Western Suburbs of Mumbai dominate home sales in 2023
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. It remained the most preferred real estate market contributing to more than half of the property registrations in the year 2023 so far. According to recent data analyzed by Knight Frank India, the western suburbs accounted for 58% of the sales registration in January 2023, 57% in February 2023, 62% in March 2023, and 54% in April 2023.
|Micro-Market||Share in Jan 2023||Share in Feb 2023||Share in Mar 2023||Share in Apr 2023|
Source: Maharashtra Govt- Dept. of Registrations and Stamps (IGR); Knight Frank India Research
This comes further to newly launched metro connectivity across the region making it one of the most sought-after residential destinations in Mumbai. Due to its excellent connectivity and social infrastructure, this region has attracted large commercial and IT businesses, which has further increased the demand for residential housing here.
Commenting on the development of the western suburbs, Mr. Vivek Mohanani – Managing Director & CEO, of Ekta World said, “The western suburbs have become the first choice for the new-home buyers and investors, as it has seen an unprecedented growth in the past few years. The newly operational metro lines have completely changed the dynamics of the region. Within no time it has emerged as the residential hot-spot of Mumbai due to the proximity it offers with the corporate sector as well as the entertainment sector. Due to its seamless connectivity and easy accessibility, the western suburban region is a uniquely-positioned hub that extends convenience to working professionals. Locations such as Goregaon, Malad, Khar, Santacruz, etc have witnessed an overall economic growth in the last decade that has attracted many new commercial as well as residential projects in the region.”
Speaking on the rising demand for property in the region, Mr. Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers said, “The western suburbs is strategically located with well-developed conveniences and comforts; therefore is the most preferred choice of modern homebuyers. This belt as a micro market is holding strong on rental yield and ROI factor. The projects here offer ease of commute to business districts like BKC and therefore this location is witnessing premium quotient and strong demand. The location is also in close proximity to Western Express Highway, Metro lines, upcoming Coastal Road along with excellent connectivity to the airport; it provides easy accessibility to various parts of the city. The region also enjoys an established social infrastructure with schools, hospitals and other lifestyle avenues. The newly launched Metro Lines 2A and 7 after getting operational have improved connectivity and enhanced ease of travel for commuters. This has resulted in an increase in demand and price appreciation for residential housing in the western suburbs especially in the Malad–Goregaon region.”
According to a report by real estate data and analytics firm PropEquity, Mumbai’s western suburbs made up the bulk of the demand, which outweighed new launches. In terms of new launches, the city experienced a 26 percent increase in 2022 at 46,900 units compared to the preceding year.
Opining about the real estate growth in the area, Mr. Himanshu Jain, VP – Sales, Marketing & CRM, Satellite Developers Pvt. Ltd. said, “The region offers the homebuyers with a mix of affordable as well as luxurious properties. The region is one of the most prominent residential and commercial hubs that most property buyers are now moving towards. The suburb has seen growth in not just residential development but also in commercial development with few corporates choosing it as their new headquarters which is the foremost reason it has witnessed a realty boom in the last few years. Also, owning a house near to the workplace is a dream for the homebuyers especially millennials due to the hustle of traffic. Therefore due to the commercial advantage, many developers are coming up with projects in this region that intend to reduce the office travelling to zilch. Nowadays, homebuyers too prefer to stay in studio apartments or compact homes if it is in the vicinity of their respective workspace which also allows them to spend quality time with their family.”
The western suburbs have opened up a world of opportunities for buyers looking for top-notch amenities and to reap maximum benefits from their investments.