PropIndex | Magicbricks

Residential Market Insights

Suburbs with good connectivity witnessing demand

Mumbai residential market was almost flat during the start of 2020, ascribed to a strained funding environment, anda stressed luxury housing segment. Most of the developers in the last few years are focusing on mid and affordablehousing segments, by either shifting the development to peripheral areas or by reducing the size of apartments intheir new projects. About a quarter of the supply in the price segment of 'above INR 20,000 per sqft', reinstates Mumbai's position asone of the most expensive cities in India. Hence, despite the Mumbai Real Estate market being stagnant andoverpriced, the demand is alive in main Mumbai due to aspirational buying, and in peripheral areas due tocomparatively affordable properties.

5 YearChange YoY QoQ

-1.1%0.9%-3.5%

5 YearChange YoY QoQ

-0.9%2.0%6.6%

"With prices around5-15% less thanReady-to-Movesegment, Under

construction segmentposted 6.6% growth inthe last 5 years and 2%

YoY."

MumbaiJan-Mar 2020

Parameters India Mumbai

Demand+ +5.3% +4.3%Supply++ -0.8% +0.7% Price Index+++ +0.1% -1.1%

"Lack of affordabilityand dull economicscenario diminishedhopes of price increasein the near term"

Notes:Above parameters represent QoQ change in Q1 2020 atIndia and city level + volume of property searches ++ volume of active listings +++ change in the weighted average price

Source: Magicbricks Research

Lodha Group

Runwal Developers

Kanakia Spaces Realty

Oberoi Realty

Kalpataru

Godrej Properties

The Wadhwa Group

Sunteck Realty

L&T Realty

CGHS

Beau Monde Prabhadevi

Runwal Greens Mulund West

Dharti Nivas Virar East

Hiranandani Gardens Powai

Ganraj Apartment P&T Colony

Vasant Oasis Andheri East

Rustomjee Global City Virar

Evershine Millenium Thakur Village

Ahuja Towers Worli

Omkar 1973 Worli

Average changes in prices for localities in various price segments

Market Dynamics

Ready to Move Price Index

Under Construction Price Index

- With the luxury homes' inventorypiling up, builders are shifting towardsaffordable and low-cost housing   

- Expanding metro network wouldgradually normalize property ratesacross the city

- Proposed property tax for land underconstruction (LUC) as per actualconstruction status, would aid inreducing prices.

- Further, corporates shifting awayfrom South Mumbai and upcomingmetro connectivity, expected to triggera strong demand for houses in suburbs.

"Houses with pricesless than INR 10,000per sqft have beenfavoured by buyers,witnessing the leastchange in prices "

Key Trends to Watch Out

2014

2015

2016

2017

2018

2019

2020

10,000

15,000

20,000

25,000

2014

2015

2016

2017

2018

2019

2020

10,000

15,000

20,000

25,000

Price Bracket (INR per sqft)

< 10,000 10,000-15,000 15,000-20,000 > 20,000

RM UC RM UC RM UC RM UC

-0.2%

-0.6%

-0.8%

-0.6%

-0.8%

-0.5%

-0.3%

-0.6%

Key Projects based on consumersearches

Key Developers based on activelistings

Average Price INR per sqft

Average Price INR per sqft

The above table represents the top developers by share ofactive listings on Magicbricks website in Q1 2020

Source: Magicbricks Research

Note:The above table represents the top projects by consumerpreference on Magicbricks website in Q1 2020

Source: Magicbricks Research

Notes:1. Ready to move price index represents the weighted average price of completed properties on Magicbricks website as on March 20202. The trend line represents the average prices of dominant asset class in each locality of the city. Source: Magicbricks Research

Note:1. Under-construction price index represents the weighted average price of under-construction properties on Magicbricks website as on March 20202. The trend line represents the average prices of dominant asset class in each locality of the city.

Source: Magicbricks Research

Note:Above table represents the price changes for Ready to move (RM) and Under construction (UC) properties for dominant asset classes in each locality under various pricebuckets as on March 2020

Source: Magicbricks Research

Page 1© magicbricks.com

1 BHK44%

3 BHK16%

Above 3 BHK6%

2 BHK35%

DEMAND

Demand Supply Analysis Mumbai | Jan-Mar 2020

Significant demand-supply mismatch

1BHK highest in demand, followed by 2BHK configurationAffordable homes in vicinity ofemployment hubs drive marketgrowth

Smaller configuration homes are the choice ofhome buyers, with 1 and 2 BHK homes makingup around 80% of the property searches inMumbai 1 BHK is also the most undersupplied segmentwith only 28% of the total supply pie

Premium segment houses remained out of favourby most buyers, resulting in just 6% of thedemand for 4 BHks and above.

"1 BHK, with price of 'less thanINR 10,000 per sqft' is the majorproperty search criterion for

Mumbai buyers" 

- More than 40% of the searches for housespriced less than INR 10,000 per sqft, majority ofwhich are available in suburbs such as Borivali,Dahisar, Goregaon, and Malad, along withperipheral areas in the Mumbai MetropolitanRegion (MMR) such as Mira- Bhayandar, andVasai- Virar. - The demand for houses in the range of 'INR10,000- 15,000 per sqft' is well catered, withnegligible demand supply gap. This price rangemostly refers to all major suburbs within thecity limits.

- About a quarter of the supply in the pricesegment of 'above INR 20,000 per sqft'reinstating the position of Mumbai as one of themost expensive cities in India.

Top Micromarkets by consumersearches

Propensity of demand and supply in terms of searches andlistings by localities

1 BHK28%

2 BHK41%

3 BHK25%

Above 3 BHK7%

SUPPLY

15,000-20,00026%

10,000-15,00017%

> 20,00029%

< 10,00029%

SUPPLY Price buckets in INR per sqft

Top Micromarkets by active listings

> 20,00023%

15,000-20,00019%

10,000-15,00016%

< 10,00042%

DEMAND Price buckets in INR per sqft

Notes:1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by Bedroom, Hall, Kitchen (BHK) configuration2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by BHK configuration

Source: Magicbricks Research

.Notes:1. Demand represents property searches on Magicbricks website during Q1 2020, segregated by price buckets2. Supply represents active listings on Magicbricks website during Q1 2020, segregated by price buckets

Source: Magicbricks Research

Note:1. Above map depicts the key localities of the city, with the size of the bubble depicting demand (consumer preference) /supply (active listings) forproperties in the localities on Magicbricks website in Q1 20202. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.

Source: Magicbricks Research

Note:1. Top micro-markets of the city, ranked by their active listings onMagicbricks in Q1 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.

Source: Magicbricks Research

Note:1. Top micro-markets of the city, ranked by number of searches onMagicbricks in Q1 20202. Price ranges represent the range of avg locality prices in themicromarket in INR per sqft.

Source: Magicbricks Research

Colaba

© OpenStreetMap contributors

Demand/SupplySupply

Beyond Mira Road 3500 - 7350

Malad-Kandivali 11100 - 23750

Mira-Bhayandar 6400 - 10900

Andheri West 9100 - 30500

Borivali-Dahisar 9100 - 24350

Andheri East 14300 - 25050

Goregaon 7550 - 26900

11

22

33

54

45

66

77

Malad-Kandivali 11100 - 23750

Mira-Bhayandar 6400 - 10900

Beyond Mira Road 3500 - 7350

Goregaon 7550 - 26900

Andheri West 9100 - 30500

Borivali-Dahisar 9100 - 24350

Andheri East 14300 - 25050

11

22

33

44

65

56

77

Micro-Market Price Range Rank Rank Q1-20 Q4-19

Micro-Market Price Range Rank Rank Q1-20 Q4-19

Page 2© magicbricks.com

Note:1. Size of the bubble depicts demand, measured by volume of property searches in localities in Q1 20202. Color of the bubble represents price change in Q1 2020, with green color representing price increase and red color price decrease.3. This is an interactive map available on Magicbricks.com under Propindex section.Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.

LocalityAvg.Price

Price Change

Virar East

Nalasopara West

Nalasopara

Virar West

Virar

Nai Gaon

Naigaon East

Nalasopara East

Vasai East

Vasai

Kalyan

Vasai West

Beverly Park

Ramdev Park

Vinay Nagar

-8.9%

-6.2%

-6.7%

0.1%

-2.2%

-1.1%

2.2%

1.2%

-1.7%

-1.5%

3.3%

0.3%

1.8%

0.1%

1.2%

1.4%

-0.1%

-2.2%

0.5%

1.2%

-0.9%

9,234

8,782

8,715

8,391

8,356

8,226

8,167

8,063

8,024

6,296

6,061

5,623

5,087

5,028

4,945

4,941

4,828

4,772

4,764

4,690

4,517

< INR 10,000 psf INR 10,000-15,000 psf INR 15,000-20,000 psf > INR 20,000 psf

Price Analysis Mumbai | Jan-Mar 2020

- Peripheral areas in MMR showed the most positive changes in price upwards 6% QoQ, reflecting a high demand due to lower ticket size- Areas in proximity to IT parks and other employment hubs, such as Mulund, Chembur, and Andheri East had decent price increments- Majority of the decline witnessed in upmarket localities with prices more than INR 20,000 per sqft such as Worli Sea Face, Malabar Hill, Mahim, Versova, andSantacruz

Source: Magicbricks Research

LocalityAvg.Price

Price Change

Akurli Nagar

Andheri East

Asha Nagar

Borivali

Borivali East

Borivali West

Chakala

Chandivali

Chembur

Chiku Wadi

Dahisar West

Datta Pada

Deonar

Dhanukar Wadi

Evershine Nagar -6.7%

5.7%

-6.3%

3.8%

-0.4%

2.4%

0.3%

-1.4%

-2.9%

-0.2%

3.8%

0.0%

-0.4%

0.1%

-0.9%

16,409

16,829

19,444

17,178

15,253

18,058

18,509

18,154

18,777

17,644

16,696

16,907

16,442

18,236

15,931

LocalityAvg.Price

PriceChange

4 Bunglows

Amboli

Andheri

Andheri Link Road

Andheri West

Bandra

Bandra East

Bandra West

Bhakti Park

BKC

Byculla

Central Area

Colaba

Cuffe Parade

D.N. Nagar -1.1%

-1.0%

-0.9%

-2.7%

2.5%

-3.3%

4.1%

-2.8%

1.8%

-7.1%

-0.2%

-0.6%

-0.2%

2.2%

2.8%

22,245

53,356

37,714

20,559

27,754

30,125

22,369

38,720

31,289

33,157

22,903

22,784

21,063

21,002

22,385

Note:1. Above is the list of major localities of the city, with information about their average prices and QoQ price changes in Q1 2020. This is an interactive table available on Magicbricks.com under Propindex section.2. The locality prices are calculated by averaging the prices of all properties in a locality in multi-storey and builder floor segment, after removing the outlier properties that might distort the overall prices.3. The four tables above categorize the localities in various price buckets.4. The color of the numbers represent the price change in Q1 2020, with green color representing price increase, red color price decrease, and grey as neutral. Source: Magicbricks Research

Disclaimer: The data represented above is compiled by MagicBricks from multiple sources. MagicBricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information and does not acceptany liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.

Q1 2020 Price changes for the city's major localities

LocalityAvg.Price

PriceChange

Dahisar East

Vaishali Nagar

Thane

Dahisar

Charkop

Dindoshi

Jankalyan Nagar

Lokhandwala Twp

Bhandup

Bhandup West

Bhandup East

Kurar Village

Kurla East -2.9%

0.3%

-6.4%

1.4%

1.0%

-2.2%

3.1%

-7.1%

1.7%

-2.2%

7.7%

-0.5%

-0.8%

14,963

14,921

14,659

14,640

14,612

14,271

13,864

13,783

13,491

12,422

12,267

11,587

11,586

Surabhi Arora | Head of Research Devendra Lohmor | Chief Manager Ankur Upadhyay | Data Manager Deepak Rajput | Sr. Research Analystsurabhi.arora@magicbricks.com devendra.lohmor@magicbricks.com ankur.upadhyay@magicbricks.com deepak.rajput@magicbricks.com

Please go to https://property.magicbricks.com/microsite/buy/propindex/ to access the full dashboard.

For more information and research related queries, please contact:

Mulund West1.1%

Bandra West-2.8%

Malabar Hill-7.6%

Lower Parel-4.6%

Mazgaon4.7%

Chembur0.3%

© OpenStreetMap contributors

-7.5% 7.5%

-5% -2.5% 0% 2.5% 5%

Page 3© magicbricks.com