Mumbai tops residential real estate market recovery in Q1 FY22
Real Estate

Mumbai tops residential real estate market recovery in Q1 FY22

The residential real estate market, being impacted hard by lockdowns and travel restrictions in April and May, recovered quickly once the restrictions were lifted.

While overall sales in major markets fell in the April-June quarter, the total offtake increased significantly in 2020.

The housing market is on the mend, led by two prominent markets Mumbai and Bengaluru that were hard hit during the second wave of Covid-19.

According to the most recent Knight Frank data, property registration in the largest market, the Mumbai Metropolitan Region (MMR) reached a decadal high in July. With 9,037 registrations, July saw the highest number of registrations since 2011.

Residential unit sales in Mumbai increased 1% in the April-June quarter over the previous quarter, according to property consultant JLL. Quarter-on-quarter (QoQ), new product launches increased by 33%.

It jumped by 47% in Bengaluru. Property registrations in Mumbai have risen steadily since May, according to Shishir Baijal, chairman and managing director of Knight Frank India. In April-June, home sales in Delhi-NCR fell by 55% QoQ.

Concerns have also been raised about the plan of the Uttar Pradesh government to increase circle rates by up to 40% in the Noida-Greater Noida region and along the Yamuna Expressway.

It has also proposed a 5-12.5% surcharge on properties near the e-way or along the Metro route. The real estate market in the National Capital Region has only recently begun to recover.

Overall sales in the top seven markets fell by 23% QoQ but increased by 83% year over year (YoY).

Total sales increased 18% YoY to 45,218 units in the first half (H1) of 2021, compared to the first wave in 2020, as the market proved more resilient to the second wave.

Despite the increase, the 2021 figures fell short of the pre-Covid levels. In comparison to H1 of 2019, the latest figures are 42% lower and are on par with H2 of 2017.

In the first half of 2021, new launches increased by 71% year over year.

Image Source


Also read: Real estate sector records PE investments of over $2.9 bn in H1 2021

Also read: Commercial real estate picking momentum in top cities

The residential real estate market, being impacted hard by lockdowns and travel restrictions in April and May, recovered quickly once the restrictions were lifted. While overall sales in major markets fell in the April-June quarter, the total offtake increased significantly in 2020. The housing market is on the mend, led by two prominent markets Mumbai and Bengaluru that were hard hit during the second wave of Covid-19. According to the most recent Knight Frank data, property registration in the largest market, the Mumbai Metropolitan Region (MMR) reached a decadal high in July. With 9,037 registrations, July saw the highest number of registrations since 2011. Residential unit sales in Mumbai increased 1% in the April-June quarter over the previous quarter, according to property consultant JLL. Quarter-on-quarter (QoQ), new product launches increased by 33%. It jumped by 47% in Bengaluru. Property registrations in Mumbai have risen steadily since May, according to Shishir Baijal, chairman and managing director of Knight Frank India. In April-June, home sales in Delhi-NCR fell by 55% QoQ. Concerns have also been raised about the plan of the Uttar Pradesh government to increase circle rates by up to 40% in the Noida-Greater Noida region and along the Yamuna Expressway. It has also proposed a 5-12.5% surcharge on properties near the e-way or along the Metro route. The real estate market in the National Capital Region has only recently begun to recover. Overall sales in the top seven markets fell by 23% QoQ but increased by 83% year over year (YoY). Total sales increased 18% YoY to 45,218 units in the first half (H1) of 2021, compared to the first wave in 2020, as the market proved more resilient to the second wave. Despite the increase, the 2021 figures fell short of the pre-Covid levels. In comparison to H1 of 2019, the latest figures are 42% lower and are on par with H2 of 2017. In the first half of 2021, new launches increased by 71% year over year. Image Source Also read: Real estate sector records PE investments of over $2.9 bn in H1 2021 Also read: Commercial real estate picking momentum in top cities

Related Stories

Gold Stories

Next Story
Infrastructure Energy

Asian Energy Services Q1 FY27 PAT Rises 129 Per Cent

Asian Energy Services Limited reported a 129 per cent year-on-year rise in net profit to Rs 128 million for Q1 FY27, compared with the corresponding quarter last year.Revenue increased 135 per cent year-on-year to Rs 2.71 billion, supported by continued momentum across its services business, disciplined execution and contributions from domestic and international operations. EBITDA grew 81 per cent year-on-year during the quarter.As of June 30, 2026, the company’s standalone order book stood at Rs 17.54 billion, with around 60 per cent coming from oil and gas services and 40 per cent from min..

Next Story
Infrastructure Urban

BioBTX to Build First Commercial-Scale Circular Chemicals Plant

Dutch circular chemistry technology developer BioBTX is building what it says will be the world’s first commercial-scale plant to convert mixed plastic waste into high-quality aromatic chemicals using its proprietary Integrated Catalytic Cracking Process (ICCP) technology.The facility will be built at Chemical Park Delfzijl on the northern coast of the Netherlands and is expected to create 35 jobs. Covestro, which has been a shareholder and strategic partner of BioBTX since 2024, holds a mid-single-digit million-euro investment in the company.BioBTX’s ICCP technology uses catalytic pyrolys..

Next Story
Real Estate

Awfis Q1 FY27 PAT Jumps 140% as Revenue Rises 27%

Awfis Space Solutions reported a 140 per cent year-on-year rise in consolidated profit after tax (PAT) to Rs 240 million for Q1 FY27, compared with Rs 100 million in the corresponding quarter last year.Revenue from operations increased 27 per cent to Rs 4.25 billion from Rs 3.35 billion, while EBITDA rose 28 per cent to Rs 1.62 billion. EBITDA margin improved to 38.2 per cent from 37.8 per cent. Profit before tax increased 135 per cent to Rs 240 million.The company's co-working business recorded 27 per cent year-on-year growth, supported by demand from enterprises, Global Capability Centres (G..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement