Mumbai property prices are amongst the highest in the country. Slow property sales and inflated pricing has led to buyers postponing their property buying decision considerably resulting in an inventory pile-up of 46 months.
IndiaProperty.com has analysed data across localities in Mumbai to arrive at the top localities favoured by home buyers in the city. The data identifies the top investment destinations across the Mumbai region. In-depth analysis has been done for one locality from three different regions across the city, providing information on the various home buying influential criteria such as demand, budget preference, price trends and preferred residential property formats. A similar study has been done for other cities namely – Delhi NCR, Bangalore, Hyderabad and Chennai.
Appended below are highlights of the study by IndiaProperty.com specific to the Mumbai region:
During the first half of 2015 the government has initiated a number of infrastructure projects that will drive sales across Mumbai region like the Coastal Road Project from Nariman Point to Kandivali, clearance of Navi Mumbai Airport.
The top investment destination across Mumbai include Panvel, Kalyan, Nalasopara, Kharghar, Mira Road, Dombivli, Kamothe, Ulwe and Sanpada.
The Maharashtra Government plans to develop Mumbai as a gaming and animation industry hub – leading to job creation and investment opportunities thereby increasing the demand for residential and commercial units.
An additional 200% FSI (Floor Space Index) for IT parks thereby reducing the rentals for commercial properties.
Looking at one locality from three different regions across the city:
Panvel:
76% home buyers prefer investing in properties that are in under construction phase
Budget preferences ranges between 0-30 lakhs for 71% of home buyers
The approval of elevated railway line from CST to Panvel with a 6 lane road will reduce the commute time. Thus, increasing demand in this locality
Kalyan:
1BHK compact housing unit is the preferred choice by 71% home buyers
Statistics indicate rise in property price by 12% in the last 2 years
MMRDA has planned a 29km Kalyan Ring Road to connect Kalyan and its neighbouring localities. Thus, increasing demand in this locality
Nalasopara:
Budget preferences ranges between 0-30 lakhs for 91% of home buyers
1BHK compact housing unit is the preferred choice by 78% home buyers
The area is well planned and developed by CIDCO and provides better infrastructure for its residents. Thus, increasing demand in this locality.
