Mumbai Thane and Navi Mumbai race ahead in Property price appreciation in Mumbai- MakaanIQ
The Mumbai real estate market consists of a decent mix of end use and investor interest. In an attempt to update & inform real estate investors regarding areas that have appreciated the most, Makaan.com, the fastest growing property website in India, conducted a research during the month of May 2012. The research tracked residential property prices in April-May 2012 and compared them with the corresponding figures for last year. The study was conducted across 5 major cities – Delhi NCR, Mumbai, Bangalore, Pune and Hyderabad. The research for Mumbai was conducted among 173 key localities. Here are some findings of the research.
1. Localities that have appreciated the maximum (see infographics on left) belong to different areas of Mumbai including Mumbai Thane, Navi Mumbai, Andheri - Dahisar, Central Mumbai, Mira Road and Beyond and Mumbai South West. This is an interesting finding as it goes against the popular belief that high growth areas are concentrated in a small pocket in Mumbai & Navi Mumbai.
2. Mumbai Thane has maximum number of localities in the Mumbai list of most appreciated areas. Important among them are localities like Thane (East), Ghodbunder Road, Hiranandani Estates, Majiwada and Kalyan (West) that have appreciated from 15-25% range. Mumbai Thane continues to offer residential property options in the mid and higher end of the price bracket which makes it attractive for the home buyers.
3. When it comes to Navi Mumbai home buyers have shown their clear preference for Nerul, Sea Woods and Koperkhairane. These localities have appreciated 23.4%, 22.4% and 16% respectively.
4. In Andheri – Dahisar region, property prices have appreciated the most in suburb of Dahisar that has appreciated 23.2%. Other localities like Malad (East) and Andheri (East) have appreciated by 18% each. The trend this year is distinct from last year when Andheri – Dahisar use to be the most dominant belt in Mumbai.
Commenting on the findings Mr. Aditya Verma – COO, Makaan.com says “This research reinforces the fact that property prices play an important role in the overall buying psyche, but people are willing to pay a premium for good infrastructure, superior connectivity and consumer convenience. The spread of localities from different areas of Mumbai is a strong evidence of this”.