City Beat: October Sees New Launches Go Up 14% In Mumbai [Video]
According to a PropTiger DataLabs report, new project launches in Mumbai saw a monthly increase of 14 per cent in October, with its high-end projects witnessing the maximum increase. But, year-on-year, new project launches have plummeted 63 per cent.
Sales figures, on the other hand, are not very encouraging. In October, home sales increased only one per cent as compared to September. Sales have declined 29 per cent annually in the month. However, home sales are picking up in the city suburbs is evident from the fact that localities such as Thane West, Dombivli, Neral and Ulwe contributed 30 per cent to the total sales in the month. These localities offer comparatively affordable property in a city known for its super-expensive real estate market.
On the other hand, property prices in the Maximum City saw a marginal annual increase of three per cent in October, while there has been no change on month-on-month basis. However, certain localities, according to the report, saw an annual price appreciation in the range of 20 per cent, including Mahim, Byculla and Saphale. According to the report, the top-performing localities in Mumbai as far as October sales go are Mira Road East, Ulwe, Neral, Dombivli and Thane West.
Meanwhile, the Maharashtra government’s plan to use Mumbai’s 5,379 acres of salt pan land to build affordable housing is unlikely to take shape any time soon. Recently, the Mumbai Metropolitan Region Development Authority in a report said only 25 acres of such land is fit to be developed. To make matters worse, these land parcels are scattered in different locations of the eastern suburbs. The island city, which sees a great number of migrants moving in every year, is struggling to provide housing to its ever-increasing population.