Despite the piling COVID-19 case count, Mumbai Metropolitan Region emerged as one of the most buoyant residential markets in Q1 2021. It saw the highest yearly decline (8 percent) in total unsold housing stock by the end of this quarter – to 1,97,040 units as of Q1 2021-end from 2,13,180 units as of Q1 2020-end, according to ANAROCK Research.
It was the highest yearly decline of unsold housing inventory in the last seven years. In previous years, MMR’s stock either increased on year or declined by no more than 3 percent, the analysis said.
Mumbai saw its unsold stock declining by 5 percent in the year – to approximately 1,33,240 units as of Q1 2021 from 1,39,590 units in Q1 2020. The city recorded sales in Q1 2021 of 13,750 units against 9,120 units a year ago - increasing by 51 percent in a year. As for new supply, in contrast to other cities in the region, Mumbai saw a massive 132 percent yearly jump – to 12,920 units in Q1 2021 from 5,560 units in Q1 2020.
The overall stock fell despite ample new supply hitting the market during this and the preceding quarter. MMR saw 14,820 new units added in Q1 2021 – the highest among the top 7 cities - yet robust sales in Q1 2021 and Q4 2020 significantly dented the overall unsold stock in the region. Housing sales are driven by bottomed-out property prices, limited-period stamp duty cuts, developer discounts and lowest-best home loan rates, it said.