Table Of Contents
- Mumbai Real Estate achieves 10-Year High Peak
- Property Rates in Mumbai 2021 for Residential Property
- Builders and developers in Mumbai you need to look out for
A lot has changed during the pandemic including the Indian Real Estate Industry. While most major real estate markets saw slowdowns and declines, some major players in the real estate sector have been flourishing.
Thane and Chennai both saw a 24 percent decline, Bengaluru saw a 31 percent decline, Navi Mumbai saw a 42 percent decline, and Kolkata took the most hit with a 74 percent decline in New Launches according to a report by Emkay Global Financial Services’ Real Estate Launch Tracker.
Hyderabad, Mumbai, and Noida on the other hand showcased noteworthy increases owing to post-covid work culture changes. This phase has been the most exciting for the real estate market of Mumbai. With multimillion-dollar investments coming into the city, and several new projects being launched, anyone investing in the Mumbai property market is sure to reap great benefits.
Mumbai Real Estate achieves 10-Year High Peak
According to Maharashtra’s Inspector General of Registration, over 5553 registrations were recorded in Mumbai in the month of November. This was followed by 7582 registrations within the first three weeks of December. As a result, the total number of registrations in the country’s financial capital surpassed the mark of 1 Lakh in 2021 with one week still remaining.
The last two quarters of 2021 have shown record-breaking numbers for Mumbai every individual month. After pushing the mark of 1 Lakh registrations in a year, Mumbai has officially reached a 10-year high real estate peak.
Earlier this year, the Maharashtra Government had closed its window of reduced stamp duties. Property buyers in Mumbai initially held back and the month leading aforementioned closure, August, saw a decline in registrations. It indicated a slowdown approaching the Mumbai property market.
Homebuyers picked up pace in the festive season and the slowdown soon turned into record-breaking registrations. The state exchequer reported over INR 900 Crore in revenue on stamp duty solely from the registrations in November and the first three weeks of December.
Property Rates in Mumbai 2021 for Residential Property
As of November 2021, the price of residential properties in Mumbai, approximate price per square feet, is as follows.
Location
Price Estimate per sq. ft. | |
Colaba | ₹37,000 to ₹45,000 |
Cuffe Parade | ₹51,000 to ₹62,000 |
Nariman Point | ₹58,000 to ₹92,000 |
Churchgate | ₹48,000 to ₹52,000 |
Fort | ₹30,000 to ₹50,000 |
Ballard Estate | N/A |
Marine Lines | ₹39,000 to ₹51,000 |
Marine Drive | ₹46,000 to ₹53,000 |
Girgaon | ₹26,000 to ₹35,000 |
Walkeshwar | ₹66,500 to ₹74,000 |
Nepeansea Road | ₹55,000 to ₹75,000 |
Peddar Road | ₹44,000 to ₹54,000 |
Kemps Corner | ₹45,000 to ₹58,000 |
Carmichael Road | ₹60,000 to ₹1,00,000 |
Breach Candy | ₹55,000 to ₹75,000 |
Warden Road | ₹50,000 to ₹62,000 |
Altamount Road | ₹60,000 to ₹90,000 |
Grant Road | ₹30,000 to ₹45,000 |
Tardeo | ₹40,000 to ₹52,000 |
Mumbai Central | ₹31,000 to ₹39,000 |
Gamdevi | ₹36,000 to ₹43,000 |
Opera House | ₹22,000 to ₹40,000 |
Mahalaxmi | ₹35,500 to ₹46,000 |
Worli | ₹30,000 to ₹40,000 |
Lower Parel | ₹24,000 to ₹28,000 |
Prabhadevi | ₹30,000 to ₹37,000 |
Byculla | ₹21,000 to ₹28,800 |
Parel | ₹22,000 to ₹32,000 |
Dadar West | ₹28,600 to ₹37,000 |
Dadar East | ₹25,000 to ₹32,000 |
Sewri | ₹26,000 to ₹30,000 |
Matunga | ₹28,000 to ₹32,000 |
King Circle | ₹13,000 to ₹18,000 |
Wadala | ₹19,000 to ₹21,500 |
Mahim | ₹25,000 to ₹34,000 |
Sion | ₹16,500 to ₹21,600 |
Bandra West | ₹33,000 to ₹42,000 |
Bandra East | ₹28,000 to ₹31,000 |
Khar West | ₹33,000 to ₹39,000 |
Santacruz West | ₹29,500 to ₹38,000 |
Santacruz East | ₹19,000 to ₹26,000 |
Vile Parle West | ₹26,000 to ₹31,000 |
Vile Parle East | ₹23,000 to ₹31,000 |
Juhu | ₹30,000 to ₹40,000 |
Andheri West | ₹18,000 to ₹26,000 |
Andheri East | ₹14,000 to ₹18,500 |
Jogeshwari | ₹12,000 to ₹16,000 |
Goregaon West | ₹14,000 to ₹19,500 |
Goregaon East | ₹14,000 to ₹19,000 |
Malad West | ₹13,500 to ₹18,500 |
Malad East | ₹12,000 to ₹15,000 |
Kandivali West | ₹13,000 to ₹17,500 |
Kandivali East | ₹11,000 to ₹13,000 |
Borivali West | ₹12,000 to ₹15,000 |
Bandra Kurla Complex | N/A |
Borivali East | ₹11,000 to ₹13,500 |
Dahisar West | ₹12,000 to ₹15,500 |
Dahisar East | ₹9,000 to ₹11,000 |
Kurla | ₹10,600 to ₹14,200 |
Chembur | ₹15,500 to ₹21,500 |
Mankhurd | ₹11,000 to ₹13,000 |
Ghatkopar West | ₹16,000 to ₹18,000 |
Ghatkopar East | ₹12,400 to ₹15,500 |
Vikhroli | ₹11,000 to ₹17,200 |
Kanjur Marg | ₹11,500 to ₹14,600 |
Powai | ₹17,000 to ₹25,000 |
Bhandup | ₹11,000 to ₹12,000 |
Mulund West | ₹12,400 to ₹16,000 |
Mulund East | ₹11,000 to ₹13,000 |
Ambernath | ₹3,400 to ₹3,900 |
Dombivali | ₹5,300 to ₹6,500 |
Kalyan | ₹5,000 to ₹6,000 |
Nahur East | ₹12,000 to ₹15,000 |
Airoli | ₹8,000 to ₹9,200 |
Neral | N/A |
Koparkhairne | ₹8,800 to ₹11,600 |
Turbhe | ₹3,500 to ₹5,000 |
Seawoods | N/A |
Sanpada | ₹11,500 to ₹15,800 |
Vashi | ₹10,500 to ₹14,600 |
Juinagar | ₹8,000 to ₹10,000 |
Nerul | ₹10,600 to ₹14,500 |
Belapur | ₹8,000 to ₹10,000 |
Kharghar | ₹6,900 to ₹9,500 |
Khandeshwar | ₹5,200 to ₹6,000 |
Taloja | ₹3,800 to ₹5,500 |
New Panvel | ₹4,800 to ₹6,600 |
Kalamboli | ₹5,000 to ₹6,500 |
Ulwe | ₹4,500 to ₹5,500 |
Kamothe | ₹5,700 to ₹7,000 |
Ghansoli | ₹8,300 to ₹10,700 |
Dronagiri | N/A |
Karjat | N/A |
Rasayani | N/A |
Mira Road | ₹7,000 to ₹8,000 |
Bhayandar | ₹7,000 to ₹8,000 |
Naigaon East | ₹3,500 to ₹4,000 |
Vasai | ₹4,000 to ₹6,000 |
Nalla Sopara | ₹3,500 to ₹5,000 |
Virar | ₹4,000 to ₹5,000 |
Builders and developers in Mumbai you need to look out for
To get a good picture of how the already thriving Mumbai real estate market is on the way up you need to understand the investments cooking into it. The uptick in real estate trends for Mumbai has created a lot of interest amongst investors, local and foreign alike. A lot of big organizations are investing in the Mumbai property market by the end of 2021.
Some of the big projects and investments coming into Mumbai real estate are as follows:
1. Adani Realty bid for Ten BKC, a premium residential project next to Bandra Kurla Complex. The builder of the project, Radius Estates, and Developers had filed for insolvency leaving 400 units under construction. If accepted, this bid would give a solution to many more unfinished projects in the city.
2. Morgan Stanley Real Estate Investing and Macrotech Developers, the real estate arm of the Lodha Group, have entered into an agreement to develop 72 acres of a logistic park at Palava Industrial and Logistics Park. The early estimate of required investment has been made up to INR 600 Crores.
3. Wall-street giant Goldman Sachs is planning 2-3 Billion Dollars in Indian real estate. A sizeable chunk of this investment is supposed to enter the Mumbai property market. A report in Bloomberg suggests.
4. Birla Estates is set to launch a high-end luxury residential tower in Mumbai’s Worli. The real estate leader will be investing 1500 INR Crore in the project.
5. Tata Realty has announced the development of an INR 5000 Crore IT Park project in Navi Mumbai. The construction will be done over an area of 2-3 million square feet.
6. Arkade Group has acquired an 11.5 lakh square feet area spread across six residential projects with an investment of INR 215 Crore.
Amongst the three leading cities, Mumbai Real Estate has performed exceptionally well in the last quarter of 2021. The reduced home interest rates offered by major financers like HDFC, LIC Housing Finance, Indiabulls, ICICI Home Finance, L&T Housing Finance Ltd., and others, combined with the introduction of work from home policies and hybrid work policies are considered major factors in increased demand for homeownership.
However, these changes aren’t here to stay. With banks rolling back the decreased home loans, the benefits of buying a property post-covid are ending. Homebuyers can still hope for relief from the government as the experts expect an increase in Tax Benefits on Home Loan Principal and Interest from the 2022 Budget.
Mumbai being one of the most expensive real estate markets in the country, this might be the lowest property cost the city will see within the next decade. This makes 2022 the ideal time to invest in the real estate market in Mumbai.