by NR INDRAN / INT

A study by 99acres.com, India’s no 1 real estate portal revealed that the property price trends for the Delhi and NCR region have seen an escalation if we compare per square feet prices (PSF) of Q4-11 over Q1-11.Thus although the real estate market seems to have been under stormy conditions, yet Mumbai has seen some price movement.

Commenting on the same Vineet Singh, Business Head, 99acres.com said “The spurt in new project launches in localities like Kamothe, Koparkhairane & Sanpada over the last 12 – 18 months have steadily helped in increasing the buyer interest. This has now seen the prices reached levels where buyer interest has started to drop due to the poor infrastructure in these localities. Buyers have shifted interest to Ulwe and Taloja which are relatively cheaper options. Thane on the other hand has see a vast development in the infrastructure with flyovers and broad roads justifying the current pricing. Developers are creating large communities in Thane and with better infrastructure, there is an increasing demand for new projects.

He further added “South & South West of Mumbai has seen very few new project launches and transactions are mainly in the secondary market by end users. At the current rates and global economic conditions, no one seems to be wanting to let go of any liquid cash. Central Mumbai suburbs have seen an increasing demand from end users due to the quality of lifestyle it delivers. This shows in the steady increase of prices and going forward will see similar increase”.

A look at the property prices of prime localities of South and South West Mumbai shows that most localities have seen stable prices. Bandra (West) and Prabhadevi saw flat rates over the year while Parel and Colaba saw minor price appreciation of 4% and 2% respectively in Q4-11 over Q1-11. Both Mahim(W) and Juhu saw 5% PSQF price rise during the same time period.

 Navi Mumbai has become the most sought after destination in Mumbai because of the competitive prices that the place offers. Sanpada and Koperkhaine witnessed maximum price appreciation of 17% and 15% respectively in Q4-11 when compared to Q1-11. Properties in and around Kamothe area is priced around 4500 PSQF in Q4-11, while prices in Vashi are around Rs 9180/- PSQF.

Most localities in Thane and surrounding areas have seen double digit price appreciation over the year. Localities of Kalyan(W) and Badlapur have seen 24% price rise in Q4-11 when compared to Q1-11. Dhokali Naka, Ghodbunder Road and Hirnanadani Estate saw price appreciation within the range of 15% and 21% respectively in Q4-11 over Q1-11.

Localities of Central Mumbai suburbs like Powai, Mulund(W) and Bhandup(W) saw price appreciation of  8%, 12% and 17% in Q4-11 when compared to Q1-11. Chembur(East) saw the highest price rise in the area with 21% rise in Q4-11 when compared to Q1-11.

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