Realtors to deliver over 43,000 housing units in Mumbai, Pune by March
With real estate developers shifting focus towards projects completion while exercising caution in launching new projects, they are likely to deliver over 43,000 housing units in the key western markets of India by March. Data available with PropTiger.com show over 27,000 new units are likely to be delivered in India’s financial capital Mumbai by between January and March while Pune real estate market will see the delivery of over 16,000 units in the same period.
Of the total 27,000 units that are expected to come up in Mumbai, almost 15,000 units would come in the affordable market of Beyond Thane and Mira Road & beyond.
It is worth mention here that nearly 90,000 units have been delivered in Mumbai between April and December last year, the highest of all time. The credit for this positive change largely goes to the hyper-active real estate authority of the state, the MahaRERA.
Understandably, new launches in Mumbai declined by 48% in the December quarter over the previous year, an indication that developers are more concerned about completing and delivering existing projects and resisting the temptation to launch new projects. On a quarter-on-quarter basis, the decline in new launches in the city was 44%.
Interestingly, the same is not true of the Pune property market. Amid improving supply numbers, new project launches in Maharashtra’s cultural capital also increased in the third quarter of the current financial year. New launches in the city increased by 69% Y-o-Y in Q3. On a Q-o-Q basis, Pune witnessed an increase of 33% in new launches in the quarter ending December.
At the same time, realtors delivered nearly 56,000 units for possession between April-December last year, higher than the units offered in the entire FY18. Of the 16,000 units that are expected to be delivered within three months, almost 9,000 units are from the micro markets of Pune south and the PCMC region. These markets are primarily popular among buyers for their affordability.
Speaking on the same, AnkurDhawan, Chief Investment Officer, PropTiger.com says, “Mumbai is the centre of real estate sector in the country and homebuyers have plenty of options to make their housing dream come true. With the implementation of MahaRERA, realty sector has seen ever before transparency and running in a more regular way. Going forwards, over 140,000 units are likely to be delivered by the end of next financial year in Mumbai. In Pune, nearly 85,000 units are expected to be offered for possession in FY20.”