According to TEAL Analytics’ latest quarterly reports for January - March 2022, the premium segment (> 75 lakhs) saw the biggest share in transaction volume for Mumbai. This article explores the trends in transactions for the premium segment in Mumbai over a 5 year period (2017-2022).
For the purposes of this article, affordable, mid-segment, and premium are defined as transactions with amounts below 45 lakhs, between 45 and 75 lakhs, and above 75 lakhs respectively.
Premium Segment Continues to Drive Sales Volume in Mumbai
It is seen that transactions with ticket sizes greater than 75 lakhs have driven sales volume in Mumbai through the last 5 years (2017 - 2022). Buying behaviour was not affected by COVID-19 either (in terms of buyer preference for properties in this segment), as 58.31% of total sales in 2020 were in the premium bracket. This year has been the strongest in terms of sales volume for the premium segment thus far, with over 62% of total sales falling in the 75 lakhs and above segment.
The relative share between the segments, however, hasn’t seen a drastic change in favour of any one of the three segments over the last 5 years.
Malad and Pahadi Goregaon Saw the Most Transactions in the Premium Segment from 2017-2022
Malad and Pahadi Goregaon are not only the top localities for the premium segment, but also the most popular localities overall. Malad recorded 23565 transactions in the last 5 years, a figure that represents nearly 6% of all transactions in Mumbai. Pahadi Goregaon recorded 15537 transactions in the same period.
Nahur Has Seen Increased Interest Since 2021
Observing the top localities (by transaction volume) in the premium segment over the last 5 years, it is seen that Malad has consistently been a preferred choice for buyers, with it getting the most transactions in every year from 2017 through 2022.
Pahadi Goregaon has also been a consistently popular choice by transaction volume, drawing focus to the north-western part of the city.
Nahur, however, has emerged as a locality of interest for the premium segment since 2021, appearing in the top 4 localities for both 2021, and 2022.
Bandra is the Most Expensive (Per Sq. Ft.) Among the Top Localities by Transaction Volume in the Premium Segment
Analyzing prices by squared foot among the most popular localities in Mumbai by transaction volume in the premium segment, it is seen that Bandra has the highest price per square foot with each square foot of area priced at INR 29,031, followed by Lower Parel; localities, that are both known for their commercial spaces.
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