Mumbai Metropolitan Region’s Thane and Mumbai Western Suburbs formed 45 per cent of the total new residential units launched in 2021. But other pockets also saw an uptick, shows Square Yards data
Navi Mumbai has emerged as a prime residential market in the last 10 years thanks to it being well planned and higher availability of relatively affordable options compared to Mumbai. Inexpensive localities such as New Panvel, Khargar, Khamothe and Ulwe offer properties within an average value of approximately Rs 4,000-7,000 per sq. ft and have become top picks for homebuyers. According to Square Yards research, during Q4 2021, more than 60 per cent of the online searches and the supply in the market were concentrated for properties in the budget brackets of Rs 30-60 lakh and Rs 60-100 lakh. Smaller configurations remained popular throughout 2021.
In the Mumbai Metropolitan Region (MMR), Thane and Mumbai Western Suburbs housed a significant portion of the new project launches. The zones collectively contributed about 45 per cent of the total new residential units launched in 2021. However, the last quarter of the year had a different story to tell.
Though MMR continued to hold its dominant position as a city, contributing about 26 per cent to the total new launches across the top six cities, the zone-wise split in Q4, 2021 differed visibly, according to Square Yards data. Unlike the third quarter of 2021, Navi Mumbai and the Central Suburbs together accounted for about half of the total share of the new launches in Q4, 2021. The October-December 2021 quarter also saw project launches in South Mumbai. The zone attracted about 16 per cent of the total new launches in the quarter, indicating a revival of the luxury real estate segment
MMR's supply and demand dynamics were not aligned, as the increased demand for big homes became very obvious in search trends. In contrast to previous quarters, a significant 63 per cent of searches were for two- and three-bedroom homes, while the market's availability remained skewed toward one-bedroom units. As a result, the developers' inventory was still being offloaded, and their offerings did not reflect changing consumer preferences. Apartments were, without a question, the most popular property type among both suppliers and house buyers. Q4 2021 accounted for 90 per cent of all online queries, while 97 per cent of the overall inventory was geared toward apartment buildings.