Affordable and mid-segment continue to drive the residential market in MMR. Reduction in building premium charged by the government has fueled new supply in the luxury segment.

The residential real estate market in MMR is on a steady path to recovery with annual sales in FY 21-22 falling short of only 4% of the pre-Covid level (FY 19-20). With stability achieved in the market, new supply numbers are back to normal. Price has seen a 1% growth Y-O-Y.

FY 21-22 Highlights

During FY21-22, 65.85 thousand units were sold across MMR and 64.34 thousand units were launched. Sale and new supply have grown by 33% and 82% Y-O-Y. The saleable price has appreciated by 1% Y-O-Y. At the end of the financial year, the unsold stock stands at 291.27 thousand units and months inventory at 53 months, 16 months lower than the last year.

Annual Sales
1,000 units
1,000 units
1,000 units
FY 20-2149.69
FY 21-2265.85291.2764.3412,15553
Y-O-Y33%1%82%1%-16 months

Central Extended Suburb records the highest sales in FY21-22, followed by Western Suburb and Central Suburb. The most preferred locations MMR are Thane (W); Dombivali (E), Bhiwandi, and Kalyan (W) in Central Extended Suburb; Mira Road (E) in Western Extended Suburb, and Panvel. Foreseen infrastructure improvement and affordable housing schemes are the main demand drivers in these locations.

The highest number of new launches have been observed in the Central Extended Suburb, capturing 25% of the total new supply in MMR during FY21-22. The new launches in Central Extended Suburb fall under the affordable segment, with easy availability of land coupled with affordable prices to drive demand in this suburb. Western Suburb, Central Suburb, and

Western Extended Suburb account for 17%, 19%, and 16% of the total new supply in MMR respectively.

1BHK and 2BHK is the most preferred typology in most of the MMR suburbs. They account for 84% of the total annual sales in MMR.

54% of the total sales in MMR are concentrated in INR 20 lac to 80 lac cost bracket and 49% in the INR 2500-7500 PSF saleable price bracket. These projects are mostly located in the extended MMR suburbs- Central Extended Suburb, Navi Mumbai, and Western Extended Suburb. In FY 21-22, MMR witnessed a surge of new supply in INR 2 Cr. and above cost segment. New supply has increased by 114% as compared to the pre-pandemic year FY 19-20.

Micro-market classification

Micro-market Location
South MumbaiCharni Road, Marine Lines, Grant Road, Walkeshwar and Napeansea Road
Western Central MumbaiWorli, Parel, Mahalaxmi, Dadar, Matunga, Lower Parel, Mahim, Prabhadevi, Tardeo and Mumbai Central
Eastern Central MumbaiWadala, Byculla, Sewri, Mazgaon, Masjid Bunder and Chinchpokli
Western SuburbKandivali, Malad, Andheri, Goregaon, Borivali, Dahisar, Jogeshwari, Ram Mandir, Vile Parle, Santacruz, Bandra and Khar
Central SuburbMulund, Ghatkopar, Chembur, Powai, Bhandup, Vikhroli, Kanjurmarg, Kurla, Sion and Govandi
ThaneThane East, Thane West and Kalwa
Western Extended Suburb Mira Road and Bhayandar
Western Ext.(North) SuburbVirar, Vasai, Naigaon and Nallasopara
Central ExtendedSuburb Dombivali, Kalyan, Bhiwandi, Diva, Mumbra, Ulhasnagar and Shahad
Central Ext. (East) SuburbBadlapur, Ambernath, Titwala and Ambivali
Navi MumbaiTaloja, Karanjade, Ulwe, Dronagiri, Kharghar, Ghansoli, Kamothe, Seawood, Vashi, Kalamboli, Nerul, Sanpada, Airoli and Belapur
PanvelPanvel and Khanda Colony

Note: Saleable price and Ticket size mentioned above are excluding any additional charges