Mumbai Central Suburbs Witness 5% Rise in Property Registrations in June 2022
by Suraj V. Digital Marketing (sr. SEO Expert)According to Knight Frank data,
the share of property registrations in
Central Suburbs in Mumbai recorded a jump as compared to May 2022
and went from 36 per cent in May 2022 to 41 per cent in June 2022
while Western Suburbs fell from 51 per cent in May 2022 to 45 per cent in June
2022. Central Mumbai saw a contribution of 8 per cent while South Mumbai
recorded a 1 per cent rise to 6 per cent.
Describing the growth story of
the central suburbs Rajat Rastogi, Executive Director, Runwal Group said,
"With all major branded developers now being present in the Central
Suburbs of Mumbai, the region has emerged as a popular home-buying destination.
Prime location, great connectivity, green surroundings and attractive property
prices have contributed to the growth in demand for this region. Proximity to
schools, hotels, hospitals, malls and restaurants has been a major factor in
the region’s rising popularity amongst home seekers. Quality developments with
premium amenities, modern infrastructure and large open spaces have made the
Central Suburbs a much sought-after location for those looking for a lifestyle
home. We have been witnessing progressively increasing sales volumes across our
projects in this region with each passing year and this is testimony to the
rise of this region as a key real estate hub."
In June 2022, buyers continued to
demonstrate a low inclination towards relocation to a different micro-market.
Out-of-city buyers have shown interest in purchasing residential properties
primarily in Central Suburbs followed by Western suburbs for June, the Knight
Frank analysis said.
Central and western suburbs being
relatively affordable markets, buyers in these micro-markets have shown a
tendency to upgrade to properties within their own micro-market. 95 per cent of
homebuyers from Central suburbs and 89 per cent of homebuyers from Western
suburbs prefer their current location while purchasing a property. About 8 per
cent of home buyers from western suburbs have relocated to central suburbs.
Commenting on the transformation
of the central suburbs region, Cherag Ramakrishnan, Managing Director, CR
Realty said, "Earlier an industrial hub, the stretch from Kanjurmarg to Mulund has
completely transformed into a most coveted residential destination. The
employment catchment areas of Powai, Vikhroli,
Airoli, and Thane are
also in close proximity to this location. With the upcoming Metro 4, the
location is undergoing a residential, commercial, and infrastructural
metamorphosis that has spurred the interest of end-users and investors
alike."
The maximum share of property
registrations having ticket sizes of INR 5 crore and below has been recorded in
the Central and Western suburbs micro-market. For high-value ticket sizes of
INR 5 crore to INR 20 crore Central Mumbai recorded the largest share
contribution.
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Created on Jul 8th 2022 06:05. Viewed 185 times.