Mumbai which witnessed one of the worst performances in the real estate sector during the height of the pandemic in 2020 has bounced back and recorded the highest pan-India growth in the first quarter of 2022. During the pandemic period, the residential demand dropped to half compared to the preceding year. However, Mumbai and its peripheral areas witnessed positive residential real estate activity momentum during the last year, which continued in the first half of 2022.
In fact, Mumbai has been trending in the first position since October 2021 according to a study. The search volumes and queries to buy a property in Mumbai and its peripheral areas peaked in January 2022. What's more, the registrations have also surpassed the pre-pandemic levels and have doubled in March 2022 compared to the same period in 2019.
Hiranandani Fortune City
One township that is a big favourite with the new-age homebuyers is Hiranandani Fortune City, Panvel. Designed to suit all the needs of a modern family, the township has trendy studio, 1, 2 & 3 BHK apartments adorned with magnificent architecture, landscaped gardens, a clubhouse, and abundant parking space. It is well connected via the Old Mumbai-Pune Highway and the Mumbai-Pune Expressway. The Panvel-Karjat rail corridor adds another dimension to the accessibility factor. The upcoming infrastructure projects like the Sea Link, the water taxis, and the new Airport will further enhance its connectivity. And over 1600 residences and retail units have been offered for possession.
Amenities play an important role
Hiranandani Fortune City has a long list of amenities that contribute to the pleasure and enjoyment of the residents. From an indoor playschool for kids, spa, and sauna centre to an exclusive senior citizen's corner, the amenities and facilities are designed to suit the needs of all family members. The list includes a kids' play area, walking track, outdoor exercising option, well-equipped gym, party hall, library lounge, indoor and outdoor sports facilities, yoga studio, health care facility, and more.
The growth of Panvel
Easy access to healthcare and education facilities plays an important part for home buyers while buying a new home. Panvel is home to a large number of high-quality educational institutions and hospitals. Top industry majors like Larsen & Toubro Limited, Reliance, Hindustan Organic Chemicals Ltd, ISRO's Propellant Complex, ONGC, and IPCL are located around Panvel.
The trends suggest that the growth momentum of residential sales is poised to increase in the coming quarters as, the search for property has intensified in the city as the impact of the pandemic is gradually subduing. The finding also says that most of the upcoming demand will continue to be concentrated in peripheral locales, such as Thane, Navi Mumbai, Kalyan-Dombivli, and Vasai-Virar. Though 1 BHK is the preferred configuration amongst Mumbai homebuyers, homes between the INR 1-3 crore price bracket have seen a major spike.