Chennai: Country’s most expensive property market, the Mumbai Metropolitan Region (MMR) has seen nearly 54 per cent housing suppply priced below Rs 80 lakh, a report has said.
This has been done by real estate developers in a bid to attract home buyers with affordable offerings. Several builders are now visibly aligning their apartment configurations and supply with the budget ranges dictated by the demand.
MMR’s western and central peripheral pockets have witnessed more than 90 per cent of the launches within the affordable and mid-segment priced less than Rs 80 lakhs, showed data from ANAROCK Property Consultants.
The shift underscores a major change in Mumbai’s real estate market, which was so far dominated by high-end and luxury housing.
“Rising property prices in Greater Mumbai are leading to a natural housing demand progression towards the peripheral areas. While Mumbai’s share in overall launches in MMR declined from 71 per cent in 2013 to 67 per cent in first three quarters of 2018, Navi Mumbai has witnessed an increase in share from nine-17 per cent,” said chairman – ANAROCK Property Consultants, Anuj Puri.
Due to the expansion of city limits from Greater Mumbai to the peripheries, more than 1.8 lakh units have been launched in the western and central peripheral regions since 2013.
As of September end, nearly 0.2 million units remained unsold in the Mumbai Metropolitan Region. The region accounts for around 37 per cent of the overall unsold units across the top seven cities in India.
Unsold inventory in MMR has witnessed a growth of nearly 56 per cent till September end over 2013. Aggressive launches between 2013 till 2015 have added to the unsold stock.
However, post-2015, with restricted launches and stable absorption rates the market has reversed its trend and the unsold stock has started to decline, the report added.