Exploring the Transformation in Malabar Hill's Real Estate Landscape

Malabar Hill, nestled within the confines of Mumbai, has long been revered as the enclave of choice for the city's elite, boasting opulent homes and stunning vistas. In recent times, this exclusive micro-market has witnessed a remarkable resurgence in its real estate sector, showcasing a staggering 10% appreciation in premium housing. The Q3 of 2023-24 marked a milestone as the average weighted carpet area price soared to ₹1.01 lakh per sq ft, signaling a remarkable uptick in the market's dynamics.

Sales Surge and Infrastructure Impetus

A study conducted by Liases Foras, a reputable real estate research company, shed light on the phenomenal growth within Malabar Hill's real estate landscape. The market witnessed an impressive 79% increase in premium housing sales in 2023 alone. Notably, this surge was underpinned by the sales of 52 units in the last 12 months, denoting a noteworthy 10% year-on-year rise.

Infrastructure development has emerged as a key catalyst fueling this evolution. The advent of the Cuffe Parade to Seepz underground Aqua Metro Line and the Coastal Road project is set to enhance connectivity to this coveted area, further elevating its allure among high net worth individuals residing in Mumbai.

Project Landscape and Sales Momentum

Within this micro-market, 14 projects by 12 developers are underway at various stages of construction, showcasing the robust investment and development activity in the region. Notable among these projects is the Lodha Malabar, positioned on Walkeshwar Road, slated for completion by 2027. This development garnered substantial traction, having sold 10 units amounting to ₹1202 crore in the Jan-Mar quarter of 2023.

The sales trajectory within Malabar Hill has witnessed a remarkable ascent from 17 units in Q3 of 2019 to 52 units in Q3 of 2023. Concurrently, the unsold inventory has dwindled from 248 units in 2019 to 146 units in Q3 of 2023, indicative of heightened market activity and demand. The infusion of new housing supply has also shown a significant increase from 14 units in 2019 to 64 units in 2023, reflecting a buoyant market sentiment.

Market Dynamics and Preferences

Analyzing the market dynamics reveals that the 4BHK configuration dominates preferences, accounting for 67% of sales. Homes with a carpet area ranging between 2400 to 2700 sq ft within the price bracket of ₹30-35 crore have emerged as the favored choice among buyers.

The base price analysis underscores the demand for premium properties, with 13 units sold in the ₹30-35 crore bracket, followed by 10 units in the ₹45-50 crore range, and six units in the ₹95-100 crore segment. A significant portion of the marketable supply comprises 4BHK units, constituting 150 units. Additionally, various other configurations such as duplexes, penthouses, and triplexes have also witnessed traction among discerning buyers.

Insights from Experts and Future Prospects

Pankaj Kapoor, the Managing Director of Liases Foras, attributes the current surge in demand for larger homes to the post-Covid trend of individuals seeking to upgrade their living spaces. The period between 2016 and 2021 witnessed stagnation in prices due to high net worth individuals refraining from real estate investments. However, the current resurgence signifies a departure from this trend, buoyed by the growth in HNI wealth and their inclination towards luxury real estate assets.

Kapoor further emphasizes the pivotal role of improved transparency post-RERA (Real Estate Regulation and Development Act), instilling confidence among investors. Stringent monitoring by MahaRERA has significantly reduced the risk of developer defaults, instilling faith in buyers. Individuals investing at ₹1 lakh per sq ft aspire for expansive living spaces, contributing to the upsurge in demand for larger properties.

Conclusion: Envisioning the Future

The reinvigoration of Malabar Hill's real estate sector stands as a testament to its enduring appeal and resilience. With ongoing infrastructure developments, a surge in sales, and evolving buyer preferences, the micro-market continues to evolve into a premier destination for luxury housing. As the trajectory of growth persists, Malabar Hill exemplifies a prime investment opportunity within Mumbai's illustrious real estate landscape.

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Source:https://www-hindustantimes-com.cdn.ampproject.org/c/s/www.hindustantimes.com/cities/mumbai-news/malabar-hill-micro-market-picks-up-with-14-projects-101704135745751-amp.html

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