Mumbai recorded sales of 15,942 residential units and launches of 12,136 residential units in Q3 2021; highest in the country: Knight Frank India
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Mumbai registers office transaction of 0.11 mn sq m (1.2 mn sq ft) in Q3 2021, an increase of 13% YoY: Knight Frank India
Mumbai, 4 th October 2021: Knight Frank India, leading international property consultancy, today launched its quarterly report - India Real Estate Update - Q3 2021; which highlighted that Mumbai recorded sales of 15,942 residential units and launches of 12,136 residential units. Mumbai reported highest sales and launches in the country. Mumbai’s residential sales and new launches witnessed growth of 109% and 45% YoY respectively in Q3 2021.
Mumbai registered an increase of 13% YoY in office space transactions of 0.11 mn sq m (1.2 mn sq ft). The new completions were recorded at 0.01 mn sq m (0.2 mn sq ft) in Q3 2021. The cumulative office transactions for the first nine months of 2021 recorded at 0.26 mn sq m (2.8 mn sq ft).
“Recovering very well from the pandemic second wave, Mumbai residential market has recorded a robust sales performance in Q3 2021 in spite the roll-back of the stamp duty cut window. Multidecade low home loan interest rate, attractive house price and payment flexibility offers have been prime contributors in build up of positive sentiment amongst homebuyers in the city. The upcoming festive season is expected to keep the launch and sales activity robust in Q4 2021,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
TABLE I: RESIDENTIAL SALES AND LAUNCHES IN UNITS
On the office market performance, Rajani Sinha, Chief Economist & National Director – Research, Knight Frank India said, “ . Despite the severe pandemic second wave and extended mobility curbs seen in the past quarter, in the ensuing period of Q3 2021, Mumbai office market transactions have grown by 13% YoY. With the economy recovering and corporates moving back to office, the recovery in this segment is expected to further gather steam.”
TABLE II: MUMBAI OFFICE TRANSACTIONS AND SUPPLY (IN MN SQ M)
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