Monthly Real Estate Monitor Mumbai June 2015

by JLL India

OFFICE

The month of May witnessed robust transaction activity in

Mumbai office market. Interestingly, select occupiers were seen expanding

their offices in suburban nodes of the city.

 Navi Mumbai submarket witnessed

two office building completions.

Major transactions:

Snapdeal and Integreon, both in western Suburbs

Key Precincts	Rental Value (INR per sq ft per month)	Capital Value (INR per sq ft)
Lower Parel	160–220	17,500–24,000
BKC	240–330	26,000–34,000
Andheri - Kurla Road	100–145	10,000–15,000
Goregaon-Malad	85–110	9,000–12,500
Wagle Estate	50–65	5,200–6,900

RETAIL

Healthy transactions in existing as well as new malls in

 Suburbs helped reducing the number of vacant space

 in the sub-market.

Major transactions:

Reliance Trends in Western Suburbs

Skipper Furnishings and Mom & Me, both in Eastern Suburbs

Key Precincts	Rental Value (INR per sq ft per month)	Capital Value (INR per sq ft)
Lower Parel	260–390	22,000–32,300
Malad	160–250	12,500–20,000
Ghatkopar	130–220	10,100–18,300
Mulund	125–200	9,500–15,500
Thane	100–185	8,000–14,500
Navi Mumbai	75–150	7,000–12,000

RESIDENTIAL

Mumbai residential sector saw slight fall in overall sales during month of May.

However, new launches remained stable.

Suburban locations of Mumbai remained attractive destination for the new launches.

New Launches:

Sheth Avante at Kanjurmarg

Sheth Montana at Mulund

Bhagwati Greens at Kharghar

Key Precincts	Rental Value (INR per month for a 1,000 sq ft 2BHK apartment)	Capital Value (INR per sq ft)
Lower Parel	60,000–1,10,000	25,000–40,000
Wadala	35,000–60,000	15,000–23,000
Andheri	32,000–55,000	12,500–21,500
Ghatkopar	30,000–46,000	11,500–17,000
Ghodbunder Road	12,000–25,000	6.000–9,500
Kharghar	10,000–18,000	6,000–9,000

Home buyers in Mumbai and the rest of Maharashtra are set to receive

a relief as the state government is planning to reduce the stamp duty on

residential properties spread over less than 750 square feet for the economically weaker sections(EWS), lower income groups (LIG) and middle income groups (MIG).

The stamp duty rates will be rationalised with 1% levy for houses for EWS, 2% for LIG houses, and 3% of the agreement value for MIG houses.

About JLL India..!

JLL is India’s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 6800, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, residential, hotels, health care, senior living, education and retail advisory.

The firm was named the Best Property Consultancy in India (5 Star Winner) at the International Property Awards – Asia Pacific for 2012-13. For further information, please visit www.joneslanglasalle.co.in

For more information about research, contact

Ashutosh Limaye

Head, Research and REIS +91 98211 07054

ashutosh.limaye@ap.jll.com

 Sujash Bera

Assistant Manager,

 Research +91 033 3343 6125

 sujash.bera@ap.jll.com

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