by Suman Gupta
- Demand for residential properties in Mumbai dropped by 2.4% QoQ and supply increased by 0.8% QoQ
- Malad and Kandivali continue to remain the most searched localities of Mumbai
Mumbai, April 6, 2023: According to Magicbricks PropIndex Report January-March 2023, the residential demand in Mumbai decreased by 2.4% QoQ while supply (0.8%) and price (2.2%) increased QoQ.
Demand for smaller homes (1-2 BHK) continued to command the highest share (approx 75%) in residential demand and supply (72%) of the city. This was observed as the demand for affordable homes continues to be the dominating factor for homebuyers in this market.
The report further observed that proximity to employment hubs and good metro connectivity alleviated the localities of Malad and Kandivali in the Western suburbs of Mumbai to retain their position as the most preferred residential locality of Mumbai.
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “Several multilateral agencies have projected that the Indian economy will grow by 6-7% in FY’ 23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development. Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation.”
The report concluded that the average rate of ready-to-move and under-construction segments witnessed a QoQ increase of 1.7% and 2.7% respectively.
Residential Market Insights for Thane
- Between January-March 2023, residential demand in Thane increased 6.8% QoQ, while supply (active listings) and average rate during the same period declined 10.7% and 2.2% QoQ respectively.
- 2 BHK units recorded a majority share in demand (47%) and supply (42%).
Residential Market Insights for Navi Mumbai
- Between Jan-March 2023, residential demand (searches) in Navi Mumbai increased by 1.8% QoQ, while the supply (active listings) declined 3.9% QoQ
- The average property rates in Navi Mumbai increased marginally by 0.5% QoQ
- 2 BHK units dominated the residential market with a 52% share in total demand and a 48% share in total supply.
- Panvel, Khargar, and Airoli emerged as the top three localities based on customer searches.
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With 15+ years of experience and deep research-based knowledge, Magicbricks also presents a repertoire of insight-driven platforms like MBTV- India’s leading online real estate YouTube channel, and other proprietary tools so that home buyers can access all information related to price trends and forecasts, locality reviews and more.
