Mumbai property sales value in top projects drops to Rs 43,000 crore in 2022

Mumbai (Representational image)

Homes worth Rs 43,000 crore were sold in Mumbai’s top 100 housing projects in 2022, a decline of about 2.5 percent from a year earlier, an analysis by Zapkey.com showed. The number of transactions fell to 20,000, according to the study.

The drop was due to a 1 percent increase in stamp duty for Mumbai and Thane from April 1, 2022, and a fall in property value in the top 10 areas such as Worli, Lower Parel, and Prabhadevi.

In 2021, property valued at Rs 44,300 crore were sold across 22,100 transactions in the top 100 projects, according to the data. In 2020 and 2021, large volumes of high value inventory were sold soon after the first two waves of COVID-19, the analysis showed.

The top 10 projects last year, according to Zapkey.com, included Birla Niyaara in Worli with sales worth Rs 1,825 crore, followed by Lodha The Park in Worli (Rs 1,572 crore), K Raheja Vivarea in Mahalaxmi (Rs 1,156 crore), Oberoi Sky City in Borivali East (Rs 1,092 crore), and Lodha World Towers in Upper Worli (Rs 956 crore).

The other transaction values in the list were L&T Emerald Isle in Powai with sales of Rs 940 crore, Indiabulls Sky Forest in Lower Parel (Rs 938 crore), Prestige Bellanza in Mulund West (Rs 883 crore), Oberoi Elysian in Goregaon East (Rs 878 crore) and Raheja Artesia in Worli (Rs 863 crore).

In terms of locations, Worli emerged as the top locality, contributing to the top 100 projects with a sale value of Rs 5,600 crore, followed by Powai at Rs 4,400 crore, Mulund West at Rs 3,600 crore, Mahalaxmi at Rs 1,780 crore and Prabhadevi at Rs 1,500 crore.

Sales in Powai, the second in the list of top localities, were driven by transactions in L&T Emerald Isle, L&T Elixir Reserve, Kanakia Codename Future, Hiranandani Gardens Highland, and Hiranandani Gardens Adonia.

In Thane, property sales were Rs 4,500 crore, driven by Raymond The Address, Lodha Amara, Raymond Realty TenX, Piramal Vaikunth, and Rustomjee La Familia (Rustomjee Uptown Urbania), the Zapkey.com analysis showed.