by JLL India
Mumbai Residential Market..!
The Mumbai residential market witnessed an
improvement in sales, primarily in selected projects with a potential for
appreciation in the near term and an attractive pricing at a prelaunch stage.
There were again a good number of residential projects launched during the
month of December.
The new launches included Runwal Group’s Runwal
Elina and Runwal Serene, located in Andheri and Chembur, respectively; Rajesh
Lifespaces’ Raj Infinia, located in Malad; Kollage, located in Andheri, a joint
venture between Zire Realty and Rushi Group; Lily White, located on
Jogeshwari-Vikhroli Link Road; and Amal Group’s Aspen Garden, located in
Goregaon. Rents remained unchanged during December, with the exception of Lower
Parel, where the rents increased marginally.
The capital values moved up marginally in select
precincts of Mumbai, with selected developers adopting the strategy of pricing
on the carpet
areas.
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Residential
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Rents
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Capital Value
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Key
Precincts
|
Rs.
per month for a 1,000 sq ft 2 BHK Flat
|
Rs.
per sq ft
|
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Lower
Parel
|
87,000
to 95,000
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23,000
to 34,000
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Wadala
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40,000
to 55,000
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14,500
to 18,000
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Andheri
|
35,000
to 50,000
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11,000
to 21,000
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Ghatkopar
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35,000
to 45,000
|
9,500
to 14,000
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Ghodbunder
Road
|
12,000
to 20,000
|
5,500
to 8,500
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Kharghar
|
12,000
to 20,000
|
4,800
to 7,500
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Mumbai Retail Market ..!
High streets continued to witness improved demand
in December, with demand for the malls remaining stable. Vacancy remained
stable in the malls.
The key leases in December included Café Coffee Day
leasing space in Kandivali, Pizza Express renting space in Bandra Kurla
Complex, and Kazo taking space in Kurla. Kaul Heritage City Mall, located on
Vasai Road, became operational, with the multiplex being the major occupier in
the mall.
Whilst rents
increased marginally in select prime precincts of Mumbai such as Lower Parel
and Ghatkopar, capital values witnessed marginal appreciation in prime
submarkets of Mumbai.
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Retail
|
Rents
(mall space)
|
Capital Value
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Key Precincts
|
Rs. per sq ft per month
|
Rs. per sq ft
|
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Lower
Parel
|
250
to 350
|
22,000
to 32,000
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Malad
|
160
to 250
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12,000
to 20,000
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Ghatkopar
|
140
to 220
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10,000
to 18,000
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Mulund
|
120
to 200
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10,000
to 16,000
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Thane
|
100
to 160
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8,000
to 14,000
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Navi
Mumbai
|
70
to 150
|
7,000
to 12,000
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Mumbai
Office Space.!
The leasing activity decreased marginally in
December because of the subdued demand for office space over the past months in
Mumbai.
The vacancy increased as the Towers A and B of
Naman Midtown in Lower Parel of Central SBD, and Hubtown Solaris in Andheri
East of North SBD became operational with moderate occupancy during December.
However, the Naman Midtown project became operational with good occupancy
levels.
The key transactions during the month included
Travelex leasing space in Malad, Kone Elevators renting space in Andheri, and
Carrier taking space in Kurla. Rents remained stable during the month, except
for several precincts, such as Goregaon, Malad and Thane, where rents inched up
marginally.
Whilst Andheri, Goregaon and Wagle Estate witnessed
incremental change in the month of December, the capital value remained stable
in the submarkets.
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Office
|
Rents
|
Capital Value
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Key Precincts
|
Rs. per sq ft per month
|
Rs. per sq ft
|
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Lower
Parel
|
150
to 180
|
19,000
to 23,000
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BKC
|
250
to 350
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25,000
to 35,000
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Andheri
|
100
to 150
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9,000
to 15,000
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Goregaon-Malad
|
80
to 100
|
8,000
to 10,000
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Wagle
Estate
|
45
to 60
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5,000
to 6,000
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Thane-Belapur
Road
|
40
to 55
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5,000
to 6,000
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INFRASTRUCTURE ONGOING ..!
The Mumbai Metropolitan Development Authority
(MMRDA) is planning to inaugurate the Eastern Freeway in 2013. It is also
planning to extend the Eastern Freeway to Nariman Point through a tunnel for
better connectivity between the eastern and western corridors.
The Nariman Point-Borivali coastal road is also
under advanced stages of planning. The Maharashtra State Road Development
Corporation (MSRDC) has already planned to extend the sea link to Versova.
There are also plans to connect the Nariman Point-Borivali coastal road to
Borivali and Vasai through cable-stayed bridges.
For more information about research
Ashutosh Limaye
Head, Research and REIS
ashutosh.limaye@ap.jll.com
+91 98211 07054
Trivita Roy
Assistant Vice President, Research
trivita.roy@ap.jll.com
+91 40 4040 9100
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