Mumbai Central Suburbs witnesses 5% rise in property registrations in June 2022
2 years ago
Mumbai, 7th July 2022: According to Knight Frank data, the share of property registrations in Central Suburbs recorded a jump as compared to May 2022 and went from 36 percent in May 2022 to 41 percent in June 2022 while Western Suburbs fell from 51 percent in May 2022 to 45 percent in June 2022. Central Mumbai saw a contribution of 8 percent while South Mumbai recorded a 1 percent rise to 6 percent.
Describing the growth story of the central suburbs Mr. Rajat Rastogi, Executive Director, Runwal Group said, “
With all major branded developers now being present in the Central Suburbs of Mumbai, the region has emerged as a popular home buying destination. Prime location, great connectivity, green surroundings and attractive property prices have contributed to the growth in demand for this region. Proximity to schools, hotels, hospitals, malls and restaurants have been a major factor in the region’s rising popularity amongst home seekers. Quality developments with premium amenities, modern infrastructure and large open spaces have made the Central Suburbs a much sought after location for those looking for a lifestyle home. We have been witnessing progressively increasing sales volumes across our projects in this region with each passing year and this is testimony to the rise of this region as a key real estate hub.”
In June 2022, buyers continued to demonstrate low inclination towards relocation to a different micro market. Out of city buyers have shown interest in purchasing residential properties primarily in Central Suburbs followed by Western suburbs for the month of June, the Knight Frank analysis said.
Central and western suburbs being relatively affordable markets, buyers in these micro markets have shown a tendency to upgrade to properties within their own micro market. 95 percent of homebuyers from Central suburbs and 89 percent homebuyers from Western suburbs prefer their current location while purchasing property. About 8 percent of home buyers from western suburbs have relocated to central suburbs.
Commenting on the transformation of the central suburbs region, Mr. Cherag Ramakrishnan, Managing Director, CR Realty said, “Earlier an industrial hub, the stretch from Kanjurmarg to Mulund has completely transformed into a most coveted residential destination. The employment catchment areas of Powai, Vikhroli, Airoli, and Thane are also in close proximity to this location. With the upcoming Metro 4, the location is undergoing a residential, commercial, and infrastructural metamorphosis that has spurred the interest of end-users and investors alike.”
Maximum share of property registrations having ticket sizes of Rs 5 crore and below has been recorded in the Central and Western suburbs micro market. For high value ticket sizes of Rs 5 crore to Rs 20 crore Central Mumbai recorded the largest share contribution.