Introducing the frantic melange of India's extreme
city. As India's financial powerhouse and home to
glistening skyscrapers and malls, Mumbai today
marches towards a progressive world. And in
vogue of bringing you the best of real estate
opportunities, is
proud to bring you the metropolis, bare, in the
2009 In the
pages that follow, allow us to show you the City of
Dreams in all her expansive potential.
ICICI Home Finance Company
Mumbai Residential Property Report.
MUMBAI.
Mumbai Fact File
Mumbai, which was previously known as Bombay, is a major metropolitan city of India. It is the state capital of
Maharashtra. Mumbai city is known as the business capital of India. It is the country's principal financial and
communications centre. The city has the largest and the busiest port handling India's foreign trade. It also has
a major international airport. India's largest Stock Exchange, which ranks the third largest in the world, is
situated in Mumbai.
Mumbai contributes 10% of all factory employment, 40% of income tax collections, 60% of custom duty
collections, 20% of central excise tax collections and 40% of India's foreign trade.
Description about Mumbai/Bombay cannot be complete without the mention of Bollywood, the biggest
Indian film industry, which churns out hundreds of Hindi blockbusters every year.
Location
Mumbai lies on the western coast of India, spread across 437.77 sq. kms. The population of Mumbai, as per
Census 2001, was 11.98 million. Mumbai is a group of seven islands in the Arabian Sea which lies off the
northern Konkan coast on the west of the state of Maharashtra in India. These seven islands, which were once
separated by creeks and channels were filled and bridged over the years by the inhabitants.
Climate of Mumbai
Most of the year, Mumbai's climate is warm and humid. Between November and February, the skies are clear
and the temperature is cooler. From March, the temperature becomes warm and humid till mid June which is
the beginning of the monsoon. During monsoon, there are torrential rains which sometimes cause flooding of
major roads and streets of Mumbai. The average rainfall which is brought by the south-west monsoon winds
in Mumbai is 180 cms. Monsoon ends by the end of September. October is comparatively hot and humid.
History of Mumbai
In 1661, King Charles II of England married Princess Catherine de Braganza of Portugal, and as part of the
dowry he received "Bombay" which is today known as Mumbai. Later in 1668, it was handed over to the East
India Company.
In 1858, the administration of the country was taken over by the Queen of England, Queen Victoria, from the
East India Company. A Viceroy was appointed to rule India in the name of the Queen.
Bombay came under the direct rule of the British in 1861.
The first railway line in India was started between Mumbai (CST) and Thane in 1861.
In 1864, modern water supply was started in Mumbai and in 1885, Mumbai was lit with gas.
A number of Indian financial institutions have headquarters in downtown Mumbai, including the Stock
Exchange, the Reserve Bank of India, the National Stock Exchange of India and numerous conglomerates (the
Tata Group, Reliance, etc.). Many foreign banks and financial institutions also have branches in this area.
The property prices as well as the increase in rental values in Mumbai owe much of its credit to large scale
investments in the commercial sector. Mumbai has always been the hot favourite for most of the corporate
houses to have their headquarters. And with increasing investments by MNCs in the finance, media and the
BPO sectors, there has been a growing demand for office as well as residential space.
Administrative Framework
Mumbai consists of two distinct regions - the city (South Mumbai) and the suburbs. The city is usually referred
to as the Island City while the suburbs could be divided into the central and the western suburbs.
This region is administered by the Brihanmumbai Municipal Corporation (BMC), formerly known as the
Bombay Municipal Corporation.
Navi Mumbai (stretching from Airoli to Uran) and Thane city, which have been covered as separate retail
districts in this report, are otherwise a part of the Thane district.
Pockets beyond CBD Belapur are a part of the Raigad district and fall under the Panvel Municipal Council.
The remaining parts of Navi Mumbai are under the jurisdiction of the NMMC (Navi Mumbai Municipal
Corporation).
Thane city is under the administration of the Thane Municipal Corporation.
Mumbai: Transport
Most of Mumbai's inhabitants rely on the following public transport to travel to and from their workplace:
– The Mumbai Suburban Railway
– State-run BEST buses
– Taxis, autorickshaws
The city is headquarter to two railway zones: the Central Railway (CR) headquartered at Chatrapati Shivaji
Terminus (CST), and the Western Railway (WR) headquartered near Churchgate.
Infrastructure
Bandra-Worli Sea Link
According to the original plan of the state government, the Bandra-Worli Sea Link (roadway) was to be completed by 2003, but the project has been embroiled in various issues such as logistical, environmental clearance and public interest litigation leading to its delay and subsequent cost escalation.
However, the sea link is now operational since July 1, 2009. Construction of the sea link has provided an additional fast moving outlet from South Mumbai to the western suburbs & thereby providing much needed relief to the congested Mahim Causeway. This link will also form a part of the western freeway as it starts with the Western Express Highway and Swami Vivekanand Road at Bandra and connects to Worli with an overall length of 5.6 kms.
Mumbai Trans Harbour Link
The proposed project links Sewri (South Mumbai) with Nhava Sheva (Navi Mumbai) with a 22 km road bridge
over the sea. The project consists of construction of an 8-lane bridge across the deep sea through the Mumbai
Harbour and connects it to local road networks through approaches / interchanges at both ends.
The proposed Mumbai Trans Harbour Link (MTHL) connecting Sewri to Nhava Sheva is expected to be a
catalyst to the development of Navi Mumbai, by promoting horizontal growth as against the vertical growth
experienced over the past few years. The link will help reduce problems of congestion and pollution in
Mumbai and improve the connectivity between Navi Mumbai and South Mumbai. The project is currently in
the bidding stages.
Proposed schemes under MUIP
The Master Plan of proposed schemes under the MUIP (Maharashtra Urban Infrastructure Project) for the
eastern and the western suburbs and for the Island City includes improvements/provision of D P Roads
(Development Plan Roads), Elevated Roads, Flyovers, ROBs (Road Over Bridge), Vehicular Subways,
Pedestrian Subways, Station Area Improvement Schemes (SAIS), high capacity bus corridors, etc.
The Government of Maharashtra, vide its Cabinet Resolution of November 1, 2003, sanctioned the Master
Plan for MUIP as indicated below:
Source: MMRDA
Mumbai Metro
Master Plan
The main objective is to provide a rail-based mass transit connectivity to people within an approach distance
of 1 to 2 km to serve the areas not connected by the existing Suburban Rail System and to provide proper
interchange facilities for connectivity to neighbouring areas like Thane, Navi Mumbai, Vasai, Virar, etc.
Phase I (2006 – 2011)
Versova – Andheri – Ghatkopar - 11.07 km
Colaba – Bandra – Charkop - 38.24 km
Bandra – Kurla – Mankhurd - 13.37 km
Total - 62.68 km
Phase II (2011 – 2016)
Charkop – Dahisar - 7.5 km
Ghatkopar – Mulund - 12.4 km
Phase III ( 2016 – 2021)
BKC – Kanjur Marg via Airport - 19.5 km
Andheri(E) – Dahisar(E) - 18 km
Hutatma Chowk – Ghatkopar - 21.8 km
Sewri – Prabhadevi - 3.5 km
Total length 146.5 km
Eastern Western South Schemes Suburbs Suburbs Mumbai OverallD P Roads (no.) 52 60 22 134
D P Roads (kms.) 195 150 116 462
Elevated Roads 6 - 4 10
Flyovers 10 17 14 41
ROBs 1 7 8 16
Vehicular Subways 8 1 1 10
Pedestrian Subways 27 5 24 56
Versova – Andheri Ghatkopar corridor
Work on the Versova-Andheri-Ghatkopar corridor of the Mumbai Metro rail has already started.
üIt provides East-West rail-based connectivity to the central and western suburbs
üFacilitates smooth and efficient interchange between suburban rail system and MRT system
at Andheri and Ghatkopar stations
üReduces the journey time from 71 minutes to 21 minutes between Versova and Ghatkopar
üProvides rail-based access to the MIDC, SEEPZ and commercial developments
Source: MMRDA
SEZs Update
There are 18 notified SEZs in and around Mumbai as of August 2009 spread across 2045 hectares. Most of
them are concentrated in Thane & Panvel. Majority of the SEZs belong to IT/ITES.
–
SEZ Classification as per Usage
Bio-technology
11%
Multi-services
6%Multi Product
6%Gems &
Jewellery
6%
IT/ITES
71%
A detailed list of all notified SEZs in Mumbai is , 2009 tabulated below as on August
Name Location Type
Area (in
hectares) Status
Gitanjali Gems Limited Panvel Gems & Jewellery 10 Under-construction
K Raheja Universal Pvt. Ltd. Thane, Navi Mumbai IT/ITES 20.65 Under-construction
K Raheja Universal Pvt. Ltd. Thane IT/ITES 13.07 Under-construction
Lodha Dwellers Pvt. Ltd. Thane IT/ITES 32.67 N.A.
M/s Hiranandani Builders Powai IT/ITES 12.58 Operational
Mahindra & Mahindra Ltd Thane Bio-technology 22.32 Under-construction
Navi Mumbai SEZ Pvt. Ltd. Dronagiri, Navi Mumbai Multi Product 1223.68 Under-construction
Navi Mumbai SEZ Pvt. Ltd. Panvel IT/ITES 38.28 Under-construction
Navi Mumbai SEZ Pvt. Ltd. Panvel IT/ITES 21.13 Under-construction
Navi Mumbai SEZ Pvt. Ltd. Kalamboli, Navi Mumbai IT/ITES 103.07 Under-construction
Navi Mumbai SEZ Pvt. Ltd. Kalamboli, Navi Mumbai Multi-services 176.71 Under-construction
Navi Mumbai SEZ Pvt. Ltd. Panvel IT/ITES 10.77 N.A.New Found Properties and Leasing Pvt. Ltd. Thane IT/ITES 21.26 Under-construction
Saloni Business Park Pvt. Ltd Thane Bio-technology 34 N.A.
Sanvo Resorts(P) Panvel IT/ITES 10.69 N.A.
Serene Properties Pvt. Ltd. Thane IT/ITES 19.34 N.A.
Sr.
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
Royal Palms Goregaon(E) IT/ITES 218 Under-construction14
15
16
17
18 Zeus Infrastructure Pvt. Ltd. Thane IT/ITES 57.1 N.A.
Source: Ministry of Commerce & Industry, Dept. of Commerce
FDI
The Mumbai Real Estate space has witnessed FDI investments over USD 700 mn. in the last one year.
Major Locations within Mumbai
We have classified the real estate space in Mumbai into five distinct zones – Central Suburbs, Western Suburbs, Navi Mumbai, South Mumbai and Thane. The major locations in each of these zones have been presented in the diagram below:
Navi Mumbai
Western Suburbs
Central Suburbs
Thane
South Mumbai
M U M B A ICity
Wadala
Sewri
Mahim
DadarPrabhadevi
Worli
Lower Parel
Mahalaxmi
Colaba
Malabar Hill
Kandivali
Borivali
Dahisar
Mira Road
Bandra
Khar
Santacruz
Vile Parle
Andheri
Goregaon
Malad
Thane
Ghatkopar
Kurla
Mulund
Bhandup
Chembur
Vikhroli Koparkhairane
Vashi
Nerul
Panvel
Kharghar
Organised Retail Development
Mumbai has around 38 operational malls spread over 100 lakhs sq. ft. with majority mall space concentrated in the Western suburbs. Central suburbs would also witness a huge influx of mall space in coming years.
Detailed list of malls in Mumbai is belowas
Total Area S. in lakhs sq. ft.
No. Project Name Location Zone (Approx.) Status
1 Atria Mall Worli South Mumbai 2.5 Operational
2 Bandra Drive In Bandra Western Suburbs 4 Under Construction
3 Big Shopping Center Thane Thane 2.4 Under Construction
4 Center One Vashi Navi Mumbai 1.3 Operational
5 Centurion Mall Vashi Navi Mumbai 4 Under Construction
6 Citi Mall Andheri Western Suburbs 1 Operational
7 City Centre Vashi Navi Mumbai 2.5 Operational
8 CR2 Nariman Point South Mumbai 0.6 Operational
9 Crystal Point Andheri Western Suburbs 2.5 Operational
10 Dreams Mall Bhandup (W) Central Suburbs 10 Under Construction
11 Dreams Mall Vashi Navi Mumbai 5 Under Construction
12 Eastern Mall Malad Western Suburbs 1 Operational
13 Eternity Mall Thane Thane 2.5 Operational
14 Evershine Mall Malad Western Suburbs 1.3 Operational
15 Express Zone Goregaon (E) Western Suburbs 2.5 Under Construction
16 Fantasia Vashi Navi Mumbai 6 Under Construction
17 Full Stop Palm Beach Road Navi Mumbai 1.5 Under Construction
18 G7 Mall Andheri Western Suburbs 2.5 Under Construction
19 Glomax Kharghar Navi Mumbai 2 Under Construction
20 Growel 101 Kandivali Western Suburbs 4.3 Operational
21 High Street Phoenix Lower Parel South Mumbai 7 Operational
Mumbai Mall Space Distribution
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Central Suburbs Navi Mumbai South Mumbai Thane Western Suburbs
Operational Under Construction
Source: ICICI Property Services Group
22 Hi-Life Santacruz Western Suburbs 2.5 Operational
23 Huma Mall Kanjurmarg Central Suburbs 1.5 Operational
24 Infinity Andheri Western Suburbs 2 Operational
25 Inorbit Malad Western Suburbs 5 Operational
26 Inorbit Vashi Navi Mumbai 5.5 Operational
27 K Star Chembur Central Suburbs 1.5 Operational
28 Kohinoor City Mall Vidyavihar Central Suburbs 3 Under Construction
29 Lake City Mall Thane Thane 6 Operational
30 Leo Mall Bhandup (W) Central Suburbs 2 Under Construction
31 Little World Mall Kharghar Navi Mumbai 2.5 Operational
32 Magnet Bhandup (W) Central Suburbs 7 Under Construction
33 Maxus Mall Bhyander Western Suburbs 2 Operational
34 Mega Mall Andheri Western Suburbs 3.6 Operational
35 Megapolis Mall Thane Thane 5 Under Construction
36 Metro Junction Kalyan Thane 8 Operational
37 Milan Mall Santacruz Western Suburbs 1 Operational
38 Moksha Plaza Borivali Western Suburbs 2 Under Construction
39 Mumbai Mills Lower Parel South Mumbai 10 Under Construction
40 Nakshatra Dadar South Mumbai 0.3 Operational
41 Nirmal Life Style Mall Mulund Central Suburbs 7.5 Under Construction(Phase II)
42 Nirmal Life Style Mall Mulund Central Suburbs 5 Operational(Phase I)
43 Oberoi Goregaon (E) Western Suburbs 4.5 Operational
44 Orchid City Centre Mumbai Central South Mumbai 2.5 Operational
45 Palm Beach Galleria Vashi Navi Mumbai 2.5 Operational
46 Phoenix Market City Kurla Central Suburbs 16.6 Under Construction
47 Platinum Ghatkopar Central Suburbs 1.3 Operational
48 Prime Mall Vile Parle Western Suburbs 1.3 Operational
49 Prime Mall Kharghar Navi Mumbai 0.4 Under Construction
50 R City Centre Ghatkopar Central Suburbs 6.5 Operational
51 R Mall Thane Thane 2.5 Under Construction
52 Raghuleela Mall Kandivali Western Suburbs 4 Operational
53 Raghuleela Mall Vashi Navi Mumbai 3 Operational
54 Raj Mall Thane Thane 4.5 Under Construction
55 Ripplez Mall Airoli Navi Mumbai 0.6 Under Construction
56 R-Mall Mulund Central Suburbs 2.8 Operational
57 R-Mall Odeon Ghatkopar Central Suburbs 0.7 Under Construction
58 RNA Mall Mira Road Western Suburbs 3 Under Construction
59 Thakur Mall Dahisar Western Suburbs 1.5 Operational
60 The Hub Goregaon (E) Western Suburbs 1.5 Operational
61 V Mall Kandivali Western Suburbs 1.7 Operational
62 Viva City Thane Thane 10 Under Construction
63 Wonder Mall Thane Thane 2 Operational
Distribution of residential supply (no. of units) in the pipeline across Mumbai
Central Suburbs
Navi Mumbai
South Mumbai
Western Suburbs
Thane
Distribution of Residential Supply
35%
10%
4%
10%
41%
Supply of Residential Units coming up by December 2012
Source: ICICI Property Services Group
Zone Apartment Size Avg Area of flat (in Sq. ft.) No. of Units Total Area (Mn Sq. Ft.)
Total Residential Supply in Mumbai by Dec 2012 29.12
1 BHK 640 24 0.02
2 BHK 1014 1200 1.22
3 BHK 1249 910 1.14
Central Suburbs Total supply 2.38
1 BHK 590 200 0.12
2 BHK 1249 303 0.38
2.5 BHK 1498 159 0.24
3 BHK 1844 180 0.33
4 BHK 2846 94 0.27
Navi Mumbai Total supply 1.34
2BHK 1285 825 1.06
3 BHK 1830 1023 1.87
4 BHK 3329 270 0.9
5 BHK 5162 71 0.37
South Mumbai Total supply 4.2
1 BHK 645 290 0.19
2 BHK 1029 2936 3.02
2.5 BHK 1254 4016 5.04
3 BHK 1539 1444 2.22
4 BHK 2635 57 0.15
Western Suburbs Total supply 10.62
1 BHK 622 1300 0.81
1.5 BHK 701 30 0.02
2 BHK 1239 4518 5.6
2.5 BHK 1121 400 0.45
3 BHK 2722 1360 3.7
Thane Total supply 10.58
Central Suburbs
Major Locations
Ghatkopar, Kurla, Mulund, Bhandup, Chembur, Vikhroli
üCentral suburbs, till recently, were not considered as premium locations but now with retaildevelopments like Nirmal Lifestyle and R Mall, several premium residential projects havesprung up in this part of the city
üMajor builders in the central suburbs include Runwal, Nirmal Lifestyle, Ackruti Nirman Ltd.,Sheth Developers, Neptune, Kukreja Builders, K Raheja Universal, Neelkanth Group, DamjiShamji & Co., Godrej Properties Ltd., Mayfair Housing and Rajesh Builders
üBhandup (W) is characterised as an industrial suburb while Bhandup (E) is considered to beresidential
üIncreasing population density and property prices have forced the development of Nahur, astation which was recently constructed between Mulund and Bhandup
üMajor arteries originate at Chembur and lead to Navi Mumbai (New Bombay), Ghatkopar,Sion, Kurla and Mulund-Thane
üStarting out as an industrial area, Chembur is now a largely residential suburb. Oldbungalows and villas are making way for high-rise apartments
üGhatkopar is one of the most crowded but developed locations in Mumbai
üPeople from all strata reside here, but it is mostly dominated by rich businessmen and traders
üJogeshwari-Vikhroli Link Road has improved the connectivity between the central and thewestern suburbs, thus acting as one of the growth stimulators for residential real estate in this area
üThe old Fiat factory has given way to a township and mall in Kurla
Growth Stimulatorsü Affordability and saturation of markets in the western suburbs and south Mumbai are driving
the residential markets in the central suburbs
ü Residential developments are seen only on one side of the highway, thus maintaining smooth flow of traffic
ü Good connectivity and well-developed infrastructure in terms of flyovers and highways, e.g. LBS Marg runs from Sion to Mulund, the Eastern Express Highway connects Dadar to Thane and beyond JVLR (Jogeshwari-Vikhroli Link Road), Chembur-Santacruz Link Road connects the Eastern Express Highway to the Western Express Highway
ü The proposed Ghatkopar–Versova Link Road is on the cards. It will give residents an easy and convenient access to Andheri, resolving the present problem of traffic hazards
ü There is a presence of organised retail developments in the face of Nirmal Lifestyle, R Mall in Mulund and Dreams right outside Bhandup station, Shopper's Stop at Ghatkopar and R City Centre. Commercial development of approximately 3.5 million sq. ft. is expected to enter the central suburbs over the next 2 years. This translates into 0.03 million new employment opportunities.
Residential Market in Central Suburbs
Average apartment size of 1 BHK in sq. ft. 640
Average apartment size of 2 BHK in sq. ft. 1014
Minimum supply (in mn. sq. ft.) by Dec 2012 2.37
Total supply (in no. of units) by Dec 2012 2134Source: ICICI Property Services GroupNote: The areas mentioned are built-up areas
Distribution of 1, 2 and 3 BHK apartments in the pipeline (by Category A, B and Cdevelopers) in the central suburbs
Distribution of Apartment Type: Central Suburbs
1 BHK1%
3 BHK43%
2 BHK56%
Source: ICICI Property Services Group
Some of the residential projects in Central Suburbs
ApproximateName of the Capital Values No. of Date of
Project Developer per sq. ft. (in Rs) Units Completion
M/s Runwal Capital and DecemberThe Orchard India Pvt. Ltd. 7500 280 2009
DecemberKalpataru Aura M/s Kalpataru Ltd. 6800 315 2009
DecemberKohinoor City Kohinoor Planet Construction 8800 24 2009
Mahendra Splendour Mahindra Lifespace 6300 160 Mar 2011
Nirmal Galaxy Nirmal Lifestyle 5650 72 2011
Gundecha Altura Gundecha Builders 7800 on carpet 80 June 2010Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
Property Price Movement I (Q4-2004 – Q3-2008) – Central Suburbs
Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Q4-2004)
Outlook k R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengtheney:
Residential Property Rates in prime residential markets of Central Suburbs
Source: ICICI Property Services Group*Rates mentioned are based on built-up areas and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
Ghatkopar 6000 30000 F
Mulund 7000 32000 F
Bhandup 5500 20000 F
Vikhroli 6500 22000 F
Powai 7500 25000 F
Chembur 7000 35000 SW
LocationAverage Capital
Values (Rs./sq. ft.)
Average Rentals for 2 BHK
(Rs./month)
MarketOutlook
Central Suburbs
0
50
100
150
200
250
300
Q4-
2004
Q4-
2005
Q4-
2006
Q1-
2007
Q2-
2007
Q3-
2007
Q4-
2007
Q1-
2008
Q2-
2008
Q3-
2008
Q4-
2008
Q1-
2009
Ghatkopar Mulund Bhandup Chembur Vikhroli
Comparison of actual (A) and real & logical (R&L) price movement
The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Central suburbs. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.
The residential property prices in Central suburbs have increased at a pace almost double that of the general price rise as is evident from the above chart.
Mumbai - Central Suburbs
0
50
100
150
200
250
300
Mar2005
Mar2006
Mar2007
Jun2007
Sept2007
Dec2007
Mar2008
Jun2008
Sept2008
Dec2008
Mar2009
Jun2009
Central Suburbs (A) Central Suburbs (R&L)
Western Suburbs
Major Locations
Bandra, Khar, Santacruz, Vile Parle, Andheri, Goregaon, Malad, Kandivali, Borivali, Dahisar, Mira Road
üWestern Mumbai has been the commercial market of Mumbai and has witnessed some mega
residential and commercial projects
üGeneral attraction towards luxurious lifestyle has resulted in major development of shopping
malls and luxurious residential complexes
üBandra boasts of one of Mumbai's most popular shopping destinations and millions of people
troop to Linking Road. Over the years, Bandra has also gained the title of the "Queen of
Suburbs"
üSome developers prefer a leasing model for high-end residential flats in this suburb
üMajor builders in the western suburbs include Lokhandwala, Mayfair Housing, RNA (A.A.),
Raheja Universal, K. Raheja Group, Ackruti Nirman Ltd., Oberoi Constructions, Kalpataru,
Gundecha, Rustomjee, Dynamix, Bhoomi, Ekta, and Kanakia
üAndheri has always been a centre of attraction, be it for the mushrooming film studios in
Andheri or for the commercial spaces of Andheri (E)
üThe entry of several leading developers who have invested in this belt has led to the changing
profile of these suburbs
üAmenities include a health club with sauna, steam, well-equipped gymnasium, swimming
pool, children's park and jogging track
üKandivali-Malad and Goregaon has seen major development in the western suburbs
üGoregaon and Malad are well-developed with respect to roads and infrastructure. Also, with
the Jogeshwari-Vikhroli Link Road nearing completion, these suburbs are easily accessible to
the eastern suburbs as well
üOwing to the residential and commercial growth, the retail sector has also flourished in the
form of swanky malls and good shopping conveniences
üA new residential paradise has evolved in the Mira Road-Virar belt
üThis belt, which comprises Mira Road, Naigaon, Bhayendar, Nalasopara, Vasai and Virar,
has seen a population influx over the years
üSome big names in the industry such as Kalpataru, Rustomjee, RNA, Kanakia, Dynamix, etc.
have launched a number of quality residential complexes in Mira Road and Bhayendar.
Growth Stimulators
Bandra, Khar, Santacruz
ü
middle to senior management employees to upgrade their lifestyle and move into homes
valued in excess of Rs.1.75 crore in Bandra
üWith the diamond market shortly shifting to BKC, the rates have seen an upward movement in
this belt
üDevelopment of CBD in the Bandra Kurla Complex has influenced property growth rates of
both residential and commercial spaces in and around Bandra
üThe Bandra-Worli Sea Link Road project by MMRDA has added to the value in the market in
Bandra (W)
üLinking Road has emerged as a commercial centre for Khar, Bandra and Santacruz
Andheri, Jogeshwari
üConnectivity to the airport and to any part of the city through rail and road
üWith the Vikhroli-Jogeshwari Link Road nearing completion, Andheri's connectivity to the
eastern suburbs will improve further
üMumbai Urban Infrastructure Projects has already started work on the Metro link from
Ghatkopar to Versova
üWith the construction of malls (Citimall, Crystal Point, Mega Mall and G7 Mall), people have a
wide array of shopping options
üUpgrade of lifestyle, thanks to premium properties, swanky malls and multiplexes
Goregaon, Malad and Kandivali
Premium properties are greatly in demand, with buyers looking for spacious commercial interiors and
amenities that offer luxurious lifestyles.
üAlso the quality being offered in these locations plays a major role in attracting high networth
individuals
üThe surrounding captive catchment area, a ready market for buyers and availability of
organised shopping under one roof are among the reasons why the suburb is gaining
popularity
üPopulation has also considerably increased in size and density
üNew malls and residential projects in surrounding areas are fuelling this growth
üCall centres in Goregaon and Malad are also driving the market in this area
üNewly married couples who cannot afford properties in Bandra and Andheri but want to be
Double income, coupled with assistance from banks, has made it possible for well-placed
close to these locations prefer Goregaon and Malad
üEasy accessibility to the Western Expressway and link roads like the Vikhroli-Jogeshwari Link
Road, the proposed Goregaon-Mulund Link Road and the MUIP's (Mumbai Urban
Infrastructure Project) plan to start a Metro link (Charkop to Colaba) which will give this area a
bright future
üWidening and concretisation of the Western Express Highway up to Mira Road is on the
cards. This would reduce travel time to a great extent
üAnother significant point is the demand for residential leasing in this belt
üThe growth in the capital and rental values is mainly due to the lack of space and the high
demand of these locations
üKandivali's speedy growth is due to several reasons - its proximity to Borivali, a well
developed suburb and a major railway junction
üThe fact that being a part of Greater Bombay (the third suburb from the northern end) which
has good infrastructure of water/rail, electricity, roads, temples, schools, colleges, hospitals,
and shopping complexes is a big advantage
Borivali, Dahisar
üThe connectivity of railways – Borivali being a train terminal for long distance trains, makes
these areas quite accessible
üCommunity affection in Borivali drives the residential market here. There is a huge demand in
Borivali by the Gujarati business community who prefer to be closer to their workplace
üBorivali, with a cosmopolitan population, has clean and green surroundings
üQuick access to the Western Express Highway and proximity to Sanjay Gandhi National Park
makes these upcoming properties extremely popular
üHospitals and academic institutions like St. Francis, plus good connectivity through buses,
have developed Dahisar considerably
Mira Road, Bhayendar
üA 1-2 BHK in this patch can range from anything between Rs.10-35 lac, which satisfies the
budget of an average middle class family
üThis market is driven by sheer affordability factor
üMost of the new projects offer facilities like gyms and gardens, A-grade fixtures and fittings
and modular kitchens
üPeaceful and verdant surroundings, as compared to the hustle-bustle of Mumbai
üThe number of residential complexes has grown, with ultra modern projects from RNA,
Evershine Builders, Kanakia Constructions, RNA (AA) and so on
Residential Market in Western Suburbs
Average Apartment size of 1 BHK in sq. ft. 645
Average Apartment size of 2 BHK in sq. ft. 1029
Average Apartment size of 2 1/2 BHK in sq. ft. 1254
Average Apartment size of 3 BHK in sq. ft. 1539
Average Apartment size of 4 BHK in sq. ft. 2635
Total supply (in mn. sq. ft.) by Dec 2012 10.62
Total supply (in no. of units) by Dec 2012 8743
Source: ICICI Property Services GroupNote: The areas mentioned are built-up areas
Distribution of 1, 2, 2.5, 3 and 4 BHK apartments in the pipeline (by Category A, B and C developers) in the western suburbs
Distribution of Apartment Type: Western Suburbs
Source: ICICI Property Services Group
1 BHK
3%
2 BHK
34%
2.5 BHK
45%
3 BHK
17%
4 BHK
1%
üAlso with the four-track railway, Mira Road having its own significance for middle class
housing, the demand for residential premises is greater
üWith the launch of malls and multiplexes, the demand for residential premises in Mira Road
increased further
üCommercial development of approximately 6 million sq. ft. is expected to enter the western
suburbs over the next two years. This translates into over 0.05 million new employment
opportunities.
Some of the residential projects in Western Suburbs
ApproximateCapital Valuesper sq ft (in Rs)
No. ofUnits
Madhuvan Harsiddh Group 8500 120 Ready
Orchid Suburbia DB Realty 5600 600 June 2011
Royale Park RNA Group 7100 400 Ready
Kalpataru Tower M/s Kalpataru Ltd 6500 200 December 2009
Elanza Keystone Realtors 9000 270 August 2010
Interface Heights K. Raheja Constructions 7500 150 Ready
RNA NG Sun City RNA Group 5500 500 Ready
Name of the Project Developer Date of
Completion(Approx.)
Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
Residential Property Rates in prime residential markets of Western Suburbs
Bandra 18000 65000 S
Khar 16000 50000 S
Santacruz 16000 50000 S
Andheri 10000 40000 S
Jogeshwari 8500 35000 S
Goregaon 6500 22000 S
Malad 6000 20000 S
Vile Parle 13000 45000 S
Kandivali 5500 15000 S
Borivali 6500 17000 S
Dahisar 5000 11000 S
Mira Road 2800 8000 S
Location
AverageCapital Values
(Rs. /sq. ft.)
Average Rentals for 2 BHK
(Rs. /month)MarketOutlook
Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
Outlook k R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengtheney:
Since 2006, there has been a widening gap between the residential property prices and the logical price levels, and by 2008, the property prices have increased at almost double the rate as compared with the real & logical price points.
Comparison of actual (A) and real & logical (R&L) price movement
The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Western suburbs. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.
Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Q4-2004)
Property Price Movements (Q4-2004 – Q3-2008) – Western Suburbs
Western suburbs
0
50
100
150
200
250
300
350
Q4-2004
Q4-2005
Q4-2006
Q1-2007
Q2-2007
Q3-2007
Q4-2007
Q1-2008
Q2-2008
Q3-2008
Q4-2008
Q1-2009
Bandra Santacruz KharAndheri, Jogeshwari Kandivili Goregaon, Malad Borivali, Dahisar Mira Road, Bhayendar Virar, Vasai
Mumbai - Western Suburbs
0
50
100
150
200
250
300
Mar2005
Mar2006
Mar2007
Jun2007
Sept2007
Dec2007
Mar2008
Jun2008
Sept2008
Dec2008
Mar2009
Jun2009
Western Suburbs (A) Western Suburbs (R&L)
Thane
Major Locationsü
massive scope for development of residential projects
üMajor Builders: Hiranandani, Kalpataru, Raheja, Dynamix, Vijay Group, Soham Group,Neptune, Cosmos Group, Kabra, Dosti Group, Natu-Paranjape, Puranik Builders, Neelkanth,Raunak Enterprises, Lodha and Ackruti.
Growth Stimulators
üThane is well-connected to Mumbai by road (Eastern Express Highway) and by railway
üAnother water project of 100 MLD (Million Litres Per Day) is under process near Shahpur. Thiswater supply scheme would cater to the water supply needs for a predictable next 20 years.This project would bring in the much-needed relief of water requirements and catalyse therate appreciation in the near future
üGhodbunder Road gives easy access to Thane Railway Station, Mira Road as well as to theWestern Express Highway
üCommercial activity has also boosted on Ghodbunder Road with a number of malls comingup in this area
üGood connectivity to Mumbai, excellent shopping malls within Thane and in Mulund, goodeducational institutes, close proximity to Mulund, and above all, surrounded by beautiful hillsof Sanjay Gandhi National Park amidst plenty of lakes, have propelled the real estate market in Thane
üPatni Computers has procured 8 acres of land on the Thane–Belapur Road opposite MukundSteel, to set up an Information Technology development centre
üCommercial development of approximately 0.53 million sq. ft. is expected to enter Thaneover the next two years. This translates into 4,700 new employment opportunities
Ghodbunder Road in Thane, due to availability of land and existing premium projects, has a
Source: ICICI Property Services GroupNote: The areas mentioned are built-up areas
Residential Market in Thane
Average Apartment size of 1 BHK 622
Average Apartment size of 2 BHK 1239
Average Apartment size of 3 BHK 2722
Total supply (in mn. sq. ft.) by Dec 2012 10.58
Total supply (in no. of units) by Dec 2012 7608
Distribution of 1, 2, 2.5, 3 BHK apartments in the pipeline (by Category A, B and C developers) in Thane
Distribution of Apartment Type: Thane
1 BHK17%
1.5 BHK0%
2 BHK60%
2.5 BHK5%
3 BHK18%
Source: ICICI Property Services Group
Some of the residential projects in Thane
Kalpataru Kamdhenu Kalpataru 4500 20 Ready Possession
Vraj Global Enterprises October 2009
March 2011
December 2009
December 2012
Ready
Approximate
Capital Values
per sq ft
(in Rs)Name of the Project DeveloperNo. of Units
(Approx.)Date of
Completion
Runwal Garden City Runwal 4000 375 Ready
Raunak 4250 200
Vraj Green Valley 4100 70
Lodha Luxuria Lodha Developers 4300 200
Hiranandani Estate Hiranandani 5300 700
Park Wood DB Realty 3500 450
Casa Univis Lodha Developers 3035 600 March 2012
Neelkanth Green Neelkanth 4000 200 December 2010
Laxmi NarayanResidency
Source: ICICI Property Services Group* Rates mentioned are based on built-up area and are subject to amenities, upkeep and vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
0
50
100
150
200
250
300
Mar2005
Mar2006
Mar2007
Jun2007
Sept2007
Dec2007
Mar2008
Jun2008
Sept2008
Dec2008
Mar2009
Jun2009
Residential Property Rates in prime residential markets of Thane
Average Capital Values
Location
(Rs./ sq. ft.)
Average Rentals for 2 BHK
(Rs.
/ month)
Market Outlook
Ghodbunder Road
3000
7000
S
Rest of Thane (Panchpakhadi, Eastern Express Highway)
5500
14000
S
Teen Haath Naka
6000
15000
S
Vasant Vihar
4500
12000
S
Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
As is apparent from the above chart, there has been disproportionate rise in residential property prices as compared to the Real & Logical prices in Thane. This gap had reduced to certain extent in Dec 2008; however the gap has widened further in recent quarters.
Comparison of actual (A) and real & logical (R&L) price movementThe real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Thane. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.
Property Price Movements (Q4-2004 – Q3 2008) - Thane-
Outlook k R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengtheney:
Ghodbunder Road
Rest of Thane
Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Q4 2004)
Thane (A)
Thane (R&L)
Thane
0
50
100
150
200
250
300
350
Q4-2004
Q4-2005
Q4-2006
Q1-2007
Q2-2007
Q3-2007
Q4-2007
Q1-2008
Q2-2008
Q3-2008
Q4-2008
Q1-2009
Thane
Navi Mumbai
Major LocationsPalm Beach Road, Kharghar, Koparkhairane, Panvel
üNavi Mumbai spreads over parts of two districts of Maharashtra - Thane and Raigad. Theregion is hilly in some parts
üNavi Mumbai lies on the mainland on the eastern seaboard of the Thane Creek. The citylimit stretches from Airoli near Thane in the north, to Uran in the south. The length of thecity is almost the same as Mumbai. The Vashi and Airoli bridges connect Navi Mumbai to Mumbai
üNavi Mumbai is organised as many nodes. Some of the old and more populated nodesare Vashi, Nerul and Belapur
üSome of the more recent node developments include Kharghar, New Panvel,Khandeshwar
üKey Builders: Adhiraj Developers, Kesar Sons, Haware Builders & Developers, BhoomiDevelopers, Shah Group and Sai Developers.
Growth StimulatorsüDhirubhai Ambani Knowledge City (DAKC), located at Koparkhairane, has propelled the
real estate market in Navi Mumbai üMost of the software companies in Maharashtra have their offices in Navi Mumbai üThe Government of Maharashtra has also set up software parks to cater to the growing
demand from the IT sector üInternational Infotech Park at Navi Mumbai has been designed with an infrastructure for the
needs of the technology-driven companies in Electronics, Information Technology,Telecommunications and related industries
üDue to the presence of existing IT parks, shopping malls, good infrastructure, goodeducational institutes, and more importantly the proposition of SEZ in Navi Mumbai, areaslike Vashi, Kharghar, Koperkhairane are on a rapid growth trajectory
ü6-Lane Road-cum-Rail bridge between the Sewri–Nhava Sheva link of about 22 km. isexpected to reduce the travel time between Navi Mumbai and Mumbai to about 30 minutes
üCommuter railway systems at Navi Mumbai (including those planned) include MankhurdBelapur-Panvel rail corridor, Thane-Vashi-Juinagar-Uran rail corridor, Ring railway aroundCBD, Manasarovar-Taloja, Thane-Kalwa-Juinagar-Nerul rail corridor, Panvel-Uran rail corridor and an Intercity Railway Terminal
üCIDCO has plans to concretise some of the major roads like the Vashi Highway toKoperkhairane, the Sion Panvel Marg to Nerul Railway Station, the Vashi Shivaji Chowk toPalm Beach Road and Airoli to the Mulund Bridge
üPalm Beach Road, now known as the Queen's Necklace of Navi Mumbai, has contributed tosignificant rise in property prices in Navi Mumbai
üDue to this road facing the creek, most of the units in a building are so designed that they face
the creek, thus demanding the highest rates in Navi Mumbai üKoperkhairane, again due to its excellent accessibility to Vashi and Thane has boosted the real
estate prices üThe Thane–Vashi rail line and the connectivity to the central line through the Airoli– Mulund
Bridge has pushed the real estate market furtherüExcellent infrastructure development, potential for the International Airport in the vicinity, has
given Kharghar an edge over other nodes of Navi Mumbai üWith the increasing number of trains, Panvel has grown noticeablyüCommercial development of approximately 6.6 million sq. ft. is expected to enter Navi
Mumbai over the next two years. This translates into 0.06 million new employmentopportunities.
Residential Market in Navi Mumbai
Average Apartment size of 2 BHK 1249
Average Apartment size of 3 BHK 1844
Total supply (in mn. sq. ft.) by Dec 2012 1.33
Total supply (in no.of units) by Dec 2012 936Source: ICICI Property Services GroupNote: The areas mentioned are built-up areas
Distribution of 1, 2, 2.5, 3 and 4 BHK apartments in the pipeline (by Category A, B and C developers) in Navi Mumbai
Distribution of Apartment Type: Navi Mumbai
1 BHK21%
2 BHK33%
2.5 BHK17%
3 BHK19%
4 BHK10%
Source: ICICI Property Services Group
Residential Property Rates in prime residential markets of Navi Mumbai
Kharghar 3500 8500 SW
Koperkhairane 3500 8500 SW
Palm Beach Road 5500 14000 SW
Panvel 2500 8000 SW
Location
Average CapitalValues (Rs./sq. ft.)
Average Rentalsfor 2 BHK
(Rs./month)MarketOutlook
Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
Some of the residential projects in Navi Mumbai
Goodwill Harmony Goodwill Developers 4000
50
Sai Ansh
Paradise Group
4500 60
Palm Beach Residency
Wadhawa Developers
5500
100
Kesar Exotica
Kesar Group
3850
40
Kalpataru Riverside Kalpataru Builders
3800
120
Edward, Cleremont, Wingfield
HIRCO 3600 282
Arham
Arihant Developers
1950
200
Ready
Ready
December 2010
April 2012
August 2010
December 2010
June 2011
Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
Outlook k R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengtheney:
No. of Units(Approx.)Name of the Project Developer
Date of Completion
ApproximateCapital Values
per sq ft(in Rs)
Even though the disparity between the actual property prices and the real & logical price points had reduced in Dec 2008 to a certain extent, the gap seems to be maintained in last few quarters.
Property Price Movements (Q4-2004 – Q3 2008) – Navi Mumbai-
Navi Mumbai
0
50
100
150
200
250
300
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Navi Mumbai (A) Navi Mumbai (R&L)
Comparison of actual (A) and real & logical (R&L) price movement
The real & logical (R&L) price is considered to move in line with the consumer price index. Below chartbrings out a comparison between quarterly property price movements and changes in consumer priceindex for Navi Mumbai. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.
Navi Mumbai
0
50
100
150
200
250
300
350
Q4-
2004
Q4-
2005
Q4-
2006
Q1-
2007
Q2-
2007
Q3-
2007
Q4-
2007
Q1-
2008
Q2-
2008
Q3-
2008
Q4-
2008
Q1-
2009
Kharghar Koperkhairane Palm Beach Road Panvel
Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Q4-2004)
South Mumbai
Major Locations
Mahim, Dadar, Prabhadevi, Worli, Lower Parel, Mahalaxmi, Mumbai Central, Mazgaon, Byculla, Colaba, Peddar Road, Altamont Road, Walkeshwar, Malabar Hill, Napean Sea Road, Wadala, Sewri, Sion
üSouth Mumbai is the premium residential market of the city
üThe property rates are the highest here ranging from Rs. 12000-50000 per sq. ft.
üIn the last one year, the property prices have grown by almost 50%
üEnd-users have been driving the market in South Mumbai recently
üThere are very few projects in the pipeline in South Mumbai, which is further boosting theprice rise in this part of the city
Growth Stimulators
üBandra-Worli Sea Link and the Nhava Sheva-Sewri Link Road will reduce the trafficcongestion to a great extent
üHuge commercial developments are also coming up in Worli, Prabhadevi and Lower Parel,thus fuelling the residential property prices in and around these areas
üHigh-end amenities like sensor lighting, C.C.T.V., bio-metric entries are being provided bydevelopers apart from the club house and swimming pool
üSmall screens with a seating capacity of 10-15 , wi-fi connection, 24–hour coffee shops arealso being provided within the complex
Residential Market in South Mumbai
Average Apartment size of 2 BHK 1285
Average Apartment size of 3 BHK 1830
Average Apartment size of 4 BHK 3329
Average Apartment size of 5 BHK 5162
Total supply (in mn. sq. ft.) by Dec 2012 4.2
Total supply (in no. of units) by Dec 2012 2189
Source: ICICI Property Services GroupNote: The areas mentioned are built-up area
Distribution of 2, 3, 4 and 5 BHK apartments in the pipeline (by Category A, B and C developers) in South Mumbai
Distribution of Apartment Type: South Mumbai
2 BHK38%
3 BHK47%
4 BHK12%
5 BHK3%
Source: ICICI Property Services Group
Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
Name of theProject
No. of Units(Approx.)
ApproximateCapital Values
per sq ft(in Rs)Developer
Date ofCompletion
Ashok Tower Piramal Holdings Ltd. 20000 250 July 2009
Ashoka Garden Piramal Holdings Ltd. 13000 375 December 2009
Dosti Flamingos Dosti Group 13000 300 Ready
Marathon Era I & II Marathon Builders 25000 444 Ready
Raheja Atlantis K. Raheja Universal 31000 96 December 2009
Godrej Properties Godrej 25000 200 Ready
Casa Grande Ashford Corporation 31000 108 Ready
Orbit Arya Orbit Corporation Ltd 50000 45 April 2009
Raheja Viveria K Raheja Corp 27500 400 Dec 2010
Palais Royale Sri Ram Infrastructure 50 crores onwards 100 May 2011
Some of the residential projects in South Mumbai
Residential Property Rates in prime residential markets of South Mumbai
Average Rentals
Average Capital for 2 BHK Market
Location Values (Rs./sq. ft.) (Rs./month) Outlook
Mahim 16000 70000 SW
Dadar (E) 15000 60000 SW
Prabhadevi 25000 90000 SW
Worli 30000 90000 SW
Parel 18000 60000 SW
Mahalaxmi 20000 80000 SW
Mumbai Central 16000 55000 SW
Mazgaon 12000 40000 SW
Byculla 12000 40000 SW
Colaba 35000 100000 S
Peddar Road 45000 125000 S
Walkeshwar 50000 150000 S
Malabar Hill 50000 150000 S
Napean Sea Road 45000 120000 S
Wadala 12000 30000 SW
Sewri 15000 35000 SW
Sion 16000 35000 SW
Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.
Outlook k R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengthen
ey:
Property Price Movements (Q4-2004 – Q3 2008) – South Mumbai-
Comparison of actual (A) and real & logical (R&L) price movement -
The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for South Mumbai. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.
South Mumbai
Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Q4-2004)
0
50
100
150
200
250
Q4-
2004
Q4-
2005
Q4-
2006
Q1-
2007
Q2-
2007
Q3-
2007
Q4-
2007
Q1-
2008
Q2-
2008
Q3-
2008
Q4-
2008
Q1-
2009
South Mumbai
Mahim To Churchgate
South Mumbai
0
50
100
150
200
250
300
Mar
2005
Mar
2006
Mar
2007
Jun
2007
Sept
2007
Dec
2007
Mar
2008
Jun
2008
Sept
2008
Dec
2008
Mar
2009
Jun
2009
Island City (R&L)Island City (A)
The actual property prices have consistently increased more than proportionately than the real & logical
prices in South Mumbai.
Mumbai Absorption Index
As is evident from the chart given below, the absorption of residential properties in Mumbai has been on a
consistent decline since the start of FY 2008-09. The market did pick up sharply in November mainly due to
positive sentiments in the festival season. However, the levels were not sustained in the coming months and
the transactions dropped again. Overall, residential property transactions in April 2009 have nearly halved
from that of the same month in 2008.
Mumbai Residential Real Estate: Absorption Index
0
20
40
60
80
100
120
Apr-
08
May-
08
Jun-
08
Jul-
08
Aug-
08
Sep-
08
Oct-
08
Nov-
08
Dec-
08
Jan-
09
Feb-
09
Mar-
09
Apr-
09
Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Apr-08)
Redevelopment Market
üRedevelopment market is witnessed primarily where the developer gets a higher FSI (Floor
Space Index)
üSouth Mumbai is typically seen as a redevelopment market in MumbaiüAreas like Lower Parel, Bandra, Mahim, Sion, Kurla, Five Gardens are characterised by these
redevelopment marketsüA few examples would be the Kohinoor City at Vidyavihar, numerous redevelopment projects
at Tilak Nagar (Chembur), New Era at Cadell Road and the Raheja Brookeville at Matunga.
Location Attractiveness Index
We have short-listed below, seven prime locations within Mumbai and have critically examined them on various parameters like infrastructure, residential costs in the region, future employment prospects, etc. as detailed in the matrix below. Kharghar appears to be scoring above other locations due to the reasonable residential costs, coupled with proximity to commercial and retail development as well as future infrastructure and commercial developments.
Good / Low CostAbove Average
Average / Medium CostBelow AverageBad / High Cost
Infrastructure (connectivity, roads,
proximity to markets, schools)
Residential Cost
Proximity to/Presence of
organised retail
Proximity to Commercial
Development
Future Infrastructure Development
Future Employment Generation
Borivali /
KandivaliJVLR
Bandra
East
Lower
Parel
Ghodbunder
Road Kharghar Panvel
About Research & Consultancy
ICICI Property Services is a division of ICICI Home Finance Company Limited, a 100% subsidiary of ICICI Bank. ICICI PSG provides real estate solutions to home seekers, corporate investors, space occupiers and developers /landlords. ICICI Property Services addresses the entire bandwidth of a real estate deal from concept to conclusion. Research & Consultancy (R&C), a specialised group within ICICI PSG, offers both real estate advisory and consumer demographic analysis backed by both primary & secondary research. The following chart explains in brief the various services offered by R&C.
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