Mumbai Real Estate: Apartment Price in Financial Capital Down Only 2% Since 2018 Despite Sluggish Market
The report mentions that the office space market has received a boost due to demand from a few sectors like IT, BFSI, banking, and financial services. Office space consumption was the highest in Bengaluru with 15.3 million sq ft in 2019.
Mumbai, January 8: The real estate sector in Mumbai has recorded just a 1 percent increase in apartment sales across India last year. However, in spite of the sluggish market, the apartment prices in Mumbai are down only 2 percent since 2018. The office space market was the only bright spot last year and the consumption shot up to 60.6 million sq ft (lease), according to the India Real Estate Report released by Knight Frank India.
The report mentions that the office space market has received a boost due to demand from a few sectors like IT, BFSI, banking, and financial services. Mumbai, which is one of the costliest real estate market was the worst hit, with sales down 14 percent in the second half of 2019. Tardeo in South Mumbai Becomes India’s Costliest Residential Location in Primary Market; Houses Cost a Whopping Rs 56,000 Per Sq Ft.
Office space consumption was the highest in Bengaluru with 15.3 million sq ft in 2019. On the other hand, developers continued to launch compact homes to get the ticket size right. The report further mentioned that from 2014 to 2019, the average size of an apartment has shrunk by 25 percent.
Thane market recorded the highest number of new launches and affordable housing continued to dominate the MMR region with a majority of the new offers in the second half of 2019 coming under Rs 75 lakhs.
(The above story first appeared on LatestLY on Jan 08, 2020 01:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).