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Time of India
4 days ago
- Business
- Time of India
Unsold luxury homes' stock rises 36% in Mumbai in Q1 2025: Anarock
NEW DELHI: For the first time since 2022, unsold stock of luxury homes (priced above ₹2.5 crore) in Mumbai have witnessed an increase according to Anarock data. Unsold stock of luxury homes reported 36% yearly increase from approximately 6,180 units as of Q1 2024-end to nearly 8,420 units as of Q1 2025 end. Both in first quarters of 2023 and 2024, there has been a significant decline in the unsold luxury stock as against preceding year same quarter. In Q1 2023, there was a 29% yearly decline in luxury unsold stock in Mumbai – from about 18,340 units in Q1 2022-end to nearly 13,040 units as of Q1 2023-end. As of Q1 2024-end, the unsold luxury stock in the city declined by a significant 53% year-on-year to approx. 6,180 units. Anuj Puri , chairman, Anarock Group, said, "The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year. While demand for these homes continues to remain strong, skyrocketing prices and headwinds like global economic slowdown have dented sales growth of these homes in the last one year." According to the Maharashtra State Revenue Department, the overall revenue collected by the authorities from property registrations and the total registrations in Mumbai in January to May 2025 is at a record high. An analysis of the data of Inspector General of Registration (IGR), Maharashtra reveals that the overall revenue collected from property registrations in Mumbai stands at approx. ₹5,695 crore in first five months of 2025. This is 17% more than last year's corresponding period (Jan.- May 2024) when the revenue collected was approx. ₹4,860 crore. In terms of the number of property registrations, 64,461 properties were registered in the city in five months of 2025 against 60,818 properties in the same period last year. This is an 6% jump this year over last year. Considering that housing sales remained tepid in the first quarter of 2025 across MMR including Mumbai, the high number of property registrations in the first five months of 2025 is notable. As per Anarock Research, back in Q1 2025, approx. 21,930 units were sold in Mumbai - nearly 28% less than the sales in Q1 2024. March 2025 marked the highest property registrations in the past three years. Prior to this, the highest figures were recorded in December 2020 (19,581) and March 2021 (17,728), during the COVID-19 period when the Maharashtra government had reduced stamp duty on housing units from 5% to 2-3%. While March typically sees strong registration numbers due to the financial year-end, March 2025 was particularly outstanding. The total revenue collected from property registrations in that month alone exceeded ₹1,589 crore.
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Business Standard
5 days ago
- Business
- Business Standard
Mumbai's unsold luxury stock rises 36% Y-o-Y in Q1 '25, 1st time since 2022
Mumbai's unsold luxury stock saw a rise of 36 per cent year-on-year during the first quarter of 2025 calendar year, a first since 2022, due to ample supply of new additions in the segment of units more than Rs 2.5 crore, shooting prices and global economic slowdown, according to a report by Anarock. As many as 8,420 luxury units priced over Rs 2.5 crore were unsold in the city in Q1 2025, compared to 6,180 units unsold during the corresponding period the previous year. The January to May period this year saw a record 64,461 property registrations in Mumbai, against 60,818 in the corresponding period in 2024, a 6 per cent increase annually. The total revenue collected by the state government in the first five months this year was nearly Rs 5,695 crore, compared to Rs 4,860 crore collected last year during the same period, a record-high yearly jump of 17 per cent. 'The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year. According to Anarock data, 2024 saw as many as 16,480 units added in the over Rs 2.5 crore budget category in the entire MMR, while another 5,294 units were added in Q1 2025. While demand for these homes continues to remain strong, skyrocketing prices and headwinds like global economic slowdown have dented sales growth of these homes in the last one year,' said Anuj Puri, chairman, Anarock Group. This is the first time since 2022 that the unsold inventory in the luxury segment has risen. Both in first quarters of 2023 and 2024, there has been a significant decline in the unsold luxury stock as against preceding year of the same quarter. In Q1 2023, there was a 29 per cent yearly decline in luxury unsold stock in Mumbai – from approximately 18,340 units in Q1 2022 to nearly 13,040 units as of Q1 2023. Similarly, in Q1 2024, the unsold luxury stock in the city declined by a significant 53 per cent Y—O-Y to approximately 6,180 units. 'A deeper analysis reveals that May 2025 recorded the second-highest number of property registrations since 2019 in the month, with over 11,562 properties registered,' Puri said. 'The revenue collected during the month stood at approximately Rs 1,062 crore. In comparison, May 2024 saw the highest registrations of around 11,999 property registrations— about 4 per cent higher than this year. However, revenue collection last year was lower by nearly 3 per cent at Rs 1,062 crore,' he said. Considering that housing sales remained tepid in the first quarter of 2025 across the Mumbai Metropolitan Region (MMR), including Mumbai, the high number of property registrations in the first five months of 2025 is notable. According to Anarock Research, in Q1 2025, approximately 21,930 units were sold in Mumbai - nearly 28 per cent less than the sales in Q1 2024. A key factor behind the surge in property registrations during the first five months of the year is the record-breaking activity seen in March, which registered 15,501 properties. This spike followed the announcement of a 3.9 per cent hike in Maharashtra's ready reckoner rates for the financial year 2025-26. The total revenue collected from property registrations during the month alone exceeded ₹1,589 crore. March 2025 marked the highest property registrations in the past three years. Prior to this, the highest figures were recorded in December 2020 (19,581) and March 2021 (17,728), during the Covid-19 period when the Maharashtra government had reduced stamp duty on housing units from 5 per cent to 2-3 per cent, the report said. The average ticket price of homes during the January to May months stood at Rs 1.59 crore – the highest since 2019, indicating sales of high-ticket price homes. During the corresponding period in 2021, the average ticket price stood at Rs 1.02 crore, the report stated.
Time of India
6 days ago
- Business
- Time of India
Experts peg free sale portion in Dharavi at 140 m sq ft
Mumbai: Property experts estimate a free sale component of roughly 140 million sq ft to be unlocked by the Dharavi redevelopment plan, yielding revenues of Rs 1.2-1.7 lakh crore for the joint venture between the state govt and the Adani group . Said Anuj Puri, chairman, Anarock Group, "At a rough estimate, the Dharavi redevelopment project presents the builder with about 140 million of overall saleable area for sale on the open market, with a separate allotment for rehabilitation of the current inhabitants. We are roughly looking at over Rs 1 lakh crore of gross revenue. The anticipated profit margins are anywhere between 18–25%. It is also important to note that the Dharavi redevelopment project permits the developer to monetize TDR, or Transferable Development Rights, as well as commercial spaces. '' Nav Bharat Mega Developers is a special purpose vehicle between the Adani Group and the state for Dharavi's revamp. Total rehab cost including housing units for eligible beneficiaries and other for affordable rental housing is projected at Rs 95,790 crore, of which construction cost will be Rs 23,800 crore. This factors in the cost of building and handing over 72,000 units free of cost (residential rehab units, residential renewal units, commercial and industrial rehab units and commercial renewal units). Since 270 acres have been demarcated as net developable area, all the land left over after providing 72,000 units will be available to develop in the free sale component. Pankaj Kapoor, MD of Liases Foras, a realty research firm, said he expects profit margins to be 25-30%. "This is on a projected revenue of Rs 1.2 lakh crore to Rs 1.7 lakh crore from the sale component at average market price of Rs 25,000 a sq ft,'' he added. "Projected saleable area is expected to range between 40.7 million sq ft and 60 million sq ft, depending on extent of FSI utilized for the rehabilitation portion," said Kapoor. However, he cautioned that the project's seven-year completion timeline was "highly ambitious''. "To stay on track, achieving annual sales of approximately 6.5 to 9 million sq ft will be a challenge and necessitate highly competitive pricing,'' he said. Architect Alan Abraham said at Rs 95,000-plus crore, the Dharavi project is cheaper than the bullet train, only 3x the cost of Mumbai Metro 3 and 6x the cost of the coastal road. "It seems really inexpensive to transform our city centre, to better the lives of millions of our citizens. If the development of Dharavi is so important to our city, then I wonder why the govt couldn't just do this themselves - while keeping these and the additional lands public, and earning all the revenue from the TDR,'' he said. "In my opinion, the sale price of the Dharavi project will exceed those in Bandra-Kurla Complex, and perhaps even Linking Road,'' he added. Aditya Thackeray, Shiv Sena (UBT) leader, said the Adani Group was given incentives for this project in the form of 1,300 acres across the city free. "BMC is being denied a premium of Rs 7,500 crore for its land and the TDR incentive." He said the MVA govt showed a better model of redevelopment for BDD chawls through a govt agency.
Time of India
6 days ago
- Business
- Time of India
'Dharavi likely to unlock 140m sqft free sale portion'
MUMBAI: Property experts estimate a free sale component of roughly 140 million sq ft to be unlocked by the Dharavi redevelopment plan, yielding revenues of Rs 1.2-1.7 lakh crore for the joint venture between the state government and the . Tired of too many ads? go ad free now Said Anuj Puri, chairman, Anarock Group, "At a rough estimate, the Dharavi redevelopment project presents the builder with about 140 million of overall saleable area for sale on the open market, with a separate allotment for rehabilitation of the current inhabitants. We are roughly looking at over Rs 1 lakh crore of gross revenue. The anticipated profit margins are anywhere between 18-25%. It is also important to note that the Dharavi redevelopment project permits the developer to monetize TDR, or Transferable Development Rights, as well as commercial spaces. '' Nav Bharat Mega Developers is a special purpose vehicle between the Adani Group and the state for Dharavi's revamp. Total rehab cost including housing units for eligible beneficiaries and other for affordable rental housing is projected at Rs 95,790 crore, of which construction cost will be Rs 23,800 crore. This factors in the cost of building and handing over 72,000 units free of cost (residential rehab units, residential renewal units, commercial and industrial rehab units and commercial renewal units). Since 270 acres have been demarcated as net developable area, all the land left over after providing 72,000 units will be available to develop in the free sale component. Pankaj Kapoor, MD of Liases Foras, a realty research firm, said he expects profit margins to be 25-30%. "This is on a projected revenue of Rs 1.2 lakh crore to Rs 1.7 lakh crore from the sale component at average market price of Rs 25,000 a sq ft,'' he added. Tired of too many ads? go ad free now "Projected saleable area is expected to range between 40.7 million sq ft and 60 million sq ft, depending on extent of FSI utilized for the rehabilitation portion," said Kapoor. However, he cautioned that the project's seven-year completion timeline was "highly ambitious''. "To stay on track, achieving annual sales of approximately 6.5 to 9 million sq ft will be a challenge and necessitate highly competitive pricing,'' he said. Architect Alan Abraham said at Rs 95,000-plus crore, the Dharavi project is cheaper than the bullet train, only 3x the cost of Mumbai Metro 3 and 6x the cost of the coastal road. "It seems really inexpensive to transform our city centre, to better the lives of millions of our citizens. If the development of Dharavi is so important to our city, then I wonder why the government couldn't just do this themselves - while keeping these and the additional lands public, and earning all the revenue from the TDR,'' he said. "In my opinion, the sale price of the Dharavi project will exceed those in Bandra-Kurla Complex, and perhaps even Linking Road,'' he added. Aditya Thackeray, Shiv Sena (UBT) leader, said the Adani Group was given incentives for this project in the form of 1,300 acres across the city free. "BMC is being denied a premium of Rs 7,500 crore for its land and the TDR incentive." He said the MVA government showed a better model of redevelopment for BDD chawls through a government agency.
Mint
29-05-2025
- Business
- Mint
Finance giants in Mumbai are coming home—to Worli
Mumbai: Pandurang Budhkar Marg may not roll off the tongue like 'BKC', but that hasn't deterred India's top financial firms from making a beeline to this stretch of Worli in south-central Mumbai — once a premier business address, now staging an unexpected comeback. At the centre of this revival is Altimus, a 41-storey tower co-owned by K Raheja Corp and Singapore's GIC. Over the past two years, it has quietly pulled marquee tenants away from Bandra Kurla Complex (BKC) and Lower Parel, bringing the corporate spotlight back to Worli. Its tenant list reads like a who's who of global finance: Morgan Stanley, KKR, BlackRock, Barclays, Kedaara Capital and TPG have all leased space at Altimus. Others, like Goldman Sachs, have opted for nearby Raheja projects such as Ascent. Large Indian firms — including Ultratech — are also moving in. Read this | Domestic office market surges as India becomes hub for global occupiers In the early 2000s, Worli's Ceejay House was India's most prestigious office address — home to Barclays, Rothschild, and Credit Suisse. But as BKC and Lower Parel surged ahead, Worli slipped from the spotlight. That tide, it seems, is now turning — with global investors and large Indian firms returning to centrally located towers that offer top-tier infrastructure and access. The shift reflects more than a reshuffling of office addresses. As India's financial sector expands and global firms grow their presence here, demand is surging for centrally located, premium-grade towers — just as land-constrained hubs like BKC run short on supply. According to real estate consultants Knight Frank India and Anarock Property Consultants, office vacancies in BKC have dropped to a record low of 3-4% from 13-14% four years ago, raising rents and sparking a scramble for nearby areas such as Kalina, Kurla, Worli, and Lower Parel. On average, rent has jumped from ₹300 per to ₹400 per in three years, Anuj Puri, chairman of Anarock, had said earlier. Maker Maxity is BKC's costliest location, with rents crossing ₹800 per Average rentals in South Mumbai are less than in BKC, at ₹250-280 per per month, according to industry experts. However, traffic bottlenecks in BKC pose challenges for many businesses, prompting some to seek more accessible locations. Speed and access For firms like investment management company Alta Capital, the move is about faster, easier connectivity. 'The strategic location allows us to interact with all our stakeholders and partners efficiently as we are central to all the major business districts of Mumbai – BKC, Lower Parel and Nariman Point," said Sid Gupta, Alta's founder and managing partner. The firm leased 6,000 at TS Suites, a plug-and-play office product by managed workspace provider TableSpace, inside Altimus. Read this | Bandra Kurla Complex is packed to the gills; where do Mumbai's top corporates go next? Infrastructure has been key to Worli's revival. The new coastal road and sea link are sharply reducing travel times from far-flung suburbs and business nodes. A metro line is on the way. For executives burned out by the BKC commute, Worli's centrality is a major draw. 'There isn't a lot of commercial space available elsewhere," said an executive from a relocating firm, adding that the commute to BKC was a 'nightmare". More firms are not just moving but scaling operations in India. '(Worli has) more convenient access, a central location, and larger space," said an executive at a tenant firm. Barclays, for instance, has taken up 65,000 in Altimus as part of its expansion strategy in India. The bank also highlighted the building's green design and alignment with its net-zero goals for 2050. 'Mumbai is where the future of business in the country is unfolding, and 'Altimus' truly fits in the top commercial CBD (central business district) assets, globally benchmarked for the best representation of the new emerging India," said Vinod Rohira, CEO and MD, commercial real estate, K Raheja Corp. 'Within Mumbai, Worli has emerged as a powerful new magnet, offering access, infrastructure and prestige." 'From high-end tech to financial services, we are seeing global firms make long-term bets on India. This is fuelling strong demand for high-quality office spaces that can keep up with the pace and complexity of modern enterprise," Rohira added. From mills to magnates Once an industrial zone filled with textile mills and working-class chawls, Worli began transforming in the 1990s and 2000s as mill closures cleared the way for luxury apartments and high-rises. Yet despite that makeover, it lagged behind the commercial boom in BKC and Lower Parel. Read this | Mint Primer: Why Delhi-NCR is India's new flex office capital Now, that's changing. Average office rents in Worli have caught up with top-end properties in BKC, according to JLL India. BKC still commands a premium due to its central business district status and limited supply. While Maker Maxity in BKC set a record with lease rentals, average rents in Altimus, Worli, and the top buildings in BKC hover at ₹400-450 per sq. ft, reflecting a narrowing gap as Worli's infrastructure and appeal rise, Sodi said. 'Worli had lost its sheen to Lower Parel and BKC," said Karan Singh Sodi, senior managing director, MMR and Gujarat at JLL. 'Now, the new infrastructure and ready supply are playing a major role in its favour." Besides Altimus and Ascent (Raheja's 450,000 project now anchored by Goldman Sachs), more high-end office projects are on the anvil. One of the largest will rise on a 22-acre plot acquired by Japan's Sumitomo Corp from Bombay Dyeing in 2023. Work on the master plan is currently on. Also read | Gen…Next…Go! Meet India's real estate scions Raheja also has a 400,000 development in the pipeline. The expected completion of the office project is three years or so. The commercial resurgence mirrors trends in the residential market. In 2024 alone, ten homes in Worli sold for over ₹100 crore each, up from four such transactions the year before. In total, 30 homes priced above ₹40 crore, worth ₹4,862 crore, were sold in Worli in 2023 and 2024, according to Anarock Property Consultants.
