Most Impacted Locations In Mumbai In 2013
The year 2013 saw a roller coaster ride for the Mumbai real estate market. Due to the slow economy and high costs, property prices in most localities were almost stable without much growth. However, few other localities saw increasing property prices due to growth in demand. There were other localities which did well in terms of rental values. Here is a list of localities that had the highest impact in terms of growth in property prices.
South Mumbai and western suburbs see low growth
Due to high prices, most of the western suburbs as well as South Mumbai saw low demand. As such, there was not much growth in property prices. The localities that saw the least growth in property prices included Bandra East, Borivali West, Byculla, Cuffe Parade, Kandivali and Mahalakshmi. There was a maximum increase of up to 5% in property prices during the entire year. Current property prices in South Mumbai range between Rs. 30,000-65,000 per sq.ft. Property prices in western suburbs range between Rs. 15,000-35,000 per sq.ft.
Other areas that didn’t see much growth include Sanpada, Ghansoli, Dronagiri and Ulwe in Navi Mumbai as well as Ghodbunder Road. Property prices remained between Rs. 3,500-4,900 per sq.ft in most of these areas.
Navi Mumbai and Thane see high growth
While most Mumbai suburbs saw decrease in demand, there were localities in Navi Mumbai and Thane that saw an increase in demand and hence, an increase in property prices. This was primarily due to the fact that demand for affordable housing shifted to these localities from the expensive localities of Mumbai. Parts of Navi Mumbai and Thane which also have good connectivity to Mumbai saw the highest growth in terms of demand, project launches and prices. There were other localities which found favour from long term investors.
Areas in Navi Mumbai with high growth included Airoli, CBD Belapur, Panvel, Khandeshwar, Kharghar and Kopar Khairane. Localities in Thane included Ambernath, Badlapur, Bhiwandi, Kalyan, Dombivli, Mira Road, Majiwada, Vasai, Virar and Waghbil. Property prices in these areas vary between Rs. 3,500-11,500 per sq.ft.
Apart from Navi Mumbai and Thane, certain eastern suburbs and areas such as Mira Bhayander too did well due to improving connectivity to commercial centres. Suburbs that did well include Malad, Jogeshwari East, Bhandup, Chembur, Dahisar East and Vikhroli. Some of the eastern suburbs saw up to 25% increase in property prices.
Localities with good rental values
With the shifting of most commercial centres from South Mumbai to areas such as Bandra Kurla Complex and Lower Parel, demand for rental properties too shifted towards these areas. This led to small reduction of rental values in areas such as Church Gate. Areas well connected to these business centres such as Chembur and Parel too witnessed a good growth in rental values.
Areas that saw a good growth in rental values include Andheri Kurla Road, Carter Road, Chembur, Dadar West, Ghatkopar East, Jogeshwari East, Kurla West, Malad, Matunga East, Mulund East, Tilak Nagar and Vile Parle. Areas in Navi Mumbai and Thane such as Ghansoli, New Panvel, Sanpada, Seawoods, Dombivli, Manpada and Majiwada too witnessed good growth in rental values.
