Monthly Real Estate Monitor Mumbai January 2013


by JLL India

 Mumbai Residential Market..!

The Mumbai residential market witnessed an improvement in sales, primarily in selected projects with a potential for appreciation in the near term and an attractive pricing at a prelaunch stage. There were again a good number of residential projects launched during the month of December.

The new launches included Runwal Group’s Runwal Elina and Runwal Serene, located in Andheri and Chembur, respectively; Rajesh Lifespaces’ Raj Infinia, located in Malad; Kollage, located in Andheri, a joint venture between Zire Realty and Rushi Group; Lily White, located on Jogeshwari-Vikhroli Link Road; and Amal Group’s Aspen Garden, located in Goregaon. Rents remained unchanged during December, with the exception of Lower Parel, where the rents increased marginally.

The capital values moved up marginally in select precincts of Mumbai, with selected developers adopting the strategy of pricing on the carpet
areas.









Residential
Rents
Capital Value
Key Precincts
Rs. per month for a 1,000 sq ft 2 BHK Flat
Rs. per sq ft
Lower Parel
87,000 to 95,000
23,000 to 34,000
Wadala
40,000 to 55,000
14,500 to 18,000
Andheri
35,000 to 50,000
11,000 to 21,000
Ghatkopar
35,000 to 45,000
9,500 to 14,000
Ghodbunder Road
12,000 to 20,000
5,500 to 8,500
Kharghar
12,000 to 20,000
4,800 to 7,500

Mumbai Retail Market ..!

High streets continued to witness improved demand in December, with demand for the malls remaining stable. Vacancy remained stable in the malls.

The key leases in December included Café Coffee Day leasing space in Kandivali, Pizza Express renting space in Bandra Kurla Complex, and Kazo taking space in Kurla. Kaul Heritage City Mall, located on Vasai Road, became operational, with the multiplex being the major occupier in the mall.

 Whilst rents increased marginally in select prime precincts of Mumbai such as Lower Parel and Ghatkopar, capital values witnessed marginal appreciation in prime submarkets of Mumbai.


Retail
Rents
(mall space)
Capital Value
Key Precincts
Rs. per sq ft per month
Rs. per sq ft
Lower Parel
250 to 350
22,000 to 32,000
Malad
160 to 250
12,000 to 20,000
Ghatkopar
140 to 220
10,000 to 18,000
Mulund
120 to 200
10,000 to 16,000
Thane
100 to 160
8,000 to 14,000
Navi Mumbai
70 to 150
7,000 to 12,000


Mumbai Office Space.!
The leasing activity decreased marginally in December because of the subdued demand for office space over the past months in Mumbai.

The vacancy increased as the Towers A and B of Naman Midtown in Lower Parel of Central SBD, and Hubtown Solaris in Andheri East of North SBD became operational with moderate occupancy during December. However, the Naman Midtown project became operational with good occupancy levels.

The key transactions during the month included Travelex leasing space in Malad, Kone Elevators renting space in Andheri, and Carrier taking space in Kurla. Rents remained stable during the month, except for several precincts, such as Goregaon, Malad and Thane, where rents inched up marginally.

Whilst Andheri, Goregaon and Wagle Estate witnessed incremental change in the month of December, the capital value remained stable in the submarkets.

Office
Rents
Capital Value
Key Precincts
Rs. per sq ft per month
Rs. per sq ft


Lower Parel
150 to 180
19,000 to 23,000
BKC
250 to 350
25,000 to 35,000
Andheri
100 to 150
9,000 to 15,000
Goregaon-Malad
80 to 100
8,000 to 10,000
Wagle Estate
45 to 60
5,000 to 6,000
Thane-Belapur Road
40 to 55
5,000 to 6,000

 INFRASTRUCTURE ONGOING ..!

The Mumbai Metropolitan Development Authority (MMRDA) is planning to inaugurate the Eastern Freeway in 2013. It is also planning to extend the Eastern Freeway to Nariman Point through a tunnel for better connectivity between the eastern and western corridors.

The Nariman Point-Borivali coastal road is also under advanced stages of planning. The Maharashtra State Road Development Corporation (MSRDC) has already planned to extend the sea link to Versova. There are also plans to connect the Nariman Point-Borivali coastal road to Borivali and Vasai through cable-stayed bridges.


For more information about research
Ashutosh Limaye
Head, Research and REIS
ashutosh.limaye@ap.jll.com
+91 98211 07054
Trivita Roy
Assistant Vice President, Research
trivita.roy@ap.jll.com
+91 40 4040 9100 

















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