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PropIndex | Magicbricks
Residential Market Insights
Peripheral areas to drive Mumbai's growth post lockdown
Mumbai market, which is India's costliest market, has been facing stagnation for quite some time. The lockdown hasresulted in further decrease at demand as well as supply level. But the market mostly remained intact with onlymarginal price decline of 0.8% in Q2 2020.
However, both the government and developers have undertaken various initiatives to fend off further slowdown inthe market. State government reduced the stamp duty from 6% to 5% till March 2022 while developers extendedsupport in the form of discounts, deferred payment plans, full refund in case of cancellation, digital site visits andhome tours, and online booking options. These initiatives, along with infrastructure projects like metro and plannedsea-link are expected to drive the future of the real estate market.
5 YearChange YoY QoQ
-0.8%-2.2%-4.1%
5 YearChange YoY QoQ
-1.4%-2.2%5.1%
"Prices ofunder-constructionsegment fell 1.4% thisquarter, while growingmarginally by 5% in thelast five years"
MumbaiApr-Jun 2020
Parameters India Mumbai
Demand+ -27% -37%Supply++ -43% -53%Price Index+++ -1.5% -0.8%
"Mumbai'sready-to-move markethas posted negativereturns in the last 5
years"
Notes:Above parameters represent QoQ change in Q2 2020 atIndia and city level + change in the volume of property searches ++ change in the volume of active listings +++ change in the weighted average price
Source: Magicbricks Research
Lodha Group
Runwal Developers
Kanakia Spaces Realty
Oberoi Realty
The Wadhwa Group
Kalpataru
Rustomjee
Godrej Properties
JP Infra
L&T Realty
Raheja Exotica Madh
Marine Drive Marine Drive
Omkar 1973 Worli
Lodha Park Worli Sea Face
Dharti Nivas Virar East
Beau Monde Prabhadevi
Raheja Sorento Madh
Oberoi Springs Lokhandwala Complex
Imperial Towers Tardeo
Lodha Altamount Altamount Road
Average changes in prices for localities in various price segments
Market Dynamics
Ready to Move Price Index
Under Construction Price Index
- Metro Line 2 (DN Nagar-Dahisar)nearing completion would result in ahigher demand from localities along theWestern Express Highway.
- Mumbai Trans Harbour Link expectedto be completed by 2022, to support anincreased demand for Sewri and othercoastal areas in South Mumbai.
- Western suburbs from Bandra toVersova expected to see a rise indemand, ascribed to theBandra-Versova Sea Link, expected tobe operational by 2023.
"Most price segmentswitnessed a price
decline for the quarter"
Key Trends to Watch Out
2014
2015
2016
2017
2018
2019
2020
10,000
15,000
20,000
25,000
2014
2015
2016
2017
2018
2019
2020
10,000
15,000
20,000
25,000
Price Bracket (INR per sqft)
< 10,000 10,000-15,000 15,000-20,000 > 20,000
RM UC RM UC RM UC RM UC
-0.4%-0.7%
-3.0%
0.4%
-1.3%-1.0%
-0.3%
-0.7%
Key Projects
Key Developers based on activelistings
Project Name Locality
Average Price INR per sqft
Average Price INR per sqft
Note: The above table represents the top developers byshare of active listings on Magicbricks website in Q2 2020
Source: Magicbricks Research
Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q2 2020
Source: Magicbricks Research
Notes:1. Ready to move price index represents the weighted average price of completed properties on Magicbricks website as on June 20202. The trend line represents the average prices of dominant asset class in each locality of the city. Source: Magicbricks Research
Note:1. Under-construction price index represents the weighted average price of under-construction properties on Magicbricks website as on June 20202. The trend line represents the average prices of dominant asset class in each locality of the city.
Source: Magicbricks Research
Note:Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties for dominant asset classes in each locality under various pricebuckets as on June 2020
Source: Magicbricks Research
Page 1© magicbricks.com
1 BHK37%
2 BHK33%
3 BHK19%
Above 3 BHK11%
DEMAND
Demand Supply Analysis Mumbai | Apr-Jun 2020
Demand for luxury segment matches the supply
1 and 2 BHKs dominate the costly Mumbai marketWestern suburbs are the primedrivers of Mumbai's residentialmarket
Smaller sized homes of 1 and 2 BHKconfigurations are most preferred in Mumbai,with these very configurations making up around70% of the city's demand as well as supply.
"1 and 2 BHKs with prices lessthan INR 10,000 per sqft is themajor criterion of propertysearches in Mumbai"
- Affordablity played a major deciding factor forbuyers in Mumbai, with houses below INR 10,000per sqft making up majority of the demand,representing the peripheral areas of Mira Road,Bhayandar, Vasai, Naigaon, and Virar. Direct railand road connectivity to the major IT/ commercialhubs in western and southern Mumbai, drive thegrowth in these areas.
- Also, the key 'INR 10,000-20,000 per sqft'market in Mumbai is facing a demand-supplymismatch, as the segment contributed to 31% ofthe demand but 41% of the city's supply.
- The western suburbs from Andheri to Dahisarreceived strong demand owing to the presence ofemployment hubs nearby. Moreover, with theMetro line 2 expected to be operational within ayear, these western suburbs would continue togarner demand in future.
Top Micromarkets by consumersearches
Propensity of demand and supply in terms of searches andlistings by localities
1 BHK30%
2 BHK41%
3 BHK23%
Above 3 BHK6%
SUPPLY
15,000-20,00024%
10,000-15,00017%
> 20,00028%
< 10,00031%
SUPPLY Price buckets in INR per sqft
Top Micromarkets by active listings
15,000-20,00017%
10,000-15,00014%
> 20,00026%
< 10,00043%
DEMAND Price buckets in INR per sqft
Notes:1. Demand represents property searches on Magicbricks website during Q2 2020, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q2 2020, segregated by BHK configuration
Source: Magicbricks Research
.Notes:1. Demand represents property searches on Magicbricks website during Q2 2020, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q2 2020, segregated by price buckets
Source: Magicbricks Research
Note:1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) forproperties in the localities on Magicbricks website in Q2 20202. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by their active listings onMagicbricks in Q2 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Note:1. Top micro-markets of the city, ranked by number of searches onMagicbricks in Q2 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.
Source: Magicbricks Research
Vasai West
Colaba© OpenStreetMap contributors
Demand/SupplyDemand
Beyond Mira Road 3350 - 7350
Mira-Bhayandar 6150 - 10550
Malad-Kandivali 10200 - 23150
Andheri West 9150 - 31050
Worli-Lower Parel 24700 - 51450
Borivali-Dahisar 9150 - 23450
Goregaon 7200 - 27050
11
32
23
44
55
66
77
Malad-Kandivali 10200 - 23150
Mira-Bhayandar 6150 - 10550
Beyond Mira Road 3350 - 7350
Goregaon 7200 - 27050
Andheri West 9150 - 31050
Borivali-Dahisar 9150 - 23450
Mulund 13350 - 20850
11
22
33
44
55
66
77
Micro-Market Price Range Rank Rank Q2-20 Q1-20
Micro-Market Price Range Rank Rank Q2-20 Q1-20
Page 2© magicbricks.com
Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q2 20202. Color of the bubble represents price change in Q2 2020, with green color representing price increase and red color price decrease.3. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
LocalityAvg.Price
PriceChange
Virar East
Nalasopara West
Nalasopara
Virar
Nai Gaon
Naigaon East
Virar West
Vasai East
Nalasopara East
Vasai
Kalyan
Vasai West
Panvel
Dombivli West
Hatkesh Udyog
Kamothe
2.2%
-3.0%
-0.8%
2.9%
0.7%
-5.8%
0.3%
-1.7%
-1.4%
0.9%
-1.4%
-2.2%
-1.7%
-1.9%
-0.7%
-3.9%
0.6%
-0.9%
3.9%
-1.4%
-1.6%
0.5%
0.3%
-1.7%
-1.1%
8,538
8,456
8,325
8,300
8,281
8,269
8,177
8,030
7,915
7,676
7,534
6,811
6,725
6,174
6,017
5,402
5,058
5,040
4,960
4,875
4,864
4,851
4,777
4,612
4,469
< INR 10,000 psf INR 10,000-15,000 psf INR 15,000-20,000 psf > INR 20,000 psf
Price Analysis Mumbai | Apr-Jun 2020
- Price increment in Mumbai was mostly concentrated along the western suburbs, with localities from Goregaon to Virar witnessing mild price increments.
- Prime localities in South Mumbai like Byculla, Wadala, and Worli witnessed the highest price decline of 4-7%. Source: Magicbricks Research
LocalityAvg.Price
PriceChange
Malad East
Kurla West
Devi Pada
Film City Road
Thakur Complex
Vikhroli West
Kandivali West
Malad
Dahisar West
Akurli Nagar
Link Road
Kandivali
Asha Nagar
Dhanukar Wadi
Malad West
Kanjurmarg East -2.3%
0.8%
-6.4%
-4.4%
-0.5%
-7.5%
-1.8%
2.0%
-0.1%
-1.6%
1.4%
-2.5%
1.2%
0.0%
0.1%
-1.1%
15,779
15,774
15,749
15,715
15,692
15,676
15,645
15,562
15,432
15,396
15,378
15,376
15,363
15,208
15,070
15,049
Locality Avg. PricePrice
Change
Veera Desai Road
Bhakti Park
Ghatkopar East
Shastri Nagar
Wadala
Wadala East
Vakola
Vikhroli East
Andheri
Santacruz East
Kalina
Central Area
Sion
Yeshodham
Andheri Link Road
Andheri West
7.0%
7.5%
-2.7%
-1.3%
4.1%
0.1%
-0.9%
-3.2%
7.5%
-6.4%
-4.5%
-1.2%
-2.7%
0.9%
-3.6%
-4.1%
4.0%
-7.5%
2.3%
-7.2%
-1.5%
-0.8%
-7.5%
-3.8%
1.1%
-3.9%
-1.7%
-1.9%
1.9%
6.6%
7.5%
-5.3%
-2.3%
-1.2%
3.7%
-1.7%
0.0%
-7.5%
1.7%
3.4%
6.9%
4.4%
-2.2%
3.6%
-0.3%
0.0%
-1.4%
-7.4%
7.5%
-4.2%
-2.1%
0.0%
7.5%
-4.6%
-4.0%
-4.8%
0.2%
-6.6%
-7.5%
-0.2%
62,004
60,737
51,913
47,119
40,818
37,823
37,561
37,493
36,296
36,197
34,885
34,842
34,431
33,455
33,420
33,213
33,205
32,822
31,055
30,992
30,961
30,637
30,304
30,214
30,134
30,080
29,742
29,549
29,306
29,180
29,084
28,582
27,681
27,001
26,680
26,640
25,947
25,488
25,345
25,340
23,659
23,376
23,057
23,047
22,838
22,774
22,382
22,370
22,133
22,012
21,756
21,063
20,861
20,791
20,723
20,689
20,481
20,345
20,266
20,132
Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q2 2020. This is an interactive table available on Magicbricks.com under Propindex section.2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder floor segment, after removing the outlier properties that might distort the overall prices.3. The four tables above categorize the localities in various price buckets.4. The color of the numbers represent the price change in Q2 2020, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research
Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not acceptany liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.
Q2 2020 Price changes for the city's major localities
LocalityAvg.Price
PriceChange
Aarey Milk Colony
Thane
Vaishali Nagar
Dahisar East
Dahisar
Kurar Village
Jankalyan Nagar
Charkop
Lokhandwala Twp
Bhandup
Bhandup West
Kurla East
Gorai
Dindoshi 7.2%
-1.3%
-1.9%
-0.8%
-1.0%
-2.9%
2.4%
-3.9%
-7.5%
3.0%
5.2%
5.0%
-5.2%
7.5%
14,778
14,766
14,686
14,526
14,460
13,852
13,819
13,326
13,122
12,800
12,186
12,164
11,629
10,056
Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Deepak Rajput | Sr. Research [email protected] [email protected] [email protected] [email protected]
Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.
For more information and research related queries, please contact:
Dombivli West-2.2%
Cuffe Parade-2.7%
Panvel-1.7%
© OpenStreetMap contributors
-7.5% 7.5%
-5% -2.5% 0% 2.5% 5%
Page 3© magicbricks.com