Mumbai's residential market has maintained its growth momentum in the first half of the year 2023 with Western suburbs leading the sales chart with more than half of the property registrations so far. It remained the most preferred choice for homebuyers. According to data analysed by Knight Frank India, the western suburbs accounted for 58% of the sales registration in January 2023, 57% in February, 62% in March, 54% in April and 58% in May. The development that the western suburbs of Mumbai have seen over the last two decades has been commendable in terms of residential growth, physical infrastructure, commercial hubs, and social infrastructure.
Over the years, there has been a steady migration of people from South Mumbai heading towards the north in the western suburbs of Mumbai. The reason for this migration is that people from South Mumbai areas aspire to live in housing projects
that offer residents luxurious amenities, promote sustainability and inculcate the essence of community living in their projects. Post the pandemic, people prefer living together as a community and not individually; as previously was the case. Within Mumbai, a mini migration has been witnessed as people moved from their 180-300 sq ft cramped apartments in SoBo towards the Western suburbs, especially areas such as Andheri, Malad, Goregaon, and Borivali.
Commenting on the steady migration, Vivek Mohanani Managing Director & CEO, Ekta World said, “We see a definite shift in the housing ecosystem in Mumbai as the city is steadily moving away from South Mumbai to vibrant locations like Goregaon, Andheri, Malad in the western suburbs. Due to its seamless connectivity and easy accessibility, the western suburban region is a uniquely-positioned hub which extends convenience to the working professionals. The region is also seeing a number of big international retail brands making their presence felt here. Most commercial hubs are now relocating to the western suburbs and therefore the demand for residential property has also increased here.”
Post COVID-19, people realized the importance of bigger space, and therefore in the last couple of years or so, we are seeing families selling their existing homes, taking a home loan, and purchasing a large two-BHK along the Western suburbs. Besides, we are also seeing new launches along this belt. Developers too are constructing homes that come with all the modern amenities and are pocket-friendly.
As per a recent report by Anarock India, the new launches in Apr-Jun 2023 was recorded highest in the Western Suburbs at 55 percent followed by Central Suburbs with 38 percent launches. This comes from the operationalization of the second phase of two metro lines which has improved connectivity and commuting. Industry experts attribute this growth to top-tier developers coming in with their developments, multiple redevelopment projects being undertaken, infrastructural developments and a commercial boom.
As per Magicbricks Prop Index Q2 2023, the western suburbs of Mumbai saw an increase in housing demand in Q2 2023. 2 BHK units accounted for 42% of the demand and 44% supply. 1 BHKs came in second amongst the preferred configuration. Although South Mumbai might have been the favored choice for upscale residential living in the past, purchasers are presently seeking a broader range of alternatives along the Western suburbs which has witnessed phenomenal growth in the last decade.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
