Overview of Mumbai property trends

Q: How was the real estate market in Mumbai in Quarter April-June 2013?

Rakshit, Mumbai

1st August 2013

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The municipal commissioner stated that another reason for an increase in the number of proposals is the increased need for public parking, which these projects are providing along with the availability of fungible floor space index (FSI). Under certain provisions of the Development Control Regulations (DCR), a new construction on an area of over 1,000 sq-mts in the island city and over 2,000 sq-mts in the suburbs receives FSI of up to 4 if the builder has agreed to develop public parking lots and hands them over to the BMC free of cost.

Vineet Tendulkar, Mumbai

5th August 2013

Comment

According to real estate consulting firms, this is lucrative for a developer. As a developer goes higher vertically, an additional floor fetches an additional 1% in his earning, hence an increase of almost 40% for a flat on the 40th floor.

Vinay Dixit, Mumbai

5th August 2013

The technical committee, constituted in 2004, is reconstituted every three years. The current committee has received and cleared more proposals than the previous two committees. It received about 205 proposals and cleared 70% of it with three months to go before its dissolution.

Lalit Verma, Mumbai

5th August 2013

Any building of height more than 70 mts or around 22 storeys can be considered a high-rise building. The technical high-rise committee of the Brihanmumbai Municipal Corporation (BMC) cleared 62 proposals for multi-storey projects during the first half of 2013.

Vineet Tendulkar, Mumbai

5th August 2013

Comment

How many more high storey buildings are coming up in Mumbai?

Rakshit, Mumbai

5th August 2013

It had received about 76 proposals this year till June and most of the proposals had buildings with over 40 storeys.

Kishore Pathak, Mumbai

5th August 2013

The proposals cleared were mostly in the eastern suburbs and island city. Most of these projects belong to well-known developers such as Lodha Group, Nirmal Lifestyle, Omkar Builders and Orbit Corporation. Some projects are Lifestyle City and Omega by Nirmal Lifestyle, Lodha Splendora and Casa Rio by the Lodha Group.

Kishore Pathak, Mumbai

5th August 2013

The realty market in Mumbai has been dim for some time. However, the number of high-rise buildings has just grown. Several developers are launching many high-rise multi-storey projects.

Kishore Pathak, Mumbai

5th August 2013

Comment

A number of projects saw healthy construction in the previous quarter almost nearing completion in locations such as Thane and Navi Mumbai. Some projects include Rustomjee Acura and Lodha Aristo.

Ashish Bhoite, Mumbai

1st August 2013

Comment

In prominent sub-markets such as South, South Central, North and Central Mumbai where the supply of quality properties is low compared to demand, capital values went up by 4-20% in high and mid-end segments depending on the location and size of the property.

Lalit Verma, Mumbai

1st August 2013

Comment

What about the capital values in this quarter?

Rakshit, Mumbai

1st August 2013

Compared to the first quarter of 2013, capital values for high-end units in South Mumbai went up from Rs. 70,000 per sq-ft to Rs. 75,000 per sq-ft (7.1%), while rentals went up from Rs. 78,000 to 86,000 per sq-ft (10.25%) in South Central Mumbai, Rs. 58,000 to 65,000 (12.1%) per sq-ft in Central Mumbai and Rs. 40,000 to 48,000 (20%) per sq-ft in North Mumbai.

Deepankar Godbole, Mumbai

1st August 2013

Capital values for mid-segment units in South Mumbai went up from Rs. 45,000 per sq-ft to Rs. 50,000 per sq-ft (11.1%), while rentals went up from Rs. 52,000 to 58,000 per sq-ft (11.53%) in South Central Mumbai, Rs. 37,000 to 40,000 (8.1%) per sq-ft in Central Mumbai and Rs. 27,000 to 30,000 (11%) per sq-ft in North Mumbai.

Deepankar Godbole, Mumbai

1st August 2013

What are the new launches and under construction properties in Mumbai?

Padma G, Mumbai

1st August 2013

Some of the major launches in residential units in the second quarter included Indiabulls Phase II in Panvel and a high-end project in Mulund by Tata housing. Western suburbs especially in the Goregaon-Borivali belt saw a few launches. Thane too saw some major growth in residential units.

Vinay Dixit, Mumbai

1st August 2013

The number of residential units launched in Mumbai in the quarter April-June 2013, shows an increase of almost 50% compared to last quarter. One major contributor to this is a large township project in Panvel. Of the 11,000 units launched this quarter, 68% cater to the mid-end segment while 31% cater to higher end segment. No units in the affordable segment were launched this quarter.

Lalit Verma, Mumbai

1st August 2013

Comment

Approximately 38% launches were concentrated in Navi Mumbai while 22% were in western suburbs. The rental values of properties remained stable in this quarter with stable demand for rental housing.

Sankalp, Mumbai

1st August 2013

The commercial office sector saw a net absorption of approximately 1.62 million sq-ft in this quarter, which is twice of that of previous quarter. Take-ups were majorly in Thane-Belapur Road (42%), Malad/Goregaon (16%), Andheri (15%) and Thane (15%). The growth was driven by pharmaceuticals, IT/ITeS and media sectors.

Sankalp, Mumbai

1st August 2013