M A R K E T B E AT

MUMBAI
Residential Q1 2021

Resurgence of COVID affected residential launches in Q1

6.5% Q-O-Q DROP IN NEW LAUNCHES
(Q1 2021)
57% SHARE OF MID SEGMENT IN
UNIT LAUNCHES (Q1 2021)
29% SHARE OF EASTERN SUBURBS
IN UNIT LAUNCHES (Q1 2021)
Mumbai’s residential sector witnessed launch of 10,742 units during the first quarter of 2021 with a marginal q-o-q drop of 6.5%. Developers launched fewer
units in the current quarter on the back of resurgence of COVID and rising infection levels in the city. On a y-o-y basis, launches were down by 39.1%, which
indicates that sustained recovery is still a few quarters away though residential sales have been improving gradually. Eastern Suburbs submarket witnessed
the maximum launches during the quarter with a share of 29% followed by Extended Eastern Suburbs and Western Suburbs with 26% and 21% shares,
respectively. On a quarterly basis, while all these submarkets witnessed growth in new launches, few other submarkets like Thane, Navi Mumbai and
Extended Western Suburbs saw perceptible drop in quarterly launches. Prominent developers like Godrej Properties, Runwal Group, Oberoi Realty and
Raymond Realty were the most active during the quarter and contributed nearly 47% of the total new launched units. Developers across all submarkets have
been focusing on the completion of ongoing projects but rising Covid cases and localized restrictions might impact constructi on timelines and further delay the
handover of new homes by at least 3-6 months.
During the quarter, sales activity remained healthy as developers continued to offer various payment incentives to attract homebuyers along with the
reduction in stamp duty that drove the housing demand. However, towards the end of the quarter, sales activity slowed down marginally, primarily due to the
COVID resurgence across major suburban locations, which imposed a restriction on physical site visits by homebuyers.

Mid segment continued to lead new launches

The mid and affordable segments together accounted for nearly 84% of new launches in Q1 2021, with the mid segment contributi ng 57% and the affordable
segment making up for the remaining 27%. The high-end segment witnessed the maximum q-o-q growth in percentage terms in Q1, mainly due to new
MARKET INDICATORS OVERALL Q1 2021 projects launched by prominent developers in Eastern Suburbs and Western Suburbs. However, the affordable segment witnessed the maximum q-o-q drop
in new launches due to the decline in project launches in the peripheral submarkets where rising unsold inventory remains a major challenge for developers.
Y-O-Y 12-Months Extended Eastern Suburbs dominated the launch of affordable housing projects whereas, Eastern Suburbs, Thane and Western Suburbs led the way for mid
Change Forecast
segment launches. Going forward, we expect Western, Eastern suburbs and Thane to remain key markets for mid-segment projects, whereas Extended
suburbs and Navi Mumbai will continue to dominate the affordable segment.
New Launches The ready to move-in or nearing possession homes in the price bracket of INR 1.0-2.0 crore in Western Suburbs, Eastern Suburbs, Thane and Navi Mumbai
submarkets continued to witness the maximum sales traction during the quarter. Sales of affordable housing projects in the Extended suburbs remained
healthy as well. We expect a near term temporary slowdown in sales activity due to the evolving COVID crisis though residenti al sales is likely to pick up
Units Sold momentum during the second half of the year.

Capital values across submarkets remained stable in Q1

Average Capital The average quoted capital values across all submarkets continued to remain range-bound during the first quarter as compared to the previous quarter.
Values (INR/sf) However, developers across segments and submarkets are selectively offering 5-10% discounts on quoted rates to serious home buyers along with other
price incentives like zero stamp duty, cash discounts, zero floor rise, no PLC charges, and free gifts. While capital values for mid and affordable segments are
expected to remain range-bound in the near future, we expect prices for high-end and luxury homes to witness a marginal drop during the upcoming quarters.
Rental values also remained unchanged across all locations during the quarter.

SIGNIFICANT PROJECT LAUNCHED IN Q1 2021

BUILDING LOCATION DEVELOPER UNITS LAUNCHED RATE**(INR/SF)
Godrej Upvan Kalyan Godrej Properties 2,250 9,600
Runwal Centralis Sion Runwal Group 870 26,500

Ten X Habitat – Tower H & J Thane Raymond Realty 641 22,600

Godrej Urban Park Chandivali Godrej Properties 507 26,000
M A R K E T B E AT

MUMBAI
Residential Q1 2021
RENTAL VALUES AS OF Q1 2021* CAPITAL VALUES AS OF Q1 2021*
AVERAGE AVERAGE QUOTED
QoQ CHANGE YoY CHANGE SHORT TERM QoQ CHANGE YoY CHANGE SHORT TERM
SUBMARKET QUOTED RENT SUBMARKET CAPITAL VALUES
(%) (%) OUTLOOK (%) (%) OUTLOOK
(INR/MONTH) (INR/SF)
Hig h -e nd se gmen t High -e nd se gment
South 60,000 – 570,000 0.0% -18.6% South 40,000 – 78,000 0.0% -2.4%
South Central 60,000 – 460,000 0.0% -16.4% South Central 22,000 – 68,500 0.0% -3.2%
Eastern Suburbs 25,000 – 350,000 0.0% -12.5% Eastern Suburbs 12,000 – 37,500 0.0% 3.8%
Western Suburbs – Prime 50,000 – 750,000 0.0% -6.3% Western Suburbs – Prime 24,000 – 60,000 0.0% -3.4%
M id se g me nt M id se gme nt
Eastern Suburbs 18,000 – 70,000 0.0% 0% Eastern Suburbs 10,000 – 23,000 0.0% -6.3%
Western Suburbs 20,000 – 80,000 0.0% 0% Western Suburbs 9,000 – 25,000 0.0% -5.8%
Thane 14,000 – 28,000 0.0% 0% Thane 7,000 – 13,000 0.0% -8.6%
Navi Mumbai 10,000 – 50,000 0.0% 0% Navi Mumbai 5,000 – 14,000 0.0% -10.0%

SIGNIFICANT PROJECT COMPLETED IN Q1 2021

BUILDING LOCATION DEVELOPER NO. OF UNITS UNIT SIZE (SF)
Ketan Bhingarde
Castle Rock (C&D Wing) Powai Hiranandani Developers 224 753 Manager, Research Services
Dosti Desire – Pearl Thane Dosti Realty 270 518 - 783 +91 22 6771555 / ketan.bhingarde@cushwake.com
Ace Homes Thane Ace Realty 146 434 - 581
Kapil Kanala
SIGNIFICANT PROJECTS UNDER CONSTRUCTION IN Q1 2021 Senior Associate Director, Research Services
+91 40 40405555 / kapil.kanala@ap.cushwake.com
BUILDING LOCATION DEVELOPER UNITS LAUNCHED EXPECTED COMPLETION
Balaji Symphony – Phase 3 Panvel Vishesh Group 430 Q2 2021
Rivali Park Wintergreen Goregaon East CCI Projects 460 Q2 2021
Raheja Imperia Lower Parel K. Raheja Universal 250 Q3 2021
Data collated from primary and secondary resources. Estimations are sub ject to change
* Rental and capital values have b een depicted only for key sub markets and are b ased on saleab le area.
** Quoted capital value of new launches is on carpet area b ased on agreement values which includes, Base Rate, Car Parking Charg es, Internal Development Charges, etc. cushmanwakefield.com
The ab ove values for high-end segment are for units typically of 1,200-3,000 sf
The ab ove values for mid segment are for units typically of 800-1,400 sf A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION
Affordab le housing has b een defined as units with a carpet area of 60 sq.mt in metros / 90 sq.mt in non -metros and value up to INR 45 lakh Cushman & Wakefield (NYSE: CWK) is a leading global real estate services
firm that delivers exceptional value for real estate occupiers and ow ners.
Cushman & Wakefield is among the largest real estate services firms w ith
KEY TO SUBMARKETS Mi d Se g m e n t approximately 51,000 employees in 400 offices and 70 countries. In 2018, the
H i g h -e n d Se g m en t Eastern Suburbs: Sion, Wadala, Kurla, Chembur, Ghatkopar, Vikhroli, Powai, Chandivali, firm had revenue of $8.2 billion across core services of property, facilities and
South: Colaba, Cuffe Parade, Nariman Point, Churchgate, Altamount Road, Carmichael Kanjurmarg, Bhandup, Mulund project management, leasing, capital markets, valuation and other services.
Road, Malabar Hill, Napeansea Road, Breach Candy, Pedder Road, Tardeo Western Suburbs: Andheri, Jogeshwari, Goregaon, JVLR, Malad, Kandivali, Borivali, Dahisar
South Central: Worli, Prabhadevi, Lower Parel / Parel, Dadar, Matunga Thane: Thane, Ghodbunder Road ©2021 Cushman & Wakefield. All rights reserved. The information contained within this
report is gathered from multiple sources believed to be reliable. The information may
Eastern Suburbs: Wadala, Sion, Kurla, Chembur, Ghatkopar, Vikhroli, Powai, Chandivali Navi Mumbai: Airoli, Ghansoli, Rabale, Koparkhairane, Vashi, Turbhe, Sanpada, Nerul, Belapur, contain errors or omissions and is presented without any warranty or representations as
Western Suburbs - Prime: Bandra, Khar, Santacruz, Juhu Kharghar, Panvel to its accuracy.