One Year Of Lockdown: Real Estate Sector beating the pandemic bluesMumbai Metropolitan Region (MMR) sold a total of 18,012 units in the last quarter of the financial year 2020-21. While almost all the areas in MMR witnessed a growth in sales, one specific area that sold the maximum number of units is the extended Central Suburbs.

MMR as per a report of Liases Foras a real estate research firm is divided in eight zones or areas. They are Island City, Central Suburbs, Western Suburbs, Thane, Navi Mumbai, Central Suburbs extended, Western Suburbs extended and Panvel.

In Q4 2020-21 Island City saw a sales of 631 units, at the same time Central Suburbs saw a sales of 2193 units and Western Suburbs witnessed 2951 sales. Thane saw sales of 2128 units, Navi Mumbai had 1885 sales, Western Suburbs extended saw a total sales of 2007 units while Panvel witnessed a sales of 539 units. The most number of sales in the entire MMR was registered in Central suburbs extended, a total of 5678 units.

Commenting on the demand perspective of extended central suburbs, Mr. Subodh Runwal – Managing Director, Runwal Group said, “The extended central suburbs has witnessed a considerable growth in the residential real estate space due to the upcoming infrastructure and its growing connectivity with Mumbai, Thane & Navi Mumbai. It is becoming one of the fastest growing micro-markets in the Mumbai Metropolitan region with good demand for quality housing and is also the preferred choice of first time home buyers. The Work-from-Home concept has allowed the potential home-buyers to opt for bigger homes in the demand-driven peripheries that have easy access to the city.”

After the extended central suburbs, the second most number of sales registered in MMR were in the Western suburbs with a total of 2951 units.

Describing the growth factors of the western suburbs, Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers said, “The western suburbs is witnessing traction in the high-end residential segment; the growing number of projects is a response to growth in demand. Everything from business hubs, domestic and international airports, Western Express Highway to hubs of entertainment like malls, multiplexes, retail showrooms and realms of wellness like hospitals and gyms to spheres of education like schools and institutions are in close proximity. Infrastructure is another key factor where metro rail connectivity has helped and soon there will be more metro links in the region.”

In terms of unsold stocks Central suburbs extended has the highest number of unsold stocks in MMR i.e. 77095 unsold units. Island City has 16673 units, Western Suburbs has 43735 unsold units, Central Suburbs has 48521 unsold units. Thane, Navi Mumbai, Western Suburbs extended and Panvel has 27520, 18511, 40182 and 14755 unsolds units respectively.

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