PNN
Mumbai (Maharashtra) [India], August 31: MMR's real estate landscape is a dynamic canvas, continuously evolving and reshaping itself. A recent report published by CREDAI-MCHI in collaboration with CRE Matrix paints a vivid picture of the city's diverse housing trends, highlighting the ever-shifting dynamics across different localities.
The report, a collaborative effort between CREDAI-MCHI and CRE Matrix, sheds light on the performance of the MMR housing sector during the second quarter of CY'23, highlighting both remarkable achievements and noteworthy challenges. It also highlights the interplay between sales, launches, inventory, and pricing – a combination that reflects the market's ability to navigate change with determination.
In a remarkable turn of events, the MMR real estate market achieved a 6 per cent growth in sales during Q2 CY'23 compared to the same period last year. This growth showcases the sector's resilience in the face of shifting market dynamics, especially in a time of rising interest rates and inflation. The data is further enriched by the remarkable 9 per cent increase in housing prices during Q1 CY'23 as opposed to Q1 CY'22. This upswing in prices reflects the market's ability to maintain a steady course even as challenges such as rising interest rates and inflation loom large.
As the world grapples with inflationary pressures and central banks respond with interest rate hikes, the MMR real estate sector continues to show remarkable adaptability. What's more noteworthy is that these trends are unfolding without the cushion of any government subsidies in the form of stamp duty waivers or GST waivers, which were instrumental in the market's revival earlier.
Commenting on the report's findings, Dominic Romell, President of CREDAI-MCHI, stated, "The real estate sector in MMR is like a tapestry woven with threads of contrasting colours. Each region has its unique story, and this report provides valuable insights for investors and potential homebuyers. This report is a testament to the dynamism of the MMR real estate market. While facing unique challenges, the industry continues to evolve, showcasing its ability to adapt and flourish. The data further reinforces the sectors' strategic strength. It proves that even amidst rising interest rates and inflation, Mumbai's real estate market remains robust and forward-thinking."
Abhishek Gupta, CEO of CRE Matrix, emphasised, "The market's response to fluctuating supply-demand dynamics and input cost increases is a testament to its resilience. This adaptability is a core strength of the MMR real estate sector, and more importantly, these trends indicate a market that can weather uncertainties while remaining committed to growth. The data provided in the report represents more than just statistics – it embodies the very heartbeat of the city's real estate landscape. These insights have far-reaching implications for individuals and businesses seeking to navigate Mumbai's ever-changing property market."
The report's other key findings underscore the equilibrium between demand and supply, resulting in a relatively moderate 9 per cent increase in unsold inventories during Q2 CY'23 compared to the same period in the previous year, Q2 CY'22. This harmonious balance reflects the industry's adaptability and strategic response to market dynamics.
The spotlight also falls on the remarkable growth in unsold inventories, which surged by an impressive 23 per cent in Navi Mumbai and Bhiwandi during the same time frame. This surge underlines the potential transformation of these regions and their burgeoning significance in the broader real estate narrative.
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