Mumbai Thane and Navi Mumbai race ahead in Property price appreciation in Mumbai- MakaanIQ

Mumbai Thane and Navi Mumbai race ahead in Property price appreciation in Mumbai- MakaanIQ

Mumbai Thane and Navi Mumbai race ahead in Property price appreciation in Mumbai- MakaanIQ

The Mumbai real estate market consists of a decent mix of end use and investor interest. In an attempt to update & inform real estate investors regarding areas that have appreciated the most, Makaan.com, the fastest growing property website in India, conducted a research during the month of May 2012. The research tracked residential property prices in April-May 2012 and compared them with the corresponding figures for last year. The study was conducted across 5 major cities – Delhi NCR, Mumbai, Bangalore, Pune and Hyderabad. The research for Mumbai was conducted among 173 key localities. Here are some findings of the research.

1. Localities that have appreciated the maximum (see infographics on left) belong to different areas of Mumbai including Mumbai Thane, property in Navi Mumbai, Andheri - Dahisar, Central Mumbai, Mira Road and Beyond and Mumbai South West. This is an interesting finding as it goes against the popular belief that high growth areas are concentrated in a small pocket in Mumbai & Navi Mumbai.

2. Mumbai Thane has maximum number of localities in the Mumbai list of most appreciated areas. Important among them are localities like Thane (East), Ghodbunder Road, Hiranandani Estates, Majiwada and Kalyan (West) that have appreciated from 15-25% range. Mumbai Thane continues to offer residential property options in the mid and higher end of the price bracket which makes it attractive for the home buyers.

3. When it comes to Navi Mumbai home buyers have shown their clear preference for Nerul, Sea Woods and Koperkhairane. These localities have appreciated 23.4%, 22.4% and 16% respectively.

Top Ten Localities in Mumbai with Maximum Price Appreciation
Sub-city Locality

Average Property Prices in psf

April-May 2011

Average Property Prices in psf

April-May 2012

% Appreciation
Mumbai Thane Thane (East) 7.440 9,262 24.5
Mumbai Navi Nerul 6,598 8,139 23.4
Mumbai Andheri-Dahisar Dahisar 6,830 8,413 23.2
Mumbai Navi Sea Woods 6,163 7,541 22.4
Mumbai Thane Ghodbunder Road 5,325 6,491 21.9
Mumbai Thane Hiranandani Estates 7,124 8,666 21.6
Mumbai - Central Line Bhandup (West) 9,066 10,886 20.1
Mumbai Andheri-Dahisar Malad (East) 8,949 10,589 18.3
Mumbai Andheri-Dahisar Andheri (East) 11,465 13,492 17.7

4. In Andheri – Dahisar region, property prices have appreciated the most in suburb of Dahisar that has appreciated 23.2%. Other localities like Malad (East) and Andheri (East) have appreciated by 18% each. The trend this year is distinct from last year when Andheri – Dahisar use to be the most dominant belt in Mumbai.

5. Other localities that have appreciated the most includes Bhandup West and Kanjul Marg East in Central Mumbai, Mira Road and Virar on the Western Suburb and Santacruz East from Mumbai South West.

Commenting on the findings Mr. Aditya Verma – COO, Makaan.com says “This research reinforces the fact that property prices play an important role in the overall buying psyche, but people are willing to pay a premium for good infrastructure, superior connectivity and consumer convenience. The spread of localities from different areas of Mumbai is a strong evidence of this”.

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