Localities with maximum property price appreciation in Mumbai - Makaan.com Research
The Indian real estate sector, after being hit by a recessionary in 2009, has started gathering pace since the first half of 2010. In an attempt to capture the market sentiments and to ascertain the pockets that are driving growth in Indian real estate sector, Makaan.com, the fastest growing online real estate website by people group conducted a research among 2863 Indian localities. These localities were picked from top 6 real estate markets of Delhi, Mumbai, Bangalore, Chennai, Pune and Hyderabad. The objective was to identify price drivers in each of these markets over the last 12 months (from January - Septmber’09 to January - September’10).
The research for Mumbai was conducted among 367 localities. We present here the top localities in terms of residential property price appreciation. Beating all other localities in Mumbai, property prices in Mahalaxmi went up from Rs.25,117 psf in (January’09 – September’09) to Rs.41,056 psf in (January’10 – September’10) a whopping 63.5% increase. Colaba came next with an increase of 57%, the real estate prices in this locality went up from Rs.20,160 to Rs.31,628 during the same period. Other localities in Mumbai top lists are Powai, Mahalaxmi caves, Bandra (west), Juhu, Jogeshwari (east), Bandra (east), Kandiwali, Dadar, Wadala, Vile Parle (east), Bhandup, Borivali, Vashi and Chembur. These areas experienced price appreciation in the range of 57% - 34%.
Commenting on the findings Aditya Verma – COO, Makaan.com says “This research was an extremely enlightening experience. Although, we were unable to figure out the common theme behind all the localities that featured in the top 10, but we can safely conclude that property price appreciation has its roots in two extremely fundamental factors. Firstly, the pace of infrastructural development and secondly, the demand and supply mismatch in that area. This also makes us believe that fortune of Indian real estate sector is closely tied with the government infrastructural initiatives”.
Disclaimer: The research is based on historical prices. It cannot be used to predict price movements in future since all the factors, which have a bearing on property prices as well as their impact, cannot be adequately assessed in advance. The research reflects the overall price movement at the locality level. Individual properties within a locality may show a different pattern than the locality depending on their proximity to important landmarks, amenities, age of building etc.