In the latest joint report by Cushman & Wakefield, leading global property consultancy and Propstack, leading real estate data analytics and workflow solutions firm, the total of number of under construction residential units registered under MahaRERA are estimated at 670,339 across 5,620 projects.
Of the total units registered, as many as 350,000 units remain unsold leading to an inventory overhang of 52% as of 31st August 2017. Configurations of one and two bedrooms were the most sold, which made up over 85% of total sales. With over 50% of the current residential inventory remaining unsold, the prices of projects have been largely stable even as the momentum in launches of new projects has been slow in MMR region.
MAXIMUM DEVELOPMENT CONCENTRATED IN LOCATIONS BEYOND THANE
The report, which analyses Mumbai Metropolitan Area (MMR) projects registered with MahaRERA by August 31st, 2017, records that a total of 5,620 projects including residential and residential cum commercial projects that cover 506 million square feet (msf) of development.
Areas beyond Thane witnessed the maximum number of project launches and registration in MahaRERA at 1,835 projects constituting 33% of total projects registered. Availability of land at cheaper rate along with incentives by the government to create affordable housing have been the major reasons for many developers venturing to these locations to create large-scale residential projects at affordable pricing.
Despite, the distance from commercial hubs such as South Mumbai, Central Mumbai and BKC, micro-markets beyond Thane, have been throwing up viable residential options at multiple price points. Western Suburbs including the belt stretching from Bandra in the south to Borivali in the north saw the 1,400 projects making up 25% of the total registrations. Eastern Suburbs (18%), Navi Mumbai (12%) Thane (7%) and South Mumbai (5%) completed the rest of the table.
MORE HOMES TO GET DELIVERED ON PROMISED TIME LINES; NEARLY 76% OF ALL ONGOING PROJECTS TO BE COMPLETED BY 2020
As many as 42% of all projects registered under MahaRERA are heading towards timely completion. As many 2,300 ongoing projects have estimated on-time or before time completion, while another 2,300 projects (43%) of total projects are expected to see delays of up to 36 months as per the date. 2018 is expected to see the largest volume of the completion of under-construction projects at 1,454.