‘Mumbai Metro, Pune among realty investment hotspots’

Mumbai region saw highest new projects, sales in 2018: study

Private real estate developers constructing residential and commercial complex near Yamuna Expressway, Greater Noida, even as housing prices are set to become costlier as all three development authorities under Gautam Buddh Nagar have approved a hike in the allotment price in Noida, Greater Noida and Yamuna Expressway. At the 179th board meeting on Monday, the authorities hiked the allotment rates of Noida, Greater Noida, and Yamuna Expressway between 8.53 to 30 percent. Photo: V. Sudershan

Mumbai Metropolitan Region (MMR) and Pune in Western India and Gurugram, Noida and Greater Noida in the North have emerged as this year’s top real estate investment destinations of the country, according to a study by Anarock Property Consultants.

“Beyond doubt, the MMR and Pune have remained West India’s most attractive cities for real estate investment in 2018,” Santhosh Kumar, vice-chairman, Anarock Property Consultants, said in a note.

“The MMR realty market has regained a lot of momentum over the last few quarters, with both sales and new supply increasing quarter-on-quarter,” he said.

According to Anarock data, out of the total new supply of approximately 50,100 units across the top 7 cities (NCR, MMR, Chennai, Bengaluru, Pune, Kolkata and Hyderabad) in Q2 2018, MMR saw maximum new projects with nearly 13,600 new units entering the market. “There was a 59% increase in this new supply as against Q1 2018. On the sales front too, MMR clocked the maximum housing sales as against the other cities, with approximately 15,200 units being sold in Q2 2018, an increase of nearly 26% as against the previous quarter,” he said.

In Pune, new housing supply increased by 214% in the second quarter of 2018. Approximately 6,900 new units entered the market during this period as against 2,200 units in the first quarter of 2018.

“The new supply was dominated by two large projects in the affordable category. In terms of housing sales, the city witnessed a 24% increase in Q2 2018 over the preceding quarter,” Mr. Kumar said. Maximum of the new units in these two locations were in the affordable segment (₹40 lakh per unit).

North India market

In North India, while Gurugram saw the nearly 1,150 new units entering the market in Q2 2018, Noida and Greater Noida together saw the addition of about 4,500 units. “The new housing supply in these regions saw a drop in Q2 2018 over the previous quarter. However, the sales numbers are buoyant. While Gurugram saw a 20% quarter-on-quarter rise in housing sales, Noida and Greater Noida collectively saw an increase of 25% in Q2 2018,” Mr. Kumar said.