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

Next Story
Infrastructure Urban

Reliance, Diehl Advance Pact for Precision-Guided Munitions

Diehl Defence CEO Helmut Rauch and Reliance Group’s Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence’s long-term commitment to the Indian market and its support for the Indian Government’s Make in India initiative. The partnership’s current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the “Vulc..

Next Story
Infrastructure Urban

Modis Navnirman to Migrate to Main Board, Merge Subsidiary

Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company’s growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..

Next Story
Infrastructure Urban

Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025

The Bharat InvITs Association’s industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States’ share of global activity below 15 per cent. Meanwhile, in..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?