Monthly Watch: Home Sales Up 33% In Mumbai

Real estate developers never stop betting on Mumbai real estate. As a result, developers unveiled their plans to build over 2,000 apartments in the city in February. And why not when home sales numbers are going up. According to a PropTiger DataLabs report, home sales numbers increased 33 per cent in February over January this year. Property prices have seen an annual appreciation of one per cent, says the report. On a monthly basis though, there has been a decline of one per cent.

Also read: Mumbai Metropolitan Region Driving Realty Rail In India's Financial Capital

The performers

The report shows that the suburban localities attracted the highest number of buyers in February. Localities that contributed the most to monthly home sales in India's financial capital include Thane West, Dombivali, Neral, Ulwe and Karjat, in that order. These localities offer property options across segments. For instance, while you have to shell out as much as Rs 11,500 per sqft to buy property at Thane West, you only have to pay Rs 3,000 for a square foot of property at Neral. While property is priced between Rs 5,350 and Rs 10,250 per sqft at Dombivali, a buyer has to pay Rs 6,200 per sqft to buy property at Ulwe. At Karjat, an average rate of property according to PropTiger DataLabs stands at Rs 3,500 per sqft at present.

Coming soon

Developers who announced the launch of new projects in the Maximum City in February include Greenscape, Kritika Builders, Puranik, Sheth Corp and Shree Naman Group. Apartments at these projects are largely meant for the premium segment. For instance, the 107 apartments units at Shree Naman Group's new project Premier at Andheri East are priced at Rs 21,532 per sqft. The 192 units at Sheth Corp's new project Seth Vasant Lawns 2 at Thane West are priced at Rs 10,500 per sqft. City Reserva is the new project by Puranik at Thane West and the 408 units here will cost you Rs 6,774 per sqft. Targeting the affordable segment, Kritika Builders has launched its new project Chandikadevi apartment at Naigaon East and will be selling the 160 units here for an average price of Rs 2,800 per sq ft.  Greenscape has launched its new project at Dronagiri and the 162 units at Horizon Estate will be priced at Rs 5,490 per sqft.

Also read: Take Your Pick From Mumbai's Mix Of Affordable & Luxury Under-Construction Properties