Realty check: Sales, launches in Mumbai rise from 2018
The real estate sector in the Mumbai Metropolitan Region (MMR) witnessed a slight improvement this year compared to 2018, in terms of new project launches and sales. Experts attributed the improvement to the launch of more affordable houses.
A total of 77,990 housing units were launched this year, a 30% increase from 2018, while sales jumped to 80,870 units in 2019, from 66,440 units last year.
Approximately 66% of the new projects launched in 2019 were within ₹80 lakh. According to Anuj Puri, Chairman, Anarock Property Consultants, the major factor behind the increase in projects and sales was the launch of a huge number of affordable houses. “The region saw maximum supply in the affordable category which is something unusual for this market earlier,” said Puri, adding this was in line with the sops being given by the state to boost affordable houses.
However, builders said the improvement is not enough to lift the markets considerably. “Real estate still continues to battle huge taxes and premiums and needs urgent government intervention,” said Bhavesh Sanghrajka, CEO, Shraddha Lifescapes. For the past few years, the real estate sector has been reeling from a crisis as builders jacked up prices to unaffordable levels, forcing buyers to postpone their sales. The Infrastructure Leasing and Financial Services scam, along with the PMC Bank fraud, compounded the crisis.