Accounting for 39% share comprising 36,000 unit launches, MMR led among the top 7 cities in terms of total new supply in Q3 2022. New launches of MMR rose by 21% against Q2 2022 and by 118% against same quarter previous year.
Amongst the three submarkets of MMR - Mumbai, Thane and Navi Mumbai – the Mumbai residential market contributed nearly 79% of new supply, followed by 15% in Thane and the rest in Navi Mumbai. Mumbai western suburbs and peripheral western suburbs saw the highest new supply within the Mumbai region, each contributing 3634 and 26% share individually.
Around 72% of the city’s new supply is in the affordable, mid-end and high-end segments, individually contributing 22%, 29% and 21% of launches in the current quarter. In the ultra-luxury segment, majorly higher ticket size new launches witnessed, approximately 2000 new units have been witnessed in the >4 crore price range and the remaining 1600 units launched in the 2.5 crore to 4 crore segment.
Sales trends
With over 26,400 residential sales recorded between July and September, the city had a minimal rise of 2% in sales volume from the prior quarter while seeing a 26% increase on an annual basis. About 72% of the residential sales in the city were in the Mumbai region, with Navi Mumbai coming in second with 16% of sales and Thane coming in third with 12%.
Looking specifically at the Mumbai market sales, peripheral central suburbs sold 39% of the homes, followed by Mumbai’s western suburbs with sales of nearly 21% of the units. The lowest number of homes were sold in South Central Mumbai in Q3 2022, accounting for 7% of all sales in the Mumbai region.
Future outlook
Notwithstanding the rising interest rates (as a result of RBI’ successive hikes in repo rates) and the soaring input costs, MMR’s residential sales and launches remained unabated in Q3 2022.
Home ownership sentiment has improved significantly since the pandemic. Because of the substantial volume of accessible inventory, capital values in the city would most likely stay range bound.
Zonal Classification
Central Suburbs: Sion l Kurla l Chembur l Wadala l Mulund l Bhandup l Kanjurmarg l Ghatkopar l Vikhroli l Powai
Western Suburbs: Andheri l Malad l Bandra l BKC l Kandivali l Borivali l Dahisar l Goregaon l Jogeshwari l Vile Parle
Navi Mumbai: Panvel l Ulwe l Taloja l Kharghar l Karanjade l Ghansoli l Airoli l Kalamboli l Kamothe l Vashi
Peripheral Central Suburbs: l Badlapur l Dombivli l Kalyan l Neral l Ambernath l Bhiwandi l Vangani l Shahapur
Peripheral Western Suburbs: Mira Road l Virar l Palghar l Boisar l Naigaon l Nala Sopara l Bhayandar
South Central Mumbai: Byculla l Worli l Parel l Lower Parel l Prabhadevi l Girgaon l Tardeo l Mahalakshmi
Thane: Kolshet Road l Pokhran Road l Kasarvadavali l Ghodbunder Road l Thane (W) l Majiwada l Balkum Pada
