Following the global financial crisis (GFC), the real estate environment in Mumbai has been very uncertain, with residential property prices continuing to move upward despite a considerable reduction in absorption. Meanwhile, buyers, who are eager to strike a deal, are facing issues such as high prices, lack of approvals and construction delays. At the same time, developers, desperate to push absorption, are struggling to work out a winning combination in terms of the quality of the property, amenities and pricing.
With the goal of understanding the gap between the expectations of buyers and the actions of developers, Jones Lang LaSalle (JLL) first carried out a study of more than 1,200 projects launched after 2009 in the Mumbai Metropolitan Region (MMR). In this study, we analysed the performance of the projects in terms of inventory, absorption rate, launch price and capital value appreciation across eight micro-markets in the MMR:
- EASTERN SUBURBS: Bhandup, Chandivali, Ghatkopar, Kanjurmarg, Kurla, Mulund, Nahur, Powai, Vidyavihar, Vikhroli
- NAVI MUMBAI: Airoli, Rabale, Ghansoli, Koparkhairane, Mahape, Turbhe, Vashi, Sanpada, Juinagar, Nerul, Seawoods, CBD Belapur, Kharghar, Kamothe, Kalamboli, New Kalamboli, Roadpali, Taloja, Panvel, Chiple, Adai, Karanjade, Navade, New Panvel, Ulwe, Dronagiri, JNPT, Nhava Sheva, Uran
- NORTH MUMBAI: Bandra, BKC, Juhu, JVPD, Kalina, Khar, Santacruz, Upper Juhu
- SOUTH CENTRAL MUMBAI: Byculla, Chembur, Dadar (E), Deonar, Govandi, Mahim, Matunga, Parel, Sewri, Sion, Tilak Nagar, Upper Parel, Wadala, Mankhurd
- SOUTH MUMBAI: Altamount Road, Babulnath Charni Road, Chowpatty, Cuffe Parade, Dadar (W), Elphinstone, Gamdevi, Grant Road, Hughes Road, Jacob Circle, Lower Parel, Mahalaxmi, Mazgaon, Mumbai Central, Nana Chowk, Nepean Sea Road, Pedder Road, Prabhadevi, Tardeo, Worli
- WESTERN SUBURBS I: Andheri, Goregaon, Jogeshwari, Versova, Vile Parle
- WESTERN SUBURBS II: Malad, Kandivali, Borivali, Madh Island
Findings:
- The Ultra Small category enjoys the highest absorption rate
- 23% of projects launched after 2009 are Ultra Small
- At launch, the Ultra Small Category attracts the highest premium
- The Complex Is the most preferred category
- Complex properties provide the highest price appreciation between launch and completion
Recommendations On:
- What is the Right Type to Buy?
- When is the Right Time to Buy?
Click here to download the report Perception vs. Reality: A Deep-drive Into The Mumbai Residential Market
|
No comments:
Post a Comment