Even as the region’s COVID-19 case count continued piling up, MMR emerged as one of the most buoyant residential markets in Q1 2021. It saw the highest yearly decline (8%) in total unsold housing stock by the ed of this quarter – from 2,13,180 units as of Q1 2020-end to 1,97,040 units as of Q1 2021-end. It was the highest y-o-y decline of unsold housing inventory in the last 7 years. In previous years, MMR’s stock either increased y-o-y or declined by no more than 3%.

Notably, the overall stock fell despite ample new supply hitting the market during this and the preceding quarter. MMR saw 14,820 new units added in Q1 2021 – the highest among the top 7 cities - yet robust sales in Q1 2021 and Q4 2020 significantly dented the overall unsold stock in the region. Housing sales are driven by bottomed-out property prices, limited-period stamp duty cuts, developer discounts, and the lowest-best home loan rates.

Approx. 20,350 units were sold in MMR in Q1 2021, of which 68% (approx. 13,750 units) were sold in Mumbai, 18% (approx. 3,650 units) in Navi Mumbai, and 14% (approx. 2,950 units) in Thane.

“Mumbai is one of the most expensive real estate markets in the world,” says Anuj Puri, Chairman – ANAROCK Property Consultants. “A reduction in overall acquisition cost by anything between 5-15% made a huge difference in buyer sentiments. Low home loan interest rates and developer discounts, and timely intervention of the government byways of stamp duty reductions and a 50% cut in premium charges also helped the region get its mojo back even during COVID-19.”