A report by international real estate consultancy firm Jones Lang LaSalle (JLL) shows that as per data from MahaRERA, in Mumbai more 2BHKs were sold than 1 BHK and also the supply of flats is almost double than the demand.
In the report, the Mumbai Metropolitan Region (MMR) is divided into three areas- Mumbai City, its suburbs, and Thane. An analysis of the residential market reflects that of the 3,465 residential projects registered under RERA, maximum sales were recorded in Mumbai City (24,681 apartments sold out of the 50,329 units available), followed by Thane (86,479 apartments sold out of 1,80,071 units available) and Mumbai Suburbs (87,126 apartments sold out of 1,81,155 available). A distinct observation is that supply is double and clearly outstripping demand.
The report further states that, Mumbai prefers living small, as the numbers reflect 2 BHKs to be the configuration of choice. Thane sold the maximum 2 BHKs (61,145 units) as compared to Mumbai Suburbs which sold marginally lower (60,728 units) with Mumbai city selling the least (11,142 units).
According to the report, 1 BHKs were the second preference amongst Mumbaikars, with Thane selling most 1BHKs at a count of 29,551 units, while Mumbai City sold 5,295 units and Suburbs sold 19,803 units. However, supply far exceeded demand in Thane with 62,000 1 BHK units available for sale and only 47 per cent recording sales.
The report states that, the luxury housing market performed better in Mumbai's suburbs as compared to the city.
While almost 49 per cent of the supply of 4 BHKs and 4 BHK+ sold in the suburbs, the city saw sales at 42 per cent of the total supply in this category for the region.
"Post RERA, apartment details are provided only on the basis of carpet area, making it easier to compare one against the other. This ensures that home buyers don't get tangled up in the confusing and misleading jargon of 'built-up ' and 'super built-up' area and have a standard area comparison.
REGISTER TO SELL
- The confusion of selecting an appropriate real estate agent has also been resolved to a certain extent. Only agents who are registered on the MahaRERA site against a specific project are allowed to sell units of the respective projects.
