South-Central Mumbai Sheds 10% Unsold Inventory in One Year

Latest ANAROCK data indicates that amid stamp duty cuts and developer discounts and offers over the last one year, key South-Central Mumbai localities have shed at least 10% of their total unsold inventory. As many as 10,700 units are currently available for sale in this region; in the same period a year ago, approx. 11,900 units were available for sale.

1,910 units have been sold in South-Central Mumbai localities over the last one year (Q4 2020 to Q3 2021) – at least 86% more than in the corresponding period a year ago (Q4 2019-Q3 2020).

Altogether, approx. 25,660 units were launched in South-Central Mumbai micro-markets between 2013 till Q3 2021. The top localities for new launches include Worli, Prabhadevi, Mahalaxmi, Tardeo, and Lower Parel. As for the housing sales, over 17,210 units have been sold in these localities in this period.

Anuj Puri, Chairman – ANAROCK Group says, “The Maharashtra government’s limited-period stamp duty cut had a major positive impact on MMR’s residential market, including in hyper-expensive luxury locations. Residential sales went up significantly over the year. Despite seeing maximum new supply among all top 7 cities in this period, MMR also shed at least 8% of its unsold stock – from 2,08,250 units as on Q3 2020-end to nearly 1,92,050 units as on Q3 2021-end.”

HNIs sought to make the most of the developer offers and discounts along with the stamp duty cut, causing South-Central Mumbai localities to witness a decline of at least 10% in their unsold stock. The stamp duty cut alone helped buyers save at least INR 12 lakh on a property worth INR 4 Crore, and the saving increased in tandem with the average property cost. Moreover, this clientele was the least affected by the pandemic. Buyers largely scouted for ready homes or those nearing completion.

Available Stock Sizes

Currently, approx. 10,700 units are available for sale in the South-Central Mumbai localities. These are of varied sizes and are priced from INR 4 Crore upwards, depending on size, location, and amenities on offer, etc.

• Of the total available stock, maximum availability (29%) is of homes sized anywhere between 1,500-2,000 sq. ft. (carpet area)

• At least 23% of the available stock (approx. 2,460 units) are sized between 1,000-1,500 sq. ft., and there is similar stock of units sized 2,000-3,000 sq. ft. (carpet area)
• Larger properties with a carpet area of 3,000-4,000 sq. ft. have a mere 5% share of the total available stock (approx. 535 units)
• Properties sized over 4,000 sq. ft. have least available stock – 2%, or approx. 215 units