MMR Real Estate Market Sees Resilient Growth Despite Challenges: Insights from CREDAI-MCHI Report
The Mumbai Metropolitan Region's (MMR) real estate market has shown remarkable resilience, with a 5% increase in housing sales in FY 2024 despite a 22% drop in new launches.
Mmr Real EstateCredai Mchi ReportHousing SalesNew LaunchesProperty ValuesMumbai Metropolitan RegionReal EstateJul 01, 2024
According to the report, the region's robust demand for residential properties is driven by significant trends and developments shaping the housing landscape. One of the key findings is the substantial 41% surge in sales in South Mumbai, driven by the redevelopment of old buildings into high-end luxury projects. Navi Mumbai follows with a 22% increase in sales, bolstered by improved connectivity and infrastructure developments such as the Mumbai Trans Harbour Link (MTHL) and Navi Mumbai Airport.
Despite these positive trends, the report notes a 63% rise in unsold inventory in Navi Mumbai, primarily due to the high volume of recent launches. The average value of housing units across MMR has also seen a steady rise, with a notable 4% increase in FY 2024 compared to the previous fiscal year. Specific regions such as Bhiwandi, Thane City, Navi Mumbai, and Mira-Bhayandar experienced a 7-12% appreciation in apartment values, with the Rest of Palghar region seeing an impressive 25% increase.
The report underscores the dynamic nature of the MMR real estate market, with significant variations in performance across different regions. For instance, while Central Mumbai recorded a 12% drop in unsold inventory, the overall MMR region saw a modest 5% increase in unsold units compared to FY 2023, indicating a balanced demand and supply scenario.
The CREDAI-MCHI report has provided critical insights into the MMR real estate market, highlighting the importance of redevelopment in driving up rental prices and affecting property sales in micro-markets. With a 36-month redevelopment timeline, sales of under-construction, secondary, and ready-to-move-in properties are expected to rise, creating new investment opportunities for flat owners.
Information
CREDAI-MCHI is a leading real estate association that represents over 1,500 developers and builders across the Mumbai Metropolitan Region. The organization aims to promote transparency, accountability, and ethical practices in the real estate sector.
CRE Matrix is a cutting-edge real estate analytics and consulting firm that provides critical market insights and data-driven solutions to stakeholders in the industry.
Frequently Asked Questions
What is the CREDAI-MCHI report?
The CREDAI-MCHI report is a comprehensive analysis of the Mumbai Metropolitan Region's real estate market, providing critical insights into trends, developments, and market performance.
What is the growth rate of housing sales in MMR in FY 2024?
According to the CREDAI-MCHI report, the overall housing sales in MMR have increased by 5% in FY 2024 compared to FY 2023.
What is driving the demand for residential properties in MMR?
The demand for residential properties in MMR is driven by significant trends and developments, including redevelopment, improved connectivity, and infrastructure developments.
Which regions in MMR have seen a significant appreciation in apartment values?
Regions such as Bhiwandi, Thane City, Navi Mumbai, and Mira-Bhayandar have experienced a 7-12% appreciation in apartment values, with the Rest of Palghar region seeing an impressive 25% increase.
What is the impact of redevelopment on property sales in micro-markets?
Redevelopment is driving up rental prices and affecting property sales in micro-markets, with a 36-month redevelopment timeline expected to rise sales of under-construction, secondary, and ready-to-move-in properties.
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