mumbai real estate by 99acres
TRANSCRIPT
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InsiteJAN-MAR 2016
acres99India’s No.1 Property Portal
Mumbai
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03
04
05
0607
08
09
1014
From Narasimha’s Desk
Mumbai vs. Other Cities
Union Budget 2016-17 in Focus
Mumbai SWOT Analysis
Capital and Rental Analysis – MMR
Capital and Rental Analysis – Navi Mumbai
Capital and Rental Analysis – Thane & Beyond
Supply Analysis
Annexures
Methodology
99acres Insite studies and analyses the top seven real
estate markets of India - Delhi NCR, Mumbai, Bangalore,
Pune, Chennai, Hyderabad and Kolkata. It captures the
quarterly capital trends and annual rental data for various
property types – apartments, land and builder oors.The report delves into the supply of residential inventory
in each city, basis property type, budget brackets, unit
conguration and construction status. The supply analysis
is a function of variations observed in the number of
listings posted on 99acres.com.
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Indian real estate stands at the pinnacle of a turning
point. The Jan-Mar 2016 quarter has rearmed this as
the market has started moving away from shadows of
the slowdown that were looming over the sector in 2015.
The latest quarter marked the onset of a revival in demand
and prices across top metros.
The Union Budget 2016-17 has further fuelled the
recovery process by aligning large-scale funding towards
infrastructure, initiatives to promote aordable housing
and rise in realty investment via implementation of REITs.
The transition will be quicker if interest rates fall further
and if greater tax shields are made available for rst-time
home buyers.
Narasimha Jayakumar
Chief Business Ocer
99acres.com
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NEW DELHI
KOLKATA
PUNE
HYDERABAD
Capital Values
Rental Values
Supply
Vashi1%
Andheri (East)2%
Malabar Hill1%
Mira Road-1%
Ghodbunder Road-1%
CHENNAI
BANGALORE
MUMBAI
Lower Parel0%
Kharghar0%
Chembur7%
Ulwe1%
* Capital values represent quarterly change
* Rental values represent yearly change
* Supply is basis properties listed on 99acres.com
Infra upgrades and focus
on affordable housing
buoys market sentiment
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• Tax exemption of 100 per cent
for houses up to 30 sq mt in
metro cities and 60 sq mt in
other cities
• Funding of over Rs 5,000 crore
for 300 urban clusters planned
across the country under Shyama
Prasad Mukherji Rurban Mission
Reinforcement of Aordable Housing
Promotion of Real Estate Investment Trusts (REITS)
• Removal of Dividend
Distribution Tax (DDT) has
made REITs nancially viable
for investors
• The exemption would make
REITs a preferred form of
asset-backed investment,
oering prot and protection
Boost to Infrastructure & Other Developments
• Allocation of Rs 97,000 crore
for development of roads
to award 10,000 km of new
road projects in FY 2016-17
• Fund allocation of over
Rs 3,000 crore for 100 smart
cities by 2020, and over
Rs 4,000 crore for AMRUT
Initiatives for an Organised Industry
• Allocation of Rs 150 crore
for digitization of land
records to usher trans-
parency in the market
• Relaxation of FDI norms
to boost overseas
investments and promote
organised growth
Relief to Urban Dwellers
• HRA claim limit
increased from Rs24,000 to Rs 60,000
per annum
• Tax rebate of Rs
50,000 on interest ofloans up to Rs 35 lakh,
for rst-time buyers
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• Localities in Navi
Mumbai and Thane
harvested maxi-
mum traction due
to aordability.
• State plans to
develop nearly six
lakh units under the aordable housing
scheme; developers buidling such
projects to get nancial support.
• As a part of infra development, a budget
of Rs 6.6 crore allocated for metro andmonorail expansion; development of
Mumbai Trans Harbour Link and other
road networks.
• Leads and con-
versions remained
low; daily property
registrations stood
at 30-50 cases only.
• Only 40,000
new housing units
launched in Mumbai in FY 2015-16, a 35
per cent drop YoY.
• Thane Municipal Corporation proposed
a 10 per cent hike in property tax.
• Developers deferred new project
launches due to uncertainty looming
over Mumbai development plan 2034.
• Absorption in
the luxury segmentis under pressure
due to high price
points and limited
buyer base.
• Two-third of
Mumbai’s unsold inventory is priced
over Rs 1crore and above.
• Despite low transaction volume, it is
dicult for developers to cut down
prices due to high construction costs.
• Delayed land approvals might hinder the
mission of constructing 5 lakh aordable
homes in Mumbai by 2019.
• The city is wit-
nessing numer-ous private equity
investors focussing
on residential and
oce projects.
• In a bid to fast
track stalled infrastructure projects, the
state oered incentives to owners in
Thane to acquire land parcels.
• Low-budget housing units, measuringaround 500 sq ft and priced around Rs
20 lakh, in suburbs such as Bhiwandi,
Neral, Badlapur and Palghar
garnered interest from end users.
Strength Weakness
Opportunity Threat
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% C
h a n g e
6
Chandivali
Colaba
Mira Bhayandar
Powai Mira Road
2
4
0
12
14
16
18
8
10
Locality
% C
h a n g e
3
Chembur Santacruz (West)
Colaba
Breach Candy
Powai
1
2
0
6
7
8
9
4
5
Locality
• More than 40 per cent of the localities in
MMR recorded a positive trend in capital
values. Those in central suburbs and
Andheri-Dahisar region were the major
contributors towards this growth.
• Multiple yovers, proposed lengthening
of the Santacruz-Chembur Link Road
(SCLR) and progress on Chembur-Wadala
monorail resulted in a signicant rise of
seven per cent in average capital values of
Chembur in the last two quarters.
• The SCLR also had an impact on the ‘ask’
rates in Santacruz West, pushing them up
to nearly Rs 39,000 per sq ft from almost
Rs 36,000 per sq ft in Oct-Dec 2015.
• Work on multiple metro lines boosted
capital prices in areas like Gokuldham,
Malad West, Andheri East and Borivali.
• The rental market of MMR registered a
YoY growth of two per cent (Jan-Mar 2016
over Jan-Mar 2015).
• Localities with rental values lower thanRs 50,000 per month made it to the
list of best performing regions. Central
suburbs such as Chandivali and Powai
topped the rental charts and registered
a yearly rise of 13 per cent and
12 per cent, respectively.
• A ordability drove demand in Mira
Road and Mira-Bhayandar Road. These
locations recorded an upward trend of
10 per cent each, YoY.
• Leasing activity in Andheri and Bandra
continued with the same gusto and these
localities noted a yearly increase of four
per cent each in average rental values.
Capital Analysis Rental Analysis
APARTMENTS APARTMENTS
* Rental values represent yearly change* Capital values represent quarterly change
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• Navi Mumbai has gradually lost its USP of
being an aordable alternative to Mumbai
with prices doubling in the last few years.
The minor uctuations in the residential
capital graph could be attributed to
market dynamics.
• Capital growth in the zone remainedstagnant with the highest grossers
clocking a rise of just 2-3 per cent in Jan-
Mar 2016 against Oct-Dec 2015.
• Aordable locations such as Khandeshwar
and Dronagiri recorded capital growth of
three per cent each in property prices.
• A few transactions that took place in
projects by established developers led a
rise in capital values across prime areas
such as Palm Beach and Seawoods. Both
the localities recorded a rise of two per
cent each during Jan-Mar 2016 against
the last quarter of 2015.
• Unlike the capital market, which remained
under pressure, the rental market in Navi
Mumbai showed some promise. Localities
away from the city centre, oering cost-
eective rental options, witnessed higher
demand and posted some yearly growth.
• Landlords have been exploiting thespeculation around the Navi Mumbai
airport to quote high rents for quite some
time now. However, the market seems
to have stagnated, at least in the central
parts of the sub-city.
• Rentals in New Panvel posted a yearly
hike of 15 per cent in the last one year.
Demand has surged due to aordable
rental values in the area.
• Rental markets of Kharghar, Taloja
and Kamothe also picked up steam on
the back of relative aordability and
registered a 5-12 per cent hike YoY.
% C
h a n g e
6
New Panvel
Palm Beach Taloja
Kharghar
Kamothe
2
4
0
12
14
16
18
8
10
Locality
% C
h a n g e
Locality
Khandeshwar
Dronagiri
Koperkhairane
Palm Beach
Seawoods
1
0
3
4
2
Capital Analysis Rental Analysis
APARTMENTS APARTMENTS
* Rental values represent yearly change* Capital values represent quarterly change
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• Infrastructure upgrades instilled signs of
revival in Thane and the housing market
here has started looking up.
• Some of the proposed infra projects
include the fourth phase of the metro and
an underground tunnel from Manpada to
Borivali via Ghondbunder Road.• Improving connectivity surged the
location attrativeness index of localities
along Ghodbunder Road. Patlipada and
Panch Pakhadi recorded a growth of six
and ve per cent, respectively in Jan-Mar
2016 over Oct-Dec 2015.
• Thane continued to garner steam in the
aordable and mid housing segments.
Both Kalyan East and West recordedrobust demand as values hovered below
Rs 6,000 per sq ft. Capital values in the
locations grew by ve per cent each.
• Renting a home in Thane has become
more nancially viable due to soaring
capital values. The resultant is a thriving
rental market, which has recorded a rise
of four per cent in average values YoY.
• Relative aordability, proposed infra
projects and presence of well-endowedprojects have enhanced Thane’s rental
landscape in the last few years.
• Similar to the capital market, locations
along Ghodbunder Road performed well
in the rental segment too. On the back of
metro expansion and aordable prices,
Kasarvadavali posted a signicant rise of
13 per cent in values, while Waghbil noted
a modest hike of ve per cent YoY.
• Ambernath and Badlapur recorded a 13
and eight per cent rise, respectively, on
the back of aordable rental options.
% C
h a n g e
6
Kasarvadavali
Badlapur
Dhokali
Ambernath
Waghbil
2
4
0
12
14
16
18
8
10
Locality
% C
h a n g e
3
Patlipada
Panch Pakhadi Ulhasnagar
Kalyan (West) Kalyan (East)
1
2
0
6
7
8
9
4
5
Locality
Capital Analysis Rental Analysis
APARTMENTS APARTMENTS
* Rental values represent yearly change* Capital values represent quarterly change
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New launches were largely concentrated in the fringes of Thane and Navi Mumbai as
developers shifted their focus from luxury properties to aordable and mid-segment
housing segments. Small ticket sizes were popular even in MMR, wherein supply of
mid-segment properties dropped owing to improved absorption in the segment.
By Property Type
• Apartments formed the bulk of residential inventory in all zones except Thane and
Beyond, where residential land captured more than 60 per cent share of supply. MMR
continued to record the highest availability of apartments among all zones.
• Multiple new launches in Navi Mumbai, particularly in the aordable segment, inched
the supply up by one to three per cent in all categories except land. Ready-to-occupy
units formed more than 80 per cent of the inventory in the builder oor and house/
villa categories, while only about 60 per cent of the supply of society apartments was
ready-to-move-in.
% C
h a n g e
30
Oct-Dec2015
Residential Apartments
50%
29%
21%
31%
20%
Builder Floors Independent Housesand Villas
Residential Land
Jan-Mar2016
Oct-Dec2015
Jan-Mar2016
Oct-Dec2015
Jan-Mar2016
Oct-Dec2015
Jan-Mar2016
10
20
0
60
70
80
90
100
40
50
MMR Navi Mumbai Thane and Beyond
49% 45%
22%
33%
25%
30%
45% 51%
20%
29%
21%
26%
53%
25%
20%
55%
19%
20%
61%
BY PROPERTY TYPE
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By Budget
• Supply has largely remained stagnant in MMR across all budget categories except for
properties in the budget range of Rs 60 lakh to Rs 1 crore. A slight drop of three per
cent was recorded in this category, indicating a few absorptions in this price bracket in
the last two quarters.
• On the back of several new launches by established developers, particularly in the
fringes, Navi Mumbai noted a rise in supply of housing inventory in almost all budget
ranges expect for the ultra-luxury segment. A rise of one to four per cent was noted
across all categories with high-income housing registering the maximum growth.
• Aordability ensured healthy traction in locations in Thane and beyond. This coupled
with limited number of new launches resulted in a slight drop in housing inventory in
Jan-Mar 2016, even though the zone has recorded the maximum unsold inventory.
% C
h a n g e
30
Oct-Dec2015
Jan-Mar2016
10
20
0
60
70
80
90
100
40
50
MMR Navi Mumbai Thane and Beyond
37%
31%
32%
33%
30%
37%
Oct-Dec2015
Jan-Mar2016
28%
48%
24%
49%
23%
28%
Oct-Dec2015
Jan-Mar2016
23%
41%
36%
22%
45%
33%
Oct-Dec2015
Jan-Mar2016
58%
21%
21%
23%
19%
58%
Oct-Dec2015
Jan-Mar2016
89%
5%
6%
89%
5%
6%
Affordable Housing(Within Rs 40 Lakh)
Mid-Income Housing(Rs 40-60 Lakh)
High-Income Housing(Rs 60 Lakh - Rs 1 Crore)
Luxury Housing(Rs 1-2 Crore)
Ultra-Luxury Housing(Rs 2 Crore and Above)
BY BUDGET
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By Conguration Type
• MMR and Thane witnessed a drop in supply of smaller congurations. The supply of
1BHK and 2BHK units dipped by one to two per cent in Jan-Mar 2016 as against the
last quarter of 2015. On the other hand, Navi Mumbai witnessed a rise in supply
across all congurations.
• The 2BHK conguration continued to capture the highest market share in both MMR
and Navi Mumbai, while 1BHK units were more popular in Thane.
• Interestingly, in MMR and Thane, majority of the houses and builder oor units
were congured as 1BHKs, indicating the dearth of developable land in the main
areas of the city.
% C
h a n g e
30
Oct-Dec2015
45%
30%
25%
33%
23%
Jan-Mar2016
Oct-Dec2015
Jan-Mar2016
Oct-Dec2015
Jan-Mar2016
Oct-Dec2015
Jan-Mar2016
10
20
0
60
70
80
90
100
40
50
MMR Navi Mumbai Thane and Beyond
44%46%
33%
21%
36%
19%
45%
63%
19%
18%
19%
17%
64%
77%
12%
11%
76%
13%
11%
1BHK 2BHK 3BHK 4BHK
BY CONFIGURATION TYPE
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By Construction Status
• Across the city, ready-to-move-in units were more common across all zones as
compared to under-construction units. This indicated that new launches are
still sparse in the city and sentiments continue to be under pressure for
under-construction projects.
• Out of the total ready properties available in Mumbai, almost half were present in
MMR. Thane also witnessed a marginal drop in the share of ready units during the rst
quarter of 2016.
• Navi Mumbai registered an improvement in the share of both ready as well as under-
construction properties, insinuating a few launches in the city in Jan-Mar 2016.
Ready to Move
50%50%
29%
21%
32%
18%
Under Construction
Jan-Mar 2016 MMR Thane and BeyondNavi Mumbai
Oct-Dec 2015 MMR Thane and BeyondNavi Mumbai
50%
28%
22%
48%
31%
21%
BY CONSTRUCTION STATUS
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Capital Values
Mumbai Metropolitan Region (MMR)
Local ity Jan-Mar 2016 % Change Locality Jan-Mar 2016 % Change
RESIDENTIAL APARTMENTS
RESIDENTIAL APARTMENTS
Andheri (East) 18500 2
Andheri (West) 22300 2
Bandra (East) 27550 -2
Bandra (West) 45700 -2
Bhandup (East) 12000 0
Bhandup (West) 14900 -1
Bhayander (East) 7550 1
Bhayander (West) 8100 1
Boisar 3200 -6
Borivali (East) 16050 0
Borivali (West) 16483 2
Breach Candy 65000 6
Byculla 24750 -1
Chembur 16250 7
Colaba 43775 4
Cue Parade 65300 1
Dadar 37800 2
Dahisar 10100 1Ghatkopar (East) 17000 1
Ghatkopar (West) 20250 3
Goregaon (East) 17700 -2
Goregaon (West) 17100 0
Jogeshwari (East) 14550 -7
Jogeshwari (West) 16450 2
Juhu 37350 -5
Kandivali (East) 15975 -2
Kandivali (West) 14300 -4
Kanjur Marg (East) 11850 3Kanjur Marg (west) 13825 2
Khar 40100 -4
Kurla (East) 14000 0
Kurla (West) 13867 2
Lower Parel 36150 0
Mahalaxmi 39175 -2
Mahim (West) 30000 0
Malabar Hill 67350 1
Malad (East) 16650 0
Malad (West) 15600 3
Mira Bhayandar 8150 1
Mira Road 8300 -1
Mulund 15600 2
Naigaon (East) 4600 -5
Naigaon (West) 4000 -2
Nallasopara 4217 -2
Napean Sea Road 66650 -2
Palghar 3100 0
Parel 25250 0
Powai 21450 3
Prabhadevi 42050 2Santacruz (East) 21875 1
Santacruz (West) 38800 7
Sewri 33350 -2
Sion (East) 17850 -1
Vasai 5450 0
Versova 21800 -2
Vikhroli (East) 19000 -7
Vikhroli (West) 17900 -4
Vile Parle (East) 29350 -2
Vile Parle (West) 32950 -3Virar 4800 3
Wadala 23700 1
Worli 38550 -2
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Capital Values - Navi Mumbai
Airoli 10400 1
Belapur 9950 -1
Dronagiri 4733 3
Ghansoli 10500 -2
Kalamboli 6450 2
Kamothe 6825 -1
Karanjade 5217 -2
Khanda Colony 7600 0
Khandeshwar 7000 3
Kharghar 8650 0Koperkhairane 10225 2
Nerul 13050 2
New Panvel 5400 -2
Palm Beach 18817 3
Panvel 6125 0
Roadpali 6650 -1
Sanpada 14025 -1
Seawoods 11700 2
Shilphata 5500 -3
Taloja 4950 -4
Ulwe 6300 1
Vashi 12900 1
Local ity Jan-Mar 2016 % Change Locality Jan-Mar 2016 % Change
RESIDENTIAL APARTMENTS
RESIDENTIAL APARTMENTS
Capital Values
Thane and Beyond
Ambernath 3500 4
Anand Nagar 9400 1Badlapur 3500 4
Balkum 9450 1
Bhiwandi 4000 0
Charai 11900 3
Dhokali 10900 3
Dombivli (East) 6150 -2
Dombivli (West) 6700 3
Ghodbunder Road 9800 -1
Kalher 3800 0
Kalwa 9000 -1
Kalyan (East) 4300 5
Kalyan (West) 5950 5
Kapurbawadi 12600 -3Karjat 2986 4
Kasar Vadavali 8600 -5
Kavesar 9850 2
Khadakpada 6000 1
Khopat 12850 -7
Kolshet 8925 3
Kolshet Road 9725 -6
Majiwada 11300 -2
Manpada 11430 -3
Naupada 15050 2
Neral 3100 3
Panch Pakhadi 14500 5
Patlipada 12950 6
Pokharan Road 12550 0
Pokhran-2 12350 2
Teen Haath Naka 15900 6
Thakurli 5850 -5
Titwala 3350 5
Ulhasnagar 4200 5Vartak Nagar 11175 1
Vasant Vihar 12500 -2
Waghbil 9978 0
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4 Bunglows 51 10
7 Bunglow 53 -2
Andheri (East) 43 6
Andheri (West) 51 2
Bandra (East) 61 6
Bandra (West) 85 1
Bhandup (East) 31 3
Bhandup (West) 35 5
Borivali (East) 33 2
Borivali (West) 29 2
Chandivali 45 13
Charkop 25 0
Chembur 40 8
Colaba 106 12
Cue Parade 129 5
Dadar 79 4
Dahisar 24 2
Gamdevi 97 -3
Ghatkopar (East) 38 0
Ghatkopar (West) 40 5
Goregaon (East) 38 -5
Goregaon (West) 39 3
Jogeshwari (East) 47 0
Jogeshwari (West) 46 3
Juhu 74 2
Kalina 49 2
Kandivali (East) 33 3
Kandivali (West) 31 -2
Kanjur Marg (East) 35 -1
Kanjur Marg (West) 40 4
Khar 82 1
Local ity Jan-Mar 2016 % Change Locality Jan-Mar 2016 % Change
RESIDENTIAL APARTMENTS
RESIDENTIAL APARTMENTS
Kurla (East) 33 5
Kurla (West) 40 -1
Lower Parel 91 -3
Mahalaxmi 109 2
Mahim (West) 65 5
Malabar Hill 128 -1
Malad (East) 38 3
Malad (West) 37 3
Marol 42 9Mira Bhayandar 17 10
Mira Road 17 10
Mulund 32 3
Nallasopara 10 -5
Pali Hill 92 2
Parel 71 -5
Powai 48 12
Prabhadevi 86 5
Santacruz (East) 50 8Santacruz (West) 72 -5
Sewri 80 3
Sion (East) 38 3
Thakur Village 36 -1
Vasai 10 -5
Versova 50 6
Vikhroli (East) 38 0
Vikhroli (West) 43 1
Vile Parle (East) 62 3Vile Parle (West) 65 -2
Virar 8 0
Wadala 50 2
Worli 84 2
Rental Values
Mumbai Metropolitan Region (MMR)
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Rental Values
Navi Mumbai
New Panvel 12 15
Kharghar 15 12
Palm Beach 30 9
Taloja 7 8
Kamothe 11 5
Panvel 11 5
Nerul 23 5
Vashi 26 4Sanpada 27 4
Ghansoli 21 3
Koperkhairane 23 2
Seawoods 22 0
Kalamboli 9 0
Roadpali 9 0
Belapur 21 0
Ulwe 6 0
Airoli 23 -4
Local ity Jan-Mar 2016 % Change Locality Jan-Mar 2016 % Change
RESIDENTIAL APARTMENTS
RESIDENTIAL APARTMENTS
Ambernath 9 13
Badlapur 7 8
Dhokali 22 8
Ghodbunder Road 19 6
Kalyan (West) 12 5
Kasar Vadavali 17 13
Kolshet Road 20 0
Majiwada 24 2Manpada 22 5
Panch Pakhadi 28 4
Patlipada 25 2
Pokharan Road 24 4
Pokhran-2 23 0
Teen Haath Naka 29 10
Vartak Nagar 24 2
Vasant Vihar 24 0
Waghbil 20 5
Rental Values
Thane & Beyond
*All prices are per sq ft rates
*Capital values represent quarterly change
*Rental values represent yearly change
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real estate, matrimony and education.
A USD 1.5 Billion listed Indian Internet
Conglomerate.
Credentials of 99acres.com 5 Million Unique Visitors a month
9 Million Visitors a month
9 Lakh Residential and Commercial Properties
1.3 Lakh New Projects
20% NRI Visitors
2.5 Million Registered Database
1.3 Lakh Veried Listings 3.1 Lakh Live Owner Listings
E il t t@99 *Disclaimer: The report reects the overall market sentiment.Considering the olatile nat re of the ho sing sector price