The average value of a flat sold in the Mumbai Metropolitan Region (MMR) has increased by 12 percent to Rs 78 lakh in the last calendar year from Rs 70 lakh in 2018, according to a report by CREDAI-MCHI and data analytics firm CRE-Matrix.
As per the report, the total housing units sold in the MMR region during the 2021 calendar year stood at 2,42,061, valued at Rs 1,89,751 crore. In 2018, as many as 2,07,743 units were sold for Rs 1,44,902 crore. "Average value of a flat sold in MMR increased by 12 percent from CY 2018 to CY2021," it added.
Out of the total housing sales in the MMR, flats priced above Rs 2 crore witnessed a growth of 53 percent to Rs 73,000 crore during the last calendar year, from Rs 47,800 crore in 2018.
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"The Real Estate industry has witnessed a K-shaped recovery in the last few years and the MMR region has strengthened and substantiated the aid from the government to help it (get) back on its track.
"With robust policies such as reduction in stamp duty and RBI's low repo rate has helped buyers, agnostic of their buying prowess, to take ownership of their own house when the pandemic hit," said Boman Irani, President of CREDAI-MCHI and President-elect of CREDAI.
Abhishek Kiran Gupta, CEO, CRE Matrix said, "We attribute the rise in housing prices in some projects primarily due to projects' own merit, well supported by handsome fall in interest rates."
"We foresee a healthy 7-8 percent price rise over the next 12 months if this quarterly rise of 2 percent price hike continues into year 2022," Gupta added.
(Edited by : Jomy Jos Pullokaran)
First Published: Mar 11, 2022 8:56 PM IST
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