The latest Realty Snapshots report of PropTiger Datalabs thoroughly analyses and decodes the top performing localities and micro markets of MMR basis Absorption, Launches, Inventory Overhang, and Livability Score during the Calendar year 2016. The report declares the micro markets of Thane, Beyond Thane and Navi Mumbai to have ruled the roost with a share of 55% in total supply and 52% of total absorption in 2016.
Commenting on the report, Anurag Jhanwar, business head (Consulting and Data Insights), PropTiger.com, Housing.com and Makaan.com, said: “The high cost in the Central and Western suburbs led to strong preference for peripheral regions where a sizeable supply of residential units in less than Rs. 5,000 per sq ft was available. The pockets of Mira Road & Beyond, Thane & Beyond and Beyond Panvel together accounted for 43% of total absorption in 2016.”
According to the PropTiger Datalabs report – Realty Snapshots, Thane West, Chembur, Dombivali, Mira Road East and Powai have emerged as the top performing localities due to high absorption & launches, moderate inventory overhang, good livability score and presence of well-established social and physical infrastructure.
The report indicates that Chembur and Powai have emerged as two of the most promising localities in MMR with low inventory overhang levels of 21 months and 24 months respectively. Both Chembur and Powai share good connectivity with the Bandra-Kurla Complex (BKC), one of the major commercial centers in Mumbai.
Anurag Jhanwar further added “Several transport infrastructure projects were implemented in Mumbai in the last two years including the SCLR, the Wadala-Chembur Monorail and the Versova-Andheri-Ghatkopar metro corridor. This has led to improved East-West connectivity thereby having a positive impact on the performance of adjoining residential markets.”
The report further indicates that the localities of Mira Road East and Vasai are poised for higher growth in short to medium term with relatively low inventory overhang of around 31 months, decent livability score of over 70% and moderate price ranging between Rs. 4,500 – Rs. 7,500 per sq.ft. South Mumbai continues to be ranked highest on the livability score; and also showcased the highest % Price Change. Badlapur East and Ambernath East are the preferred choice for the middle-income group of home buyers. The availability of large land parcels at relatively cheaper prices have resulted in large scale developments in the vicinity.