In order to make the apartments more affordable in Mumbai and its suburban areas, developers are now increasingly focusing on offering apartments of smaller sizes, as well as launching projects at marginally lower prices, said a recent Cushman & Wakefield report, adding that in 2016, an average size of newly launched residential apartments in the city reduced by 10% to around 960 sqft. Further, developers launched mid segment projects in the western suburbs of Malad, Kandivali, and Borivali, at lower-than-average prices, in order to attract more customers to push sales. Also, launches at Ulwe, Seawoods, Kharghar in Navi Mumbai during 2016 were at an average 5 percent lower than other established markets in the vicinity. This is because an average ticket size of mid segment housing in Mumbai, the country's most expensive property market, has declined 14% to Rs. 1.12cr. The value housing segment saw the ticket size increasing by 26% to Rs.34 lakhs as demand in this segment remains strong. This was led by both, an increase in size as well as an increase in average launch price.
📅Published on:
18 March 2017
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