As of Q3 2018, nearly 0.2 million units remained unsold in the Mumbai Metropolitan Region, states ANAROCK Property Consultants’ latest report ‘The Peripheries – Greater Mumbai’s Future Suburbs’.
MMR accounts for around 37% of the overall unsold units across the top 7 cities in India. Unsold inventory in MMR has witnessed a growth of nearly 56% till the end of Q3 2018 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. Between 30-35% of new housing launches in the Mumbai Metropolitan Region have been its emerging suburbs,
Anuj Puri, Chairman – ANAROCK Property Consultants said, “In the process of scoping out MMR’s new real estate growth corridors, this report clearly illustrates how the 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% in 2013 to 67% in first three quarters of 2018, Navi Mumbai has witnessed an increase in share from 9-17%.”
Due to the expansion of city limits from Greater Mumbai to the peripheries, more than 1.8 lakh units since 2013 have been launched in the western and central peripheral regions.
The report provides highly granular launch, absorption, unsold housing stock and pricing data and trends, pitching MMR’s western peripheral suburbs against its western suburbs and its central peripheral suburbs vs. the central suburbs.
MMR’s western and central peripheral regions have witnessed more than 90% of the launches within the affordable and mid-segment priced less than INR 80 lakhs. This shift underscores a major evolutionary change in Mumbai’s real estate market, which was in previous years dominated by high-end and luxury housing. Overall, since 2013, nearly 54% of the supply in MMR came in < INR 80 lakhs category, with the remaining additions falling in the categories above INR 80 lakh.