Driven by rising client demand for larger properties with higher facilities and low mortgage charges, gross sales of luxurious properties, priced over Rs 10 crore, in Mumbai jumped greater than two-fold year-on-year (YoY) throughout 2021 at Rs 20,255 crore, based on a joint report by India Sotheby’s International Realty and CRE Matrix.
Commenting on the identical, Ashwin Chadha, President, India Sotheby’s International Realty, stated, “Mumbai’s luxury housing market has performed exceedingly well during the last year. This is pretty much in line with the sales velocity for luxury homes we have witnessed across the globe, including global gateway cities like London, New York and Dubai. We believe this is just the beginning of a very positive and bullish residential real estate cycle.”
In Mumbai, a number of components have aided robust gross sales, particularly reductions supplied by builders and incentives by the use of waiver in stamp obligation given by the Maharashtra authorities, added Chadha.
“Housing prices have remained more or less stagnant since the last 5-6 years across all segments and price brackets. The well-informed HNI buyers have used this as an opportunity to buy right priced assets for wealth creation. We are already witnessing prices firm up and starting to rise,” stated Abhishek Kiran Gupta, CEO and Co-Founder, CRE Matrix.
The idea of house possession has gained great significance throughout this pandemic. Consumers want to purchase larger and higher properties from branded builders who’ve an honest observe file of executing tasks on time.
“During the lockdowns, HNIs and ultra HNIs got the much-needed break to analyze and strengthen their real estate portfolio,” added Abhishek Kiran Gupta.
The gross sales development is prone to stay buoyant even throughout this 12 months as 306 luxurious housing models value Rs 4,877 crore have already been bought in Mumbai throughout the January-March quarter of 2022 calendar 12 months.
Mumbai and Pune’s Top Luxury Housing Markets
Recently, India SIR deepen its prop-tech led providing with strategic funding in CRE Matrix, a deep analytics platform for residential and industrial actual property.
These are among the key findings of the report:
* Mumbai noticed gross sales of luxurious housing properties value Rs 9,492 crore within the earlier calendar 12 months.
* In phrases of volumes, luxurious housing gross sales in Mumbai had been 1,214 models throughout 2021 as in comparison with 548 models within the earlier 12 months.
* The high luxurious micro-markets in Mumbai are Worli, Lower Parel, Bandra, Tardeo, Prabhadevi and Andheri.
* Worli alone contributes about 20 per cent of the general Mumbai luxurious market.
* In Mumbai, the ratio of gross sales in main and secondary markets has been 2/third main and 1/third secondary.
* As per the info, 848 models had been bought in Mumbai’s main market (contemporary gross sales) for Rs 13,549 crore throughout 2021 as towards 349 models value Rs 6,275 crore within the earlier 12 months.
* In Mumbai’s secondary market (re-sale), 366 models had been bought for Rs 6,706 crore over the last 12 months as in comparison with 199 models valued at Rs 3,217 crore within the 2020 calendar 12 months.
Source: www.financialexpress.com”