Housing Sales Witness Sharp Jump in Island City of Mumbai: Report

The island city in Mumbai Metropolitan Region (MMR) has shown a sharp spike in real estate sales, revealed a report by Liases Foras. The quarterly report by the real estate research firm suggested that the far western suburbs beyond Dahisar have shown a decline in the third quarter of 2022-23. The sales witnessed an overall growth of 2 per cent in MMR, reported Hindustan Times.

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In July to September quarter of 2021-22, the Island city recorded a sale of 537 units. In contrast, 624 units saw sales in the April to June quarter of 2022-23. However, the July to September quarter of 2022-23 saw a spike to 966 units. This is not only a quarter-on-quarter increase of 55 per cent but also a year-on-year increase of 80 per cent.

The report also showed a break-up of the quarter-on-quarter and year-on-year sales. In the q-on-q, the sales in the Central Suburb from Sion to Mulund moved up by per cent whereas the central suburb extending from Kalyan to Bhiwandi, Titwala and Badlapur, showed a normal growth at 13 per cent. The real estate sales in western suburbs from Bandra to Dahisar moved up by 3 per cent. In Thane, however, the sales dropped by 27 per cent. Panvel city as well as suburbs beyond Dahisar recorded a 29 per cent and 17 per cent decline in sales.

As for unsold stock in the y-on-y report, there was a maximum jump in the number of New Mumbai and Western Suburb by 24 per cent and 22 per cent respectively.

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Other major cities including Hyderabad has seen a spike of 8 per cent in a real estate sale, followed by Kolkata which saw an increase of 7 per cent. Ahmedabad real estate sales recorded an upward movement of 4 per cent whereas Bangalore and Pune witnessed a movement of 3 per cent each.

The managing director of Liases Foras, Pankaj Kapoor, mentioned that the April to June quarter has been the best ever for residential real estate. “Discounts were offered to lead to affordability for the consumer in that quarter,” Kapoor was quoted as saying

Meanwhile, he attributed the moderately slow growth in the September quarter to interest rates for home loans going up due to the repo rate increase. The fears regarding the global economy have also been a contributing factor.

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