Press Release

Property prices in Mumbai grew by 2% in Jan-Mar 2015over Oct-Dec 2014: Insite Report

June 1 2015

Major Highlights:

  • Housing prices in Mumbai have been growing since the Jul-Sep 2014 quarter. In Jan-Mar 2015, the city clocked a price appreciation of 2%over Oct-Dec 2014.
  • Redevelopment activities continued with the same gusto this quarter as in Oct-Dec 2014.
  • Amongst all the zones in the city, Navi Mumbai performed the best, witnessing 3% growth in Jan-Mar 2015 over Oct-Dec 2014. This was followed by MMR with 2% and Thane with 1% growth in property prices.
  • Housing prices are expected to rise despite the city facing a severe demand-supply mismatch, leading to pile-up of over two lakh properties.

Mumbai, 28th May, 2015: Insite is a quarterly report focusing on capital and rental price trends in the residential realty market across seven major cities of India. According to the report, property prices per sqft in Mumbai have witnessed a growth of 2% in Jan-Mar 2015, after seeing an increase of 5% in Oct-Dec 2014. Rental values have witnessed an average surge of 8% in the quarter ending March 2015 as compared to Jan-Mar 2014. Residential apartments captured 97% of the market. Independent houses/villas witnessed majority supply in the posh south and in areas seeing rapid redevelopment.

Commenting on the report, Mr Narasimha Jayakumar, Chief Business Officer,,said, &ldquoImproving connectivity due to development of road and rail infrastructure is expected to infuse a fresh lease of life in Mumbai&rsquos real estate which otherwise is grappling with low sales and conversion volumes.  Affordable housing in Thane and Navi Mumbai are proving to be popular.&rdquo

Price Trend Analysis (Jan-Mar 2015 vs. Oct-Dec 2014):

Mumbai Metropolitan Region (MMR)


  • Sakinaka emerged as the top grosser in the MMR with 10% rise in property prices. The locality&rsquos growth can be attributed to the upcoming Times Square Commercial Complex and improved connectivity due to the construction of the elevated metro corridor.
  • Prices declined by a significant 7% in Vile Parle East. The locality witnessed a shift in demand to Andheri East, situated 3-km away, where properties were comparatively cost-effective.

Navi Mumbai

  • Capital values in Navi Mumbai rallied as a result of the proposed infrastructural projects such as airport, metro and monorail. Development of Special Economic Zones (SEZs) also boosted realty sentiments.
  • Karanjade was the frontrunner with 9% surge in property prices due to the upcoming metro in Khandeshwar, located at a distance of 8-km.
  • Shilphata, New Panvel and Kamothe in Navi Mumbai recorded dip between 2% and 9% due to demand spilling over to localities in proximity to the metro.

Thane & Beyond

  • The Thane metro, which will connect Wadala with Ghodhbunder Road, takes the credit for the area&rsquos buoyant real estate.
  • Bhiwandi was the top grosser in Thane, clocking 9% spike in property prices. Inaddition to having several residential projects slated for possession by 2018, the locality boasts of ample job opportunities.
  • Prices in VasantVihar and Pokhran Roadped by 7% to 8%due to demand slipping to affordable localities.

Rental Analysis (Jan-Mar 2015 vs. Jan-Mar 2014):

Mumbai Metropolitan Region (MMR)


  • As is the case with all the cities, Mumbai&rsquos rental market performed better than the capital market.
  • Matunga and Ambedkar Nagar were the frontrunners in the MMR, each witnessing a massive surge of 27%in rental values between the first quarter of 2014 and 2015.
  • Rental rates in high-end southern localities such as Cuffe Parade, Colaba and WorliSeafaceped by 15% since Jan-Mar 2014. These locales lost majority home seekers to comparatively affordable yet premium western suburban locations.
  • Yari Roadsaw rental values declining by 12% due to its congested surroundings.

Navi Mumbai

  • Nerul emerged as the most preferred rental destination in Navi Mumbai clocking an annual rise of 24%.
  • Koperkhairane was the only locality which registered a in rental rates. Values here dipped by 5%due to negative customer sentiments owing to under-developed social infrastructure.

Thane & Beyond

  • Kalyan (West) saw maximum appreciation in rental rates in Thane and areas beyond. Values grew to the tune of 22%.
  • Rental demand was primarily impacted by proposed metro connectivity, reasonable rates as compared to neighbouring areas and well-developed social infrastructure.

Supply Analysis (Jan-Mar 2015 vs. Oct-Dec 2014):

  • Not surprisingly, demand and supply for residential apartments remained high due to price feasibility.
  • Maximum supply was noted for multi-storey apartments with 1BHK and 2BHK configurations. Houses with 2BHK units recorded maximum supply,to the tune of 43% in Jan-Mar 2015.
  • Continuing the trend from the last quarter, apartments in the price bracket of Rs 1-5 crore witnessed maximum supply.Theluxury category captured over 40% of the market.
  • Nearly 60% of Mumbai&rsquos properties was in the ready-to-move-in category.

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