Residential demand in Mumbai increases 15.2 percent
by Samiksha Housing demand (searches) in Mumbai grew 15.2% while supply (listings) grew 3.8% QoQ, revealed Magicbricks PropIndex Report Q1’ 2022. The report further observed that in Mumbai, smaller-sized 1 and 2 BHK apartments dominated the homebuyers’ preference and cumulatively accounted for 69% of the demand and 73% of the supply, during the period. The demand and supply for 2 BHK configurations accounted for 40% and 42%, respectively. Navi Mumbai exhibited a similar trend with demand for 2 BHKs accounting for 48% of the total demand and 46% of the total supply in Q1 2022. In Thane, smaller configuration homes continued to dominate the housing market with 1 and 2BHK units comprising 78% of the total demand and supply, and 2 BHK constituting a demand share of 43%. The report further identifies Malad and Kandivali as the residential hotspots in Mumbai during the quarter. While the overall upsurge in housing demand and supply in Mumbai was majorly driven by regulatory initiatives like ...