The realty market in Thane and Navi Mumbai has witnessed the highest activity in terms of supply and absorption rate in Mumbai Metropolitan Region (MMR) for the year 2016, says the Datalabs report by PropTiger.
The total supply and absorption rate in these areas are 55 per cent and 52 per cent respectively for micro-markets in MMR region. The report has given highest ranking in absorption, launches, inventory overhang and liveability. It clearly indicates that the places like Thane (west), Chembur, Dombivali, Mira Road (east) and Powai emerged as top performing localities during 2016. By looking at this data, these areas in MMR region will have a high stance of creating real estate opportunities.
Chembur and Powai regions have low inventory overhang levels of 21 months and 24 months respectively. These places have a good connectivity with Bandra-Kurla Complex (BKC). South Mumbai ranks high on livability score. Due to the high availability of land parcels at low cost, Badlapur East and Ambernath East are becoming the prime choices for home buying and living by middle income group.
“The high cost in the central and western suburbs led to strong preference for peripheral regions where a sizeable supply of residential units in less than Rs 5,000 per sq ft was available. The pockets of Mira Road and beyond, Thane & beyond and beyond Panvel together accounted for 43% of total absorption in 2016,” says Anurag Jhanwar, Business Head, Consulting & Data Insights, PropTiger.
Source: ET Realty