Introduction
Mumbai Real Estate: Discover a world of possibilities as we invite you to explore the finest in real estate. Whether you’re a first-time homebuyer, a seasoned investor, or looking to sell your property, our platform is your gateway to an exceptional real estate experience. However, despite an increase in 1 BHK unit launch in CY23, the number of units launched in the 3.5 and 4 BHK category stood at a three-year high of 1,509 in CY23.
Mumbai Real Estate: The Mumbai real estate market declined by 27 percent in the year 2023 compared to CY 22. The second half of CY23 fell by 18 percent compared to the first half of CY23.
Mumbai Real Estate
Further, according to real registration data, the unit launch ratio of 1 BHK apartments increased from 30 percent in the first half of 2023 to 34 percent in the second half of 2023 and from 31 percent in CY22 to 32 percent in CY23. The estate regulator is the Maharashtra Real Estate Regulatory Authority (MahaRERA).
Meanwhile, the number of units launched in the 3.5 and 4 BHK segments in CY23 was highest at 1,509 compared to the previous three years in 2022 (1,402), 2021 (979), and 2020 (504). However, experts believe that launches in 2023 will be less than 2022. This is exceptionally high due to a 50 per cent cut in the premium offered by the Maharashtra government to developers.
According to MahaRERA Data
In CY 23, the Mumbai real estate market reported 52,771-unit launches. 27 percent lower than 72,389 units in CY22, 55,157 in CY21, and 25,404 less in CY20 due to the COVID-19 pandemic. According to MahaRERA data, launches in the second half of CY23 declined to 23,645 from 29,126 in the first half of CY23.
“In 2019-2020, supply started at 30,000 units per annum. In 2021-22-23, supply increased to 50,000 units per annum, and in 2022 supply increased to 70,000 units in response to a 50 percent cut in premiums,” said Pune-based Rahul Ajmira, developer and data analyst at Vasupujya Corporation.
60% Units launched After COVID-19
“In the post-COVID-19 period, new launches have increased by more than 60 percent. while sales have not increased in the same proportion, which will put pressure on prices and new launches in 2024. But at the same time, there have been significant results. Especially the 150 sq m (1,600 sq ft) carpet area Bigger and more luxurious than the last few years of unit launches and growth in 3 and 4 BHK units,” added Ajmira.
In CY23, according to MahaRERA data, nearly 90 percent of new launches were in north and central Mumbai, especially Dadar and Sion. Kandivali West, Chembur, Bhandup West, and Mulund West are among the areas where the highest number of new launches has crossed 1,000 units.
Conclusion
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