According to a recent report by a real estate firm, the Mumbai Metropolitan Region (MMR) has topped the list among all other cities with a maximum number of residential sales and new launches. In the report, it has been revealed that out of the total new housing supply of around 50,100 units in Q2 2018 across the top seven cities, the MMR saw the highest number of new launches, with nearly 13,600 new units that means a 59% increase against the last quarter.
Talking about residential sales, the region has a 26% hike in Q2, 2018 as compared to Q1,2018 across all the segments i.e. affordable, middle-income, luxury or ultra-luxury.
So, let’s take a look at the top micro markets within MMR, across various segments:
Rasayani: Located in Navi Mumbai, the locality saw the launch of nearly 2,410 units, with an average price of Rs 5,100 per sq ft and the average property size of 450 sq ft.
Palghar: The locality lies on the Western Line of the Mumbai Suburban Railway. Due to good connectivity and well-developed infrastructure, the area saw the launch of nearly 1,710 units, with an average price of 4,550 per sq ft and average property sizes of 380 sq ft.
Panvel: Due to its closeness to Mumbai, Panvel is the third-most active micro-market in the MMR. The region has seen the launch of nearly 1,510 units in Q2,2018. The average property price was Rs 6,700 per sq ft and the average carpet area was 380 sq ft.
Kandivali: A neighbourhood in the north Mumbai, the area is a hub for middle-class home seekers. The locality has seen as many as 2,300 units launched since 2017, with an average price at Rs 20,000 per sq ft and the average size of 390 sq ft.
Dahisar East: The locality is situated in North Mumbai and is bound by the scenic hills of National Park on the eastern side and the inlet of Manori creek and saltpans on the western side. It has seen the launch of nearly 710 units with the average price at Rs 18,000 per sq ft and size at 470 sq ft.
Shilphata: Located in the south of Mumbra in Thane District, this region is a prominent locality for mid-segment buyers. The area has seen around 530 units launched with the average price at Rs 7,800 per sq ft and sizes at 630 sq ft.
Andheri East: A posh locality of West Mumbai, Andheri East is one of the most popular locality for luxury home buyers. The area has seen the launch of nearly 2,230 units, with average price and sizes hovering around Rs 27,400 per sq ft and 510 sq ft, respectively.
Mulund West: A plush suburb in the north-east of Mumbai, the region is nestled alongside the foothills of the Sanjay Gandhi National Park with easy access to the Eastern Express Highway and Navi Mumbai through the Mulund-Airoli Bridge. The region has seen the launch of nearly 960 units, with the average price at Rs 27,400 per sq ft and average size at 650 sq ft.
Seawoods: One of the most coveted residential destinations in Navi Mumbai, the area has witnessed huge real estate development in recent time. The locality has seen the launch of more than 200 units. Average property price was at Rs 12,500 per sq ft while the average carpet area was 1,050 sq ft.
Mazgaon: A part of South Mumbai, Mazgaon is one of the seven islands of Mumbai. It is a well-developed area and several leading property developers have their projects based here. The area has seen the launch of nearly 820 units, with average price and sizes hovering around Rs 65,000 per sq ft and 950 sq ft, respectively.
Tardeo: Tardeo is a residential and commercial locality of South Mumbai, from Nana Chowk to Haji Ali Junction. The Imperial towers are a pair of residential towers in Tardeo that are the tallest complete buildings in India. The area is popular for those who want to buy ultra-luxury properties. It has seen the launch of nearly 550 units, with the average price at Rs 75,000 per sq ft and size at 800 sq ft.
Sanpada: The locality is a posh residential town in Navi Mumbai. In recent times, due to well-developed infrastructure, the area has seen the launch of more than 50 units. Average property price was at Rs 21,000 per sq ft while average carpet area was 1,250 sq ft.