Mumbai residential launches up 16% to over 19,000 units in Q1
This is in line with the quarterly average over the past year.
A total of 19,063 units were launched in Mumbai during Q1 2023, in line with a quarterly average seen in the past six quarters. This reflects a q-o-q rise of 16%, according to Cushman and Wakefield’s report.
The Western Suburbs, Thane, and Extended Eastern Suburbs submarkets accounted for almost 65% share in quarterly launches, majorly driven by mid and high-end segments.
Here’s more from Cushman and Wakefield:
Almost 80% of the quarterly launches witnessed in Western Suburbs is in close proximity to the now operational metro line corridors (Metro Lines 1,2A & 7). Prominent developers like Macrotech Developers, Dosti Realty and Runwal group were among most active ones during the quarter with project launches spread across the above-mentioned sub-markets.
Mid and High-end segment dominated quarterly launches
Mid (38%) and high-end (31%) segment launches drove quarterly launch activity in Q1. Majority of this segment's launches were concentrated in Thane and Western Suburban sub markets. Affordable category launches took the third largest share (28%) this quarter with extended eastern suburbs driving the supply. Luxury segment launches were twice that of average quarterly figures seen in the last eight quarters with supply coming in South and South Central Mumbai.
Quoted capital values continue to rise
On the back of robust sales performance, capital values in the suburban submarkets witnessed a rise. Quoted capital values in these submarkets have improved by 2-3% on a quarterly basis. Rental values have remained bound during this quarter. This upward trend in capital and rental values is expected in the near term as infrastructure upgrades and connectivity enhancements proceed in many parts of the city.