharghar 2BHK 64% 21,000 - 25,000 0%
1BHK 19% 11,000 - 14,000
Panvel 2BHK 43% 13,000 - 16,000 4%
3BHK 38% 19,000 - 22,000
Ulwe 2BHK 55% 13,000 - 16,000 9%
1BHK 26% 7,000 - 8,000
Koperkhairane 1BHK 49% 14,000 - 18,000 4%
2BHK 41% 23,000 - 28,000
Localities Most Supplied
Rental Units
Market
Share
YoY %
Change in
Rental ‘Asks’
KEY HIGHLIGHTS
RENTAL
LANDSCAPE
Key micro-markets based on consumer demand and active listings
Rental Rates
(Rs per Month)
Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter.
Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter.
The average weighted property prices
remained unchanged in Navi Mumbai
in Jan-Mar 2022 against the previous
quarter. The year began with sale
enquiries and sales dipping by 20 percent,
courtesy Omicron variant and resultant
decrease in site visits, deals, and property
registrations. The months of February and
March; however, witnessed the residential
enquiries going up by around 10 percent.
Compact homes and 1 BHK units remained
the preferred choice of homebuyers but
restricted supply in the category coerced
buyers to consider 2 BHK units in emerging
pockets.
Units configured as 2 BHK priced between
Rs 65 lakh and Rs 1.5 crore in housing
belts, such as Dronagiri, Kharghar, Taloja,
Ulwe, Wahal and Panvel, strategically
located near the business districts
of Belapur remained popular amid
homebuyers and builders alike.
Developers paused the construction of
many housing societies due to increasing
raw material costs and fund paucity in
January 2022. Nonetheless, the quarter
ending March 2022 clocked the registration
of more than 10 projects housing 900 units
under MahaRERA. Most of these projects
were by regional developers like Paradise
Group, Tricity Realty and Satyam Builders,
due for possession in 2024-28. Unsold
inventory also increased by 2-5 percent to
approximately 19,700 units in the studied
quarter.
While the popular areas of Koparkhairane,
Seawoods and Airoli did not report any new
residential launches in the quarter, resale
properties in these areas housing belts
continued attracting buyers. The growth
here can be attributed to Maharashtra
government extending the period for stamp
duty waiver from one to three years in the
resale category.
Rental demand in Navi Mumbai surged by
over 50 percent annually. Koparkhairane,
Seawoods, Airoli and Nerul remained
popular hubs for 1 BHK and 2 BHK
units, with residential rentals averaging
approximately Rs 20,000 per month and Rs
40,000 per month, respectively. Noticeably,
average rentals in Navi Mumbai went up
by around three percent in Jan-Mar 2022
against the same quarter previous year.
15
INSITE : MUMBAI
9. Within Rs 40 lakh Ambernath 4,100 - 5,000 10 2.37%
Badlapur 3,650 - 4,350 7 2.42%
Rs 40 lakh - Rs 1 crore Dombivli (East) 5,900 - 7,200 13 2.50%
Kalyan (West) 6,600 - 7,850 14 2.48%
Kasar vadavali 9,400 - 10,600 20 2.49%
Rs 1 crore and above Manpada 12,700 - 15,000 27 2.49%
Majiwada 11,950 - 13,550 26 2.62%
Balkum 11,500 - 13,500 25 2.67%
1 BHK Kasar vadavali 560 - 580 9,400 - 10,600
Ambernath 540 - 600 4,100 - 5,000
2 BHK Dombivli (East) 900 - 960 5,900 - 7,200
Kalyan (West) 940 - 980 6,600 - 7,850
Majiwada 850 - 880 11,950 - 13,550
3 BHK Manpada 1,300 - 1,400 12,700 - 15,000
Balkum 1,200 - 1,300 11,500 - 13,500
Kavesar 1,150 - 1,250 10,200 - 11,650
0%
0%
1BHK
52%
54%
28%
35%
20%
10%
1%
37%
43%
-15%
-11 %
2%
6%
3%
2%
13%
30%
37%
33%
16% 4%
2BHK 3BHK 4BHK
Demand
Jan-Mar 2022
Jan-Mar 2022
Demand
Supply
Supply
17
INSITE : MUMBAI
Supply
Demand
Property Prices Rental Rates
THANE AND BEYOND
BUDGET-WISE DEMAND AND SUPPLY
BHK-WISE DEMAND AND SUPPLY
Note: Supply is basis properties listed on 99acres.com in the studied quarter.
Demand is basis queries received on 99acres.com in the studied quarter.
Key micro-markets across budget segments
Localities based on
Consumer Demand and
Active Listings
Rental
Yield
Average
Property Prices
(Rs per sq ft)
Average
Rental ‘Asks’
(Rs per sq ft/month)
Localities based on
Consumer Demand and
Active Listings
Average
Unit Size
(Sq ft)
Average
Property Prices
(Rs per sq ft)
Key micro-markets across BHK-configurations
Note: Rental Yield has been calculated for a 1,000 sq ft apartment.
Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter.
The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.
Note: Average property prices have been calculated as per listings posted on 99acres.com in the studied quarter. The range of
property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.
Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above
Budget
Range
Configuration
17
INSITE : MUMBAI
10. Dombivli (East) 2BHK 48% 9,000 - 11,000 -4%
1BHK 43% 7,000 - 8,000
Manpada 2BHK 40% 24,000 - 28,000 4%
3BHK 30% 34,000 - 40,000
Kasar vadavali 1BHK 57% 11,000 - 14,000 0%
2BHK 35% 18,000 - 20,000
Kalyan (West) 1BHK 49% 8,000 - 9,000 4%
2BHK 43% 13,000 - 16,000
Majiwada 2BHK 66% 24,000 - 27,000 0%
1BHK 20% 15,000 - 18,000
Localities Most Supplied
Rental Units
Market
Share
YoY %
Change in
Rental ‘Asks’
KEY HIGHLIGHTS
Sale of housing units in Thane pockets
grew by 25 percent in Jan-Mar 2022 against
Jan-Mar 2021. Homebuyers in the region
showed more affinity towards under-
construction units priced within Rs 40 lakh.
In this budget category, demand exceeded
supply by around 15 percent in the studied
quarter.
Buyers were ready to shell more for
localities with sound connectivity and
additional space. To this end, housing
locales of Ghodbunder Road, Pokhran-2,
Manpada and Ambernath remained popular
for 2 BHK units in Rs 70-1.5 crore budget
range. Availability of spacious two-bedroom
flats and seamless connectivity via Eastern
and Western Suburban Railways contributed
to the growth.
Grade A developers like Lodha Group,
Puranik Builders and Ashar Group were
among the major partakers in adding new
supply in the studied period. With around
4,000-5,000 units added in the quarter, the
unsold stock as of the quarter ending March
2022 stands at approximately 35,000 units.
It might take around 17-18 months to clear
the inventory overhang in Thane.
The rental occupancy in Thane grew by
around 40-50 percent, YoY. Majiwada,
Vasant Vihar, Hiranandani Estate,
Hiranandani Meadows, and Brahmand
remained most popular among tenants
owing to connectivity via Eastern
Expressway Highway (EEH) and their
proximity to commercial hubs. Average
rentals for 2 BHK units in these areas hover
around Rs 18,000-35,000 per month.
RENTAL
LANDSCAPE
Key micro-markets based on consumer demand and active listings
Rental Rates
(Rs per Month)
Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter.
Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter.
19
INSITE : MUMBAI
11. MUMBAI
Within Rs 40 lakh Virar 5,250 - 6,100 10 2.20%
Nallasopara 4,700 - 5,600 10 2.24%
Rs 40 lakh - Rs 1 crore Powai 20,000 - 25,000 49 3.08%
Kandivali (East) 17,000 - 19,850 36 2.47%
Goregaon (East) 17,300 - 22,200 43 2.73%
Rs 1 crore and above Chembur 18,000 - 22,050 45 2.92%
Andheri (West) 24,000 - 28,750 55 2.78%
Worli 37,450 - 43,500 88 2.75%
1 BHK Virar 470 - 550 5,250 - 6,100
Vasai 500 - 600 4,900 - 5,750
2 BHK Powai 850 - 1,000 20,000 - 25,000
Kandivali (East) 850 - 970 17,000 - 19,850
Chembur 840 - 860 18,000 - 22,050
3 BHK Worli 1,350 - 1,400 37,450 - 43,500
Goregaon (East) 1,200 - 1,350 17,300 - 22,200
Wadala 1,250 - 1,300 22,600 - 25,850
BUDGET-WISE DEMAND AND SUPPLY
BHK-WISE DEMAND AND SUPPLY
0%
0%
1BHK
25%
49%
27%
34%
48%
14% 3%
10%
32%
-15%
-17%
6%
8%
3%
-5%
20%
22%
40%
68%
22% 6%
2BHK 3BHK 4BHK
Demand
Jan-Mar 2022
Jan-Mar 2022
Demand
Supply
Supply
Note: Supply is basis properties listed on 99acres.com in the studied quarter.
Demand is basis queries received on 99acres.com in the studied quarter.
Note: Rental Yield has been calculated for a 1,000 sq ft apartment.
Average property prices and rental rates have been calculated as per listings posted on 99acres.com in the studied quarter.
The range of property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.
Key micro-markets across budget segments
Localities based on
Consumer Demand and
Active Listings
Rental
Yield
Average
Property Prices
(Rs per sq ft)
Average
Rental ‘Asks’
(Rs per sq ft/month)
Key micro-markets across BHK-configurations
Localities based on
Consumer Demand and
Active Listings
Average
Unit Size
(Sq ft)
Average
Property Prices
(Rs per sq ft)
Note: Average property prices have been calculated as per listings posted on 99acres.com in the studied quarter. The range of
property prices may vary by 10 percent depending on the age and furnishing status of the residential apartments.
Supply
Demand
Property Prices Rental Rates
Within Rs 40 lakh Rs 40 lakh - Rs 1 crore Rs 1 crore and above
Budget
Range
Configuration
21
INSITE : MUMBAI
12. Chembur 2BHK 42% 40,000 - 45,000 1%
3BHK 28% 60,000 - 70,000
Goregaon (East) 2BHK 42% 36,000 - 45,000 6%
3BHK 28% 55,000 - 70,000
Powai 2BHK 54% 44,000 - 55,000 5%
3BHK 28% 73,000 - 90,000
Bandra (West) 2BHK 43% 80,000 - 1,00,000 2%
1BHK 25% 50,000 - 65,000
Worli 3BHK 45% 1,60,000 - 2,00,000 7%
2BHK 27% 84,000 - 1,10,000
Localities Most Supplied
Rental Units
Market
Share
YoY %
Change in
Rental ‘Asks’
KEY HIGHLIGHTS
CONCLUDING REMARKS
Property registrations and sales in Mumbai witnessed a sustained growth YoY in
Jan-Mar 2022. However, with the State levying an additional one percent metro
cess on property registrations starting April 1, 2022, the home buying sentiment
might take a hit in months to come. Project deliveries might also suffer amid
the rising raw materials cost as builders plan to stall or slow down the pace of
construction activities, courtesy Ukraine-Russia conflict and non-availability of raw
material through that export route. The extension of possession deadlines of the
ongoing projects might provide some respite to developers; however, the move
might not go down well with homebuyers who have had invested in these projects.
In Jan-Mar 2022, the housing sales in Mumbai
surged by 20-25 percent QoQ with units
measuring up to 500 sq ft comprising a
majority share. Price competitiveness and
the State government’s announcement to
waive the property tax on such properties in
Mumbai contributed to the growth.
Housing pockets of Mulund, Chembur and
the Andheri-Dahisar belt witnessed growth
in residential sales. The maximum demand
remained lopsided for 1 BHK units in the
budget segment of Rs 60 lakh to Rs 1.5 crore.
However, residential pockets like Wadala and
Chembur remained popular for 2 BHK units.
Goregaon, Wadala and Malad housed the
maximum share of new launches. While
Transcon Developers made a phase-wise
addition to the ongoing project in Malad,
Lodha Group and Prestige Group announced
new projects in South Mumbai in the budget
segment of Rs 4-6 crore. Among others,
Chembur East, Pant Nagar and Gulmohar
Colony also added to the new supply.
Most developers in Mumbai focused on price
negotiation rather than offering freebies
to buyers, which meant actual savings for
homebuyers. This partly led to an increased
offtake and around five percent dip in the
unsold inventory to nearly 40,000 units in the
quarter ending March 2022.
The rental market of Mumbai was seen
gaining momentum slowly in Jan-Mar 2022.
Bandra, Andheri-Dahisar belt and Lower
Parel, situated near the Central Business
District of BKC, remained the preferred
rental destinations. However, it might take a
couple of quarters for the rental market of
Mumbai to reach the pre-COVID ’ask’ rates.
RENTAL
LANDSCAPE
Key micro-markets based on consumer demand and active listings
Rental Rates
(Rs per Month)
Note: Average rental rates and supply have been calculated as per listings posted on 99acres.com in the studied quarter.
Key micro-markets have been selected based on expressions of interest raised on 99acres.com in the studied quarter.
14. CONTACT US
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captures the trends in the capital
and rental markets across top
eight metro cities – Delhi NCR,
Mumbai Metropolitan Region
(MMR), Bangalore, Pune, Chennai,
Hyderabad, Kolkata and Ahmedabad.
In order to assess the prevailing
sentiment, the report delves
deep into demand and supply of
properties across varied budget
segments and BHK configurations.
The report also gives insight into
the key micro-markets based on
consumer demand and active listings
in the rental market. While demand is
a function of expressions of interest
raised on 99acres.com, supply is
based on property listings posted on
99acres.com in Jan-Mar 2022.
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