Residential..!
Residential
sales acitivity was moderate during January, 2013. However, few developers in
select projects started offering limited period discount on the market price to
lure buyers & improve the sales. Astoria 1 by Saaga Infra in Borivali, My
World by Lotus Group in Wadala and World in Towers by the Legend Siroya and
Unity Group joint venture (JV) in Oshiwara were the new launches during the
month.
Rents
remained stable over the month, with capital values observing marginal
appreciation compared to the previous month in select precincts such as Wadala,
Ghodbunder Road and Kharghar.
|
Residential
|
Rents
|
Capital
Value
|
|
Key
Areas
|
Rs. per
month for a 1,000 sq ft 2 BH flat
|
Rs. per
sq ft
|
|
Lower
Parel
|
87,000
to 95,000
|
23,000
to 34,000
|
|
Wadala
|
40,000
to 55,000
|
14,500
to 19,000
|
|
Andheri
|
35,000
to 50,000
|
11,000
to 21,000
|
|
Ghatkopar
|
35,000
to 48,000
|
9,500 to
14,000
|
|
Ghodbunder
Road
|
12,000
to 20,000
|
5,500 to
9,000
|
|
Kharghar
|
12,000
to 20,000
|
4,800 to
8,000
|
The
Maharashtra government has increased the ready reckoner rates in Mumbai by 18
to 20 %, leading to an increase in the residential properties’ base value.
Retail..!
Net
absorption increased in the month of January on the back of improved business
sentiment following a policy change to allow foreign direct investment (FDI)
into multi-brand retailing, decreasing the overall vacancy rate in select
quality malls.
High streets
continued to see healthy activity in the city’s select precincts. Barbie
leasing space in Infiniti II Mall in Malad, Nike renting space in Colaba High
Street and Raiara taking up space in R City Mall in Ghatkopar were some of the
major transactions in January, 2013.
|
Retail
|
Rents
(mall
space)
|
Capital
Value
|
|
Key
Areas
|
Rs. per
sq ft per month
|
Rs. per
sq ft
|
|
Lower
Parel
|
250 to
375
|
22,000
to 32,000
|
|
Malad
|
160 to
250
|
12,000
to 20,000
|
|
Ghatkopar
|
140 to
220
|
10,000
to 18,000
|
|
Mulund
|
120 to 200
|
10,000
to 16,000
|
|
Thane
|
100 to
160
|
8,000 to
14,000
|
|
Navi
Mumbai
|
70 to
150
|
7,000 to
12,000
|
There
were no new completions during this month. Rents increased slightly in the
Prime South and the Suburbs submarkets, but remained stable in the Prime North
submarket. Capital values inched up marginally across all the submarkets with
higher growth in the Suburb submarket.
Office..!
The
office sector witnessed moderate leasing activity in January, 2013 as occupiers
were adopting a wait & watch approach on their expansion plans ahead of the
Union Budget announcement in February 2013.
However,
the SBD Central submarket witnessed healthy leasing activity over the month.
Vacancy in the SBD North submarket increased, as projects that became
operational in the month witnessed subdued demand with low level of
absorptions.
The
overall vacancy in office spaces increased marginally in the month of January,
2013. Major transactions included Ratnakar Bank leasing additional space in
Phase 1 of Techniplex in Goregaon and SBI renting space in the Air India
Building in Nariman Point.
Hubtown
Solaris in the SBD North submarket and First International Financial Centre in
the SBD Bandra Kurla Complex (BKC) submarket commenced operation in January
with moderate pre-commitments. Rents remained unaltered over the month.
|
Office
|
Rents
|
Capital
Value
|
|
Key
Areas
|
Rs. per
sq ft per month
|
Rs. per
sq. ft
|
|
Lower
Parel
|
150 to
180
|
19,000
to 23,000
|
|
BKC
|
250 to
360
|
25,000
to 35,000
|
|
Andheri
|
100 to
150
|
9,000 to
15,000
|
|
Goregaon-Malad
|
80 to
100
|
8,000 to
10,000
|
|
Wagle
Estate
|
50 to 65
|
5,000 to
6,000
|
|
Thane-Belapur
Road
|
40 to 60
|
5,000 to
6,000
|
No major
movements in capital values were recorded across the submarkets, except in the
SBD BKC submarket, where marginal growth was witnessed.
INFRASTRUCTURE
ONGOING..!
The state government's plan to upgrade
Mumbai's transportation infrastructure has received a boost with the
recommendation of the Versova-Bandra sea link project, for coastal regulation
zone (CRZ) clearance by the Expert Appraisal Committee of the Ministry of
Environment and Forests (MoEF).
The
Maharashtra State Road Development Corporation (MSRDC) is the nodal agency for
the proposed 10 km sea link project
For more information..!
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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