Roughly one out of every two available apartments were sold in Mumbai as on October 4 since the time the Real Estate Regulatory Authority (RERA) came into being, shows an analysis of RERA data by JLL India, a property consultancy.
As on October 4, 24,681 apartments were sold in Mumbai city out of the 50,239 available. Similarly, 86,479 apartments were sold in Thane out of 180,071 available. Mumbai suburbs saw the highest sale of flats at 87,126 out of 181,155 available.
According to the report, one-bedroom-hall-kitchen (1BHK) flats performed the best in Thane with sales of 29,551 units. On the other hand, the city and its suburbs saw the greatest contribution from 2BHK flats with sales of 5,715 and 30,947 units respectively. Sales of 2BHKs in Thane was marginally lower at 29,372 units.
The report also noted that the luxury market performed better in the suburbs compared to the city. The city had sales of 1,949 flats with more than 4 bedrooms. The comparable number for suburbs was 2,765 and only 450 in Thane.
The suburbs also had the maximum share of property under litigation at 493 projects. In comparison, 169 projects in the city and 369 projects in Thane were in the midst of a legal battle. The report also noted that 3,465 projects were delayed across Mumbai. Out of this, 1,909 projects had delays of up to a year while 469 projects were delayed by more than three years.
“Many projects have been delayed by one-two years across micro-markets in Mumbai, which is not different from the earlier trend, but this delay is now acknowledged by the developers themselves,” said the report. “While earlier the consumer did not have any idea about the completion timeline, due to strict regulations and huge penalties, the consumer can now hope to get his home as per the promised date.”