Mumbai: Real Estate Market Witnesses 60% Growth During the Lockdown

Mumbai: Real Estate Market Witnesses 60% Growth During the Lockdown

According to a report published by Liases Foras which is an independent non-brokerage firm, the real estate market in the Mumbai Metropolitan Region (MMR) saw a significant recovery during the July-September quarter. The report mentions that developers in the city registered an increase of 60 per cent in sales as compared to the previous quarter.

It is also said that while Thane saw a drop of 8 per cent, all other parts of MMR saw more than 40 per cent growth in sales. The data goes on to add that around 10,251 housing units were sold by the end of September which is up from 6,421 units sold in the June quarter. However, sales are still behind 2019’s figures with 16,945 units reportedly sold in Q2 2019. 

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The maximum growth was recorded in Navi Mumbai with the region seeing a 312 per cent increase in sales while the central suburbs of Mumbai witnessed a 120 per cent growth. The real estate market appears to be on a recovery curve as new launches in MMR have seen an increase of more than 200 per cent. However, as with the overall housing unit sales, these figures are still lagging behind the figures from 2019. 

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Managing Director of Liases Foras, Pankaj Kapoor has said that the recovery and the growth in sales are mostly due to the reduction of stamp duty by the government as well as discounts and offers provided by builders to drive sales.

Speaking on why Navi Mumbai is witnessing a growth whereas Thane is seeing a fall, Kapoor said, “Navi Mumbai offers a very broad range of price-band with homes available from Rs 3,500 per sq ft to Rs 15,000 per sq ft. In Thane, the minimum price point is Rs 8,000 per sq ft and nothing is available below that mark.”

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