MUMBAI, Nov 6 (BNC Network): Beginning the festive quarter on a distinct upbeat note, South-Central Mumbai localities witnessed luxury home sales worth INR 500 Cr last month (October). In 2019, the corresponding period saw luxury sales worth approx. INR 150 crore, thus improving by >230% in the year. South-central localities include Worli, Prabhadevi, Mahalaxmi, Tardeo and Lower Parel, among others, with average ticket prices beginning at INR 4 Crore onwards.
These micro markets host some of the biggest and most prestigious luxury housing projects in the city, and thus attract business honchos, sports personalities and other celebrities, start-up founders and C-Suite professionals.
Anuj Puri, Chairman – ANAROCK Property Consultants, “The limited-period stamp duty cut of 3% up to December 2020 and 2% between January-March 2021 has had an impact even in Mumbai’s hyper-expensive luxury locales. At such steep ticket prices, even HNIs are not impervious to potential savings. The offers currently rolled out by developers are also pushing sales in these markets. The stamp duty cut alone helps buyers save at least INR 12 lakh on a property worth INR 4 Crore, and the saving increases in tandem with the average property cost. The pandemic impact on this clientele is seen to be minimal, with buyers largely scouting for ready homes or those nearing completion.”
What the Numbers Reveal
As per ANAROCK research, the unsold stock in South-central Mumbai localities has reduced by over 5% in a year – from approx. 11,870 units as on Q3 2019-end, it had decreased to nearly 11,300 units by Q3 2020-end. Luxury housing developers active in these micro-markets, previously struggling to sell unsold stock here, are breathing easier now.
- Previous years’ data indicates that unsold stock in these premium localities had risen by 8% in 2019 as against 2018. As on Q3 2018-end, the unsold stock in the localities collectively was over 11,000 units which increased to 11,870 units by Q3 2019-end.
- Back in Q3 2017-end, the unsold inventory in South-central localities was merely 8,350 units.
Source: ANAROCK Research
South-central Mumbai has traditionally ranked as the most aspirational residential destination in the city, housing the financial capital’s Who’s Who – including business magnates, film stars, prominent sports personalities and other celebrities. This phenomenon continues, even though newer precincts are competing with South-central Mumbai’s legacy areas, especially among the nouveau riche. The limited new supply in highly aspirational South-central Mumbai continues to command a premium among wealthy buyers.