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Mumbai real estate: 2BHK apartments gain traction post Covid; 1BHK owners upgrade to 2BHKs

New launches in Mumbai drop by 48 percent in the first half of 2023 due to consolidation, stringent MahaRERA registrations and a slowdown in sales, experts say.

August 30, 2023 / 11:06 IST
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The launch ratio of 3 BHK apartments has increased in 2023 compared to pre Covid-19 pandemic in 2019, according to MahaRERA data. (Photo: Mehul R Thakkar)

Post Covid-19, a large number of homebuyers across the country have considered upgrading to bigger homes. The trend in Mumbai, the country’s most expensive real estate market, is no different. Data suggests that 1 BHK apartment owners have been upgrading to 2 BHK, and 2 BHK owners upgrading to 3 BHK ones.

In Mumbai, the launch ratio of 1 BHK apartments has gone down marginally by 5 percent, whereas the launch ratio of 2 BHK apartments has remained the same followed by the launch ratio of 3 BHK apartments going up by around 5 percent, according to the registration data of real estate regulator Maharashtra Real Estate Regulatory Authority (MahaRERA).

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The data possibly indicates homebuyers residing in 1 BHK upgrading to 2 BHK and 2 BHK apartment owners upgrading to 3 BHK apartments, real estate experts said.

Further, launches of apartments in the calendar years of 2021 and 2022 have doubled compared to pre Covid-19 period in 2019 but there has been a 48 percent drop in the number of launches in the first half of 2023 compared to that of 2022, according to the data.