The Mumbai real estate market has witnessed major growth over the last few months. New project launches have increased by approximately 14% in Mumbai and this indicates that the realty market is moving towards more stability in the Financial Capital. This should be welcome news for the real estate sector in Mumbai. Home sales were a little subdued in Mumbai over the last couple of years due to its soaring property prices. However, these new developments are clearly showing the upturn in the Mumbai real estate market.
New home launches went up by 14% in Mumbai in October, 2017 and in September, 2017, new launches were higher by approximately 71% as compared to the month of August. As per expert reports, a major chunk of these new home launches were witnessed in the high-end real estate category.
Several reputed real estate developers have launched premium residential projects in October, 2017 in Mumbai. These include Runwal, Indiabulls, Shree Mahalaxmi Developers, Marathon and Sheth Corp among others. There are several housing units launched by these realty developers which are priced approximately between Rs. 1, 500 and Rs. 11, 900 per sq. ft.
Mumbai witnessed handsome growth in real estate in key localities like Dombivali, Thane West, Mira Road East, Ulwe and Neral. These are the locations which contributed hugely towards recent property sales in Mumbai. Prices of residential property in Mumbai increased by roughly 3% in October, 2017 as compared to October 2016 according to expert reports. Prices have gone up hugely in specific locations like Saphale, Mahim and Byculla. These are areas where property prices have increased by around 20% over the last year or so.
