The Mumbai Metropolitan Region (MMR)'s average property prices has seen a drop by 2 per cent in the first quarter of 2023. It settled at INR 19,219 per square feet, in comparison to INR 19,557 in the corresponding period last year.
At the same time peripheral micro markets like Panvel witnessed a 9% increase on YoY basis, followed by western suburbs at 6.4%.
Moreover, the region accounted for the highest share in unsold units amongst the major cities in India. Unsold inventory has been consistently rising in the region for the last few quarters, led by new project launches in the city. MMR continued to account for the maximum share in unsold inventory at 37%, followed by Pune at 13%.
However, Mumbai was the only exception since residential prices went up by 16% in Delhi-NCR, 15% in Kolkata, 14% in Bengaluru, 13% in Hyderabad, and 11% in Ahmedabad and Pune, the data showed.
Residential prices in the first quarter (Q1) of 2023:
City | Average Price Q1 2023 | QoQ Change | YoY Change | |
Ahmedabad | 6,324 |
| 2% | 11% |
Bengaluru | 8,748 |
| 6% | 14% |
Chennai | 7,395 |
| -1% | 4% |
Hyderabad | 10,410 |
| 3% | 13% |
Kolkata | 7,211 |
| 1% | 15% |
MMR | 19,219 |
| 0% | -2% |
Delhi NCR | 8,432 |
| 0% | 16% |
Pune | 8,352 |
| 0% | 11% |
Despite rising interest rates, housing prices have been on the rise led by consistent demand seen since last year in several cities. As the interest rates are now expected to have peaked, a pause in the rising repo rate paired with healthy domestic economic outlook will keep the market sentiment upbeat, said experts.
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