Mapping Mumbai’s emerging suburbs as the new growth corridors
Mumbai, 15 November 2018: Between 30-35% of new housing launches in the Mumbai Metropolitan Region have been its emerging suburbs, states ANAROCK Property Consultants’ latest report ‘The Peripheries – Greater Mumbai’s Future Suburbs‘. As knowledge partners for the event, ANAROCK unveiled the report at Economic Times’ ACETECH real estate trade fair in Mumbai today.
Anuj Puri, Chairman – ANAROCK Property Consultants said, “In the process of scoping out MMR’s new real estate growth corridors, this report clearly illustrates how the rising property prices in Greater Mumbai are leading to a natural housing demand progression towards the peripheral areas. While Mumbai’s share in overall launches in MMR declined from 71% in 2013 to 67% in first three quarters of 2018, Navi Mumbai has witnessed an increase in share from 9-17%. Due to the expansion of city limits from Greater Mumbai to the peripheries, more than 1.8 lakh units since 2013 have been launched in the western and central peripheral regions.”
The report provides highly granular launch, absorption, unsold housing stock and pricing data and trends, pitching MMR’s western peripheral suburbs against its western suburbs and its central peripheral suburbs vs. the central suburbs.
Sumit Gandhi, CEO & Director – Asian Business Exhibition & Conferences Ltd (ABECL) says, “As the leading platform for the architecture, building materials and design industry, ACETECH is pleased to partner with ANAROCK in releasing this important report on Mumbai’s emerging growth corridors. Our philosophy of bringing change into the industry and making it future ready aligns perfectly with the report’s intention to highlight Mumbai’s avenues of future real estate growth.”
MMR’s western and central peripheral regions have witnessed more than 90% of the launches within the affordable and mid-segment priced less than INR 80 lakhs. This shift underscores a major evolutionary change in Mumbai’s real estate market, which was in previous years dominated by high-end and luxury housing. Overall, since 2013, nearly 54% of the supply in MMR came in < INR 80 lakhs category, with the remaining additions falling in the categories above INR 80 lakh.
As of Q3 2018, nearly 0.2 million units remained unsold in the region. MMR accounts for around 37% of the overall unsold units across the top 7 cities in India. Unsold inventory in MMR has witnessed a growth of nearly 56% till the end of Q3 2018 over 2013. Aggressive launches between 2013 till 2015 have added to the unsold stock. However, post-2015, with restricted launches and stable absorption rates the market has reversed its trend and the unsold stock has started to decline.
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