Dombivli, Panvel, Gurgaon, Badlapur, Mahalunge Active Real Estate Markets: 2019 report by ANAROCK Property Consultants
Dombivli, Panvel, Gurgaon, Badlapur, Mahalunge are among the most Active Real Estate Markets in India in terms of number of new units launched by developers. While Mumbai, NCR, Bangalore, Pune and Chennai are major markets in India, micro-markets in these cities are of specific interest for real estate developers and investors.
MMR’s Dombivli ranks 1st on the list of top 10 most active Indian residential micro-markets, based on the number of new units launched during 2019. ANAROCK research reveals that this micro-market saw more than 7,130 new units launched in 2019, with average property prices hovering around INR 6,597 per sq. ft. (built-up area). The activity levels in the top 10 micro-markets are based on both demand and supply.
Panvel in Navi Mumbai ranks 2nd with nearly 5,900 new units added to this market at an average price of INR 6,170 per sq. ft. NCR’s New Gurgaon was close behind in the 3rd spot with new launches touching nearly 5,400 units. Although New Gurgaon saw a generous supply, it was the only micro-market of the top 10 active residential hotspots where average property prices declined by 6% between 2016 and 2019. Average property rates here were INR 6,460 per sq. ft. in 2016 and fell to nearly INR 6,087 per sq. ft. in 2019.
MMR’s Badlapur and Pune’s Mahalunge ranked 4th and 5th. Located in close proximity to Mumbai in Thane district, Badlapur attracts increasing interest from both end-users and investors. Affordable prices and good connectivity to key areas in MMR have boosted its real estate prospects. In 2019, Badlapur saw new launch supply of nearly 5,350 units - with the lowest average property prices among the top 10 markets at INR 3,770 per sq. ft. Mahalunge in Pune saw approx. 4,650 new units launched during the year with average prices at INR 5,657 per sq. ft.
Interestingly, no micro-markets in Chennai and Kolkata feature in the top 10 list of most active residential hotspots. Developers in all top cities are now extremely selective with their choice of locations and focus on markets with high demand within specific budget categories.