Track2Realty: Mumbai region has seen prices appreciate by double digit percentages over the last two years. It is interesting to note that some areas have witnessed over 50% price rise when we compare per square feet prices (PQSF) of Q3-12 (Jul-Aug-Sep) over Q3-10(Jul-Aug-Sep). This clearly reflects that capital values in and around Mumbai region has been continuously moving at a steady pace year on year, says a report by property portal 99 acres.com.
Commenting on the same Vineet Singh, Business Head, 99 acres.com said “The report clearly indicates that for Mumbai the high investment return corridors are slowly shifting towards the north end of the city. With better infrastructure and connectivity, areas located on the northern belt of the city are giving better returns from a real estate investment perspective. From an investment point of view, Mumbai continues to be an expensive market with reasonably stable return that can be expected in the next few years.Further, opening up redevelopment in certain areas like Parel, Juhu has led to some growth in these areas. South Mumbai and the western suburbs continues to be the preferred destination for home buyers though the supply constraint has ensured that the prices in these micro-markets are on the higher side. The high-growth markets in Mumbai will continue to be areas like Mira Road and beyond on the western corridor, Thane – Ghodbunder Road in Thane city, Panvel – Kharghar – Kamothe in the Navi Mumbai belt. Other areas in MMR which could fetch good returns would be beyond the Kalyan belt in Thane district.”
A look at the property prices of Navi Mumbai shows that all localities have witnessed price gains in the last two years. It is one of the hottest investment destinations in Mumbai due to large scale infrastructure development plans in the pipeline. Kamothe area in Navi Mumbai has seen maximum price rise with 54% increase in PQSF in Q3-12 when compared over Q3-10. Barring Panvel which saw 29% increase in prices , most of the other localities saw price appreciation within the range of 37% and 45% during the same time period.
Some localities of South and South West Mumbai, like Parel and Worli have just witnessed 17% and 12% increase in property prices over the last two years. Juhu saw maximum price gains of 39% during the same time period. Both Bandra(W) and Khar saw approximately 28% price appreciation in Q3-12 when compared to same time two year ago.
Localities around the Mira Road region have approximately seen similar price increases. Bhandup(W), Mulund(W), Powai, Mira Road, Bevarly Park have witnessed price appreciation within the range of 44% and 49% respectively in Q3-12 when compared to Q3-10. Ghatkopar (W) and Chembur(E) saw approximately 32% and 35% increase in PSQF rates during the same time period.
Dombivili(E) in the Thane area has seen maximum price rise in the entire Mumbai region. Prices for the locality have gone up by 66% in 2012 when compared to 2010. Ghodbunder Road, Thane West and Kalyan West have seen prices appreciate by 54%, 50% and 49% respectively during the same time period.
