Property rates & trends of Mumbai Metropolitan Region
Namrata Ekka | February 6, 2017 @ 04:29 PM
Mumbai
Property price trends are easy indicators of the real estate environment in the city. As a buyer, you should be aware of the price history to know whether it is a good market to invest.
Magicbricks data disclose the behavioural pattern of such metropolitan cities. If you are planning on investing now, the data would be useful to know the overall condition of the market and the localities witnessing a rise in price.
Here’s a snapshot of the realty performance of Mumbai, Navi Mumbai and Thane. Know the localities which have witnessed the highest price growth, the priciest areas with highest average price per sq ft and the highest rental yields. From an investment viewpoint, these localities should bring your good return on investment.
* Rental Yield represents annual return from renting your house in that locality.
Mumbai is the established expensive city in India. Therefore, it is not surprising that the average price per sq ft is comparably higher than the rest of the cities. Localities in December 2016 which recorded highest price per sq ft were Breach Candy properties priced at Rs 63,050 per sq ft, followed by Colaba at Rs 45,749 per sq ft and Ville Parle West at Rs 33,080 per sq ft.
-In Mumbai, developed localities take up the majority of the positions in the list of localities which have shown a high growth. Mazgaon tops the list with 21.5% growth, followed by Shivaji Park with 17.2% growth, Colaba with 13.6% growth, Worli Sea Face with 13.3% growth, and Matunga West with 11.4% growth.
-In the rental market, Jankalyan Nagar tops the list with 14.2% growth, followed by Ashok Nagar with 13.3% growth, Aarey Milk Colony with 13.3% growth, Sakinaka Junction with 7.6% growth, and Magathane with 7.0% growth.
As per the graph, the costliest Navi Mumbai localities in December 2016 were Seawoods with properties priced at Rs 11,013 per sq ft, followed by Belapur at Rs 10,376 per sq ft and CBD Belapur at Rs 10,070 per sq ft.
-Navi Mumbai’s Belapur tops the list with 17.6% growth, followed by CBD Belapur with 10.8% growth, Nerul with 9.2% growth, Vashi with 7.9% growth, and Palm Beach Road with 7.0% growth.
-Among the localities in Navi Mumbai that have shown a high growth in rental yield in past 9 months, Kalamboli tops the list with 11.2% growth, followed by Seawoods with 9.0% growth, Palm Beach Road with 6.0% growth, Kamothe with 2.7% growth, and Ghansoli with 2.0% growth.
As per the graph, the costliest Thane localities in December 2016 were Teen Hath Naka with properties priced at Rs 17,104 sq ft, followed by Panch Pakhadi at Rs 14, 107 per sq ft and Mumbra at Rs 3,334 per sq ft.
-In Thane, developed localities take up the majority of the positions in the list of localities which have shown a high growth. Hiranandani Meadows tops the list with 18.5% growth, followed by Kolshet with 12.5% growth, Khopat with 4.8% growth, Vasant Vihar with 4.6% growth, and Panch Pakhadi with 4.2% growth.
-Among the localities in Thanethat have shown a high growth in rental yield in past 9 months, Kalwa tops the list with 13.7% growth, followed by Kolshet Road with 12.6% growth, Patlipada with 12.4% growth, Badlapur East with 10.8% growth, and Kavesar with 10.6% growth.
Namrata Ekka, Magicbricks Bureau