The total sales of housing units in the Mumbai Metropolitan Region (MMR) has touched 1.71 lakh and are valued at Rs 1.33 lakh crore during the January-August 2021 period, a joint report by Credai MCHI and CRE Matrix titled MMR Housing Report 2021 has said.
According to the report, housing sales in the MMR stood at 1,71,165 units, valuing Rs 1,33,015 crore till the month of August this calendar year. Housing sales stood at 64,101 units, valuing Rs 41,353 crore during January-August last year. As per the report, sales in both volume and value terms till August this year have already exceeded the full-year numbers of 2020.
During the last calendar year, the sales of residential properties stood at 1,58,328 units valuing Rs 1.12 lakh crore. In 2019, total sales stood at 2,01,625 units valuing Rs 1,28,448 crore, it said.
South Mumbai and Central Mumbai markets have witnessed a massive turnaround in terms of unit sales for January-August 2021 compared to pre-pandemic years of 2017, 2018 and 2019. The sales figures in the period of January-August 2021 is more than full-year sales of the years 2017, 2018, 2019 and 2020. More than 90% of housing sales in this region are priced above Rs 2 crore, the report said.
In the Jan-Aug 2021 period, eastern suburbs have surpassed sales units, the value of units sold and area sold over the last 5 years. Also, it has seen improvement in sales of units priced above Rs 1 crore. Apartments priced above Rs 1 crore per unit contribute about 80 percent of housing sales in value terms, it said.
Western suburbs are the largest macro-market of Mumbai with housing sales in the period Jan-Aug 2021 being more than full-year sales of 2017, 2019 and 2020. Although housing sales in the period Jan-Aug 2021 are less than full-year sales of 2018, we believe full-year sales of year 2021 will surpass 2018 in the remaining four months, the report said.
Thane district has witnessed an upward trend in housing prices over the last five years. An affordable market compared to Mumbai, it is witnessing sales of higher ticket size units compared to sales in the last five years.
“Positive policy amendments like reduction of stamp duty, reduced home-loan rates, various financing and other offers run by developers and increase in importance of owning a house due to pandemic have contributed to this trend. The industry is finally seeing green shoots of revival after a flat growth for half-a-decade and we are confident that this trend will continue till the end of this year given the upcoming festive season,” said Deepak Goradia, president, Credai-MCHI.
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