Mumbai Report - ICICI Home Finance

YOUR FAST TRACK 

TO RESIDENTIAL 

September 2009 

PROPERTY IN MUMBAI.

MUMBAI. 

Introducing the frantic melange of India's extreme 

city. As India's financial powerhouse and home to 

glistening skyscrapers and malls, Mumbai today 

marches towards a progressive world. And in 

vogue of bringing you the best of real estate 

opportunities, ICICI Home Finance Company is 

proud to bring you the metropolis, bare, in the 

2009 Mumbai Residential Property Report. In the 

pages that follow, allow us to show you the City of 

Dreams in all her expansive potential.

Mumbai Fact File 

Mumbai, which was previously known as Bombay, is a major metropolitan city of India. It is the state capital of 

Maharashtra. Mumbai city is known as the business capital of India. It is the country's principal financial and 

communications centre. The city has the largest and the busiest port handling India's foreign trade. It also has 

a major international airport. India's largest Stock Exchange, which ranks the third largest in the world, is 

situated in Mumbai. 

Mumbai contributes 10% of all factory employment, 40% of income tax collections, 60% of custom duty 

collections, 20% of central excise tax collections and 40% of India's foreign trade. 

Description about Mumbai/Bombay cannot be complete without the mention of Bollywood, the biggest 

Indian film industry, which churns out hundreds of Hindi blockbusters every year. 

Location 

Mumbai lies on the western coast of India, spread across 437.77 sq. kms. The population of Mumbai, as per 

Census 2001, was 11.98 million. Mumbai is a group of seven islands in the Arabian Sea which lies off the 

northern Konkan coast on the west of the state of Maharashtra in India. These seven islands, which were once 

separated by creeks and channels were filled and bridged over the years by the inhabitants. 

Climate of Mumbai 

Most of the year, Mumbai's climate is warm and humid. Between November and February, the skies are clear 

and the temperature is cooler. From March, the temperature becomes warm and humid till mid June which is 

the beginning of the monsoon. During monsoon, there are torrential rains which sometimes cause flooding of 

major roads and streets of Mumbai. The average rainfall which is brought by the south-west monsoon winds 

in Mumbai is 180 cms. Monsoon ends by the end of September. October is comparatively hot and humid. 

History of Mumbai 

In 1661, King Charles II of England married Princess Catherine de Braganza of Portugal, and as part of the 

dowry he received "Bombay" which is today known as Mumbai. Later in 1668, it was handed over to the East 

India Company. 

In 1858, the administration of the country was taken over by the Queen of England, Queen Victoria, from the 

East India Company. A Viceroy was appointed to rule India in the name of the Queen. 

Bombay came under the direct rule of the British in 1861. 

The first railway line in India was started between Mumbai (CST) and Thane in 1861. 

In 1864, modern water supply was started in Mumbai and in 1885, Mumbai was lit with gas. 

A number of Indian financial institutions have headquarters in downtown Mumbai, including the Stock 

Exchange, the Reserve Bank of India, the National Stock Exchange of India and numerous conglomerates (the

Tata Group, Reliance, etc.). Many foreign banks and financial institutions also have branches in this area. 

The property prices as well as the increase in rental values in Mumbai owe much of its credit to large scale 

investments in the commercial sector. Mumbai has always been the hot favourite for most of the corporate 

houses to have their headquarters. And with increasing investments by MNCs in the finance, media and the 

BPO sectors, there has been a growing demand for office as well as residential space. 

Administrative Framework 

Mumbai consists of two distinct regions - the city (South Mumbai) and the suburbs. The city is usually referred 

to as the Island City while the suburbs could be divided into the central and the western suburbs. 

This region is administered by the Brihanmumbai Municipal Corporation (BMC), formerly known as the 

Bombay Municipal Corporation. 

Navi Mumbai (stretching from Airoli to Uran) and Thane city, which have been covered as separate retail 

districts in this report, are otherwise a part of the Thane district. 

Pockets beyond CBD Belapur are a part of the Raigad district and fall under the Panvel Municipal Council. 

The remaining parts of Navi Mumbai are under the jurisdiction of the NMMC (Navi Mumbai Municipal 

Corporation). 

Thane city is under the administration of the Thane Municipal Corporation. 

Mumbai: Transport 

Most of Mumbai's inhabitants rely on the following public transport to travel to and from their workplace: 

– The Mumbai Suburban Railway 

– State-run BEST buses 

– Taxis, autorickshaws 

The city is headquarter to two railway zones: the Central Railway (CR) headquartered at Chatrapati Shivaji 

Terminus (CST), and the Western Railway (WR) headquartered near Churchgate.

Infrastructure 

Bandra-Worli Sea Link 

According to the original plan of the state government, the Bandra-Worli Sea Link (roadway) was to be completed 

by 2003, but the project has been embroiled in various issues such as logistical, environmental clearance and 

public interest litigation leading to its delay and subsequent cost escalation. 

However, the sea link is now operational since July 1, 2009. Construction of the sea link has provided an additional 

fast moving outlet from South Mumbai to the western suburbs & thereby providing much needed relief to the 

congested Mahim Causeway. This link will also form a part of the western freeway as it starts with the Western 

Express Highway and Swami Vivekanand Road at Bandra and connects to Worli with an overall length of 5.6 kms. 

Mumbai Trans Harbour Link 

The proposed project links Sewri (South Mumbai) with Nhava Sheva (Navi Mumbai) with a 22 km road bridge 

over the sea. The project consists of construction of an 8-lane bridge across the deep sea through the Mumbai 

Harbour and connects it to local road networks through approaches / interchanges at both ends. 

The proposed Mumbai Trans Harbour Link (MTHL) connecting Sewri to Nhava Sheva is expected to be a 

catalyst to the development of Navi Mumbai, by promoting horizontal growth as against the vertical growth 

experienced over the past few years. The link will help reduce problems of congestion and pollution in 

Mumbai and improve the connectivity between Navi Mumbai and South Mumbai. The project is currently in 

the bidding stages. 

Proposed schemes under MUIP 

The Master Plan of proposed schemes under the MUIP (Maharashtra Urban Infrastructure Project) for the 

eastern and the western suburbs and for the Island City includes improvements/provision of D P Roads 

(Development Plan Roads), Elevated Roads, Flyovers, ROBs (Road Over Bridge), Vehicular Subways, 

Pedestrian Subways, Station Area Improvement Schemes (SAIS), high capacity bus corridors, etc. 

The Government of Maharashtra, vide its Cabinet Resolution of November 1, 2003, sanctioned the Master 

Plan for MUIP as indicated below:

Mumbai Metro 

Master Plan 

Eastern Western South 

Schemes Suburbs Suburbs Mumbai Overall 

D P Roads (no.) 52 60 22 134 

D P Roads (kms.) 195 150 116 462 

Elevated Roads 6 - 4 10 

Flyovers 10 17 14 41 

ROBs 1 7 8 16 

Vehicular Subways 8 1 1 10 

Pedestrian Subways 27 5 24 56 

Source: MMRDA 

The main objective is to provide a rail-based mass transit connectivity to people within an approach distance 

of 1 to 2 km to serve the areas not connected by the existing Suburban Rail System and to provide proper 

interchange facilities for connectivity to neighbouring areas like Thane, Navi Mumbai, Vasai, Virar, etc. 

Phase I (2006 – 2011) 

Versova – Andheri – Ghatkopar - 11.07 km 

Colaba – Bandra – Charkop - 38.24 km 

Bandra – Kurla – Mankhurd - 13.37 km 

Total - 62.68 km 

Phase II (2011 – 2016) 

Charkop – Dahisar - 7.5 km 

Ghatkopar – Mulund - 12.4 km 

Phase III ( 2016 – 2021) 

BKC – Kanjur Marg via Airport - 19.5 km 

Andheri(E) – Dahisar(E) - 18 km 

Hutatma Chowk – Ghatkopar - 21.8 km 

Sewri – Prabhadevi - 3.5 km 

Total length 146.5 km

Versova – Andheri – Ghatkopar corridor 

Work on the Versova-Andheri-Ghatkopar corridor of the Mumbai Metro rail has already started. 

�It provides East-West rail-based connectivity to the central and western suburbs 

�Facilitates smooth and efficient interchange between suburban rail system and MRT system 

at Andheri and Ghatkopar stations 

�Reduces the journey time from 71 minutes to 21 minutes between Versova and Ghatkopar 

�Provides rail-based access to the MIDC, SEEPZ and commercial developments 

Source: MMRDA 

SEZs Update 

There are 18 notified SEZs in and around Mumbai as of August 2009 spread across 2045 hectares. Most of 

them are concentrated in Thane & Panvel. Majority of the SEZs belong to IT/ITES. 

SEZ Classification as per Usage 

Multi Product 

6% 

IT/ITES 

71% 

Multi-services 

6% 

Bio-technology 

11% 

Gems & 

Jewellery 

6%

A detailed list of all notified SEZs in Mumbai is tabulated below as on August, 

2009 

Sr. 

No. 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

11 

12 

13 

14 

15 

16 

17 

Name Location Type 

Area (in 

hectares) Status 

Gitanjali Gems Limited Panvel Gems & Jewellery 10 Under-construction 

K Raheja Universal Pvt. Ltd. Thane, Navi Mumbai IT/ITES 20.65 Under-construction 

K Raheja Universal Pvt. Ltd. Thane IT/ITES 13.07 Under-construction 

Lodha Dwellers Pvt. Ltd. Thane IT/ITES 32.67 N.A. 

M/s Hiranandani Builders Powai IT/ITES 12.58 Operational 

Mahindra & Mahindra Ltd Thane Bio-technology 22.32 Under-construction 

Navi Mumbai SEZ Pvt. Ltd. Dronagiri, Navi Mumbai Multi Product 1223.68 Under-construction 

Navi Mumbai SEZ Pvt. Ltd. Panvel IT/ITES 38.28 Under-construction 

Navi Mumbai SEZ Pvt. Ltd. Panvel IT/ITES 21.13 Under-construction 

Navi Mumbai SEZ Pvt. Ltd. Kalamboli, Navi Mumbai IT/ITES 103.07 Under-construction 

Navi Mumbai SEZ Pvt. Ltd. Kalamboli, Navi Mumbai Multi-services 176.71 Under-construction 

Navi Mumbai SEZ Pvt. Ltd. Panvel IT/ITES 10.77 N.A. 

New Found Properties and 

Leasing Pvt. Ltd. 

Thane IT/ITES 21.26 Under-construction 

Royal Palms Goregaon(E) IT/ITES 218 Under-construction 

Saloni Business Park Pvt. Ltd Thane Bio-technology 34 N.A. 

Sanvo Resorts(P) Panvel IT/ITES 10.69 N.A. 

Serene Properties Pvt. Ltd. Thane IT/ITES 19.34 N.A. 

18 Zeus Infrastructure Pvt. Ltd. Thane IT/ITES 57.1 N.A. 

Source: Ministry of Commerce & Industry, Dept. of Commerce

FDI 

The Mumbai Real Estate space has witnessed FDI investments over USD 700 mn. in the last one year. 

Major Locations within Mumbai 

We have classified the real estate space in Mumbai into five distinct zones – Central Suburbs, Western 

Suburbs, Navi Mumbai, South Mumbai and Thane. The major locations in each of these zones have been 

presented in the diagram below: 

M U M B A I 

City 

Malabar Hill 

Malad 

Dadar 

Prabhadevi 

Lower 

Parel 

Worli 

Colaba 

Dahisar 

Mahalaxmi 

Kandivali 

Goregaon 

Andheri 

Vile Parle 

Santacruz 

Khar 

Bandra 

Mahim 

Mira Road 

Borivali 

Sewri 

Wadala 

Ghatkopar 

Kurla 

Chembur 

Bhandup 

Vikhroli 

Mulund 

Thane 

Koparkhairane 

Vashi 

Nerul 

Kharghar 

Panvel 

Navi Mumbai 

Western Suburbs 

Central Suburbs 

South Mumbai 

Thane

Organised Retail Development 

Mumbai has around 38 operational malls spread over 100 lakhs sq. ft. with majority mall space concentrated 

in the Western suburbs. Central suburbs would also witness a huge influx of mall space in coming years. 

70.0 

60.0 

50.0 

40.0 

30.0 

20.0 

10.0 

0.0 

Mumbai Mall Space Distribution 

Central Suburbs Navi Mumbai South Mumbai Thane Western Suburbs 

Operational Under Construction 

Detailed list of malls in Mumbai is as below 

Total Area 

S. in lakhs sq. ft. 

No. Project Name Location Zone (Approx.) Status 

1 Atria Mall Worli South Mumbai 2.5 Operational 

2 Bandra Drive In Bandra Western Suburbs 4 Under Construction 

3 Big Shopping Center Thane Thane 2.4 Under Construction 

4 Center One Vashi Navi Mumbai 1.3 Operational 

5 Centurion Mall Vashi Navi Mumbai 4 Under Construction 

6 Citi Mall Andheri Western Suburbs 1 Operational 

7 City Centre Vashi Navi Mumbai 2.5 Operational 

8 CR2 Nariman Point South Mumbai 0.6 Operational 

9 Crystal Point Andheri Western Suburbs 2.5 Operational 

10 Dreams Mall Bhandup (W) Central Suburbs 10 Under Construction 

11 Dreams Mall Vashi Navi Mumbai 5 Under Construction 

12 Eastern Mall Malad Western Suburbs 1 Operational 

13 Eternity Mall Thane Thane 2.5 Operational 

14 Evershine Mall Malad Western Suburbs 1.3 Operational 

15 Express Zone Goregaon (E) Western Suburbs 2.5 Under Construction 

16 Fantasia Vashi Navi Mumbai 6 Under Construction 

17 Full Stop Palm Beach Road Navi Mumbai 1.5 Under Construction 

18 G7 Mall Andheri Western Suburbs 2.5 Under Construction 

19 Glomax Kharghar Navi Mumbai 2 Under Construction 

20 Growel 101 Kandivali Western Suburbs 4.3 Operational 

21 High Street Phoenix Lower Parel South Mumbai 7 Operational

22 Hi-Life Santacruz Western Suburbs 2.5 Operational 

23 Huma Mall Kanjurmarg Central Suburbs 1.5 Operational 

24 Infinity Andheri Western Suburbs 2 Operational 

25 Inorbit Malad Western Suburbs 5 Operational 

26 Inorbit Vashi Navi Mumbai 5.5 Operational 

27 K Star Chembur Central Suburbs 1.5 Operational 

28 Kohinoor City Mall Vidyavihar Central Suburbs 3 Under Construction 

29 Lake City Mall Thane Thane 6 Operational 

30 Leo Mall Bhandup (W) Central Suburbs 2 Under Construction 

31 Little World Mall Kharghar Navi Mumbai 2.5 Operational 

32 Magnet Bhandup (W) Central Suburbs 7 Under Construction 

33 Maxus Mall Bhyander Western Suburbs 2 Operational 

34 Mega Mall Andheri Western Suburbs 3.6 Operational 

35 Megapolis Mall Thane Thane 5 Under Construction 

36 Metro Junction Kalyan Thane 8 Operational 

37 Milan Mall Santacruz Western Suburbs 1 Operational 

38 Moksha Plaza Borivali Western Suburbs 2 Under Construction 

39 Mumbai Mills Lower Parel South Mumbai 10 Under Construction 

40 Nakshatra Dadar South Mumbai 0.3 Operational 

41 Nirmal Life Style Mall Mulund Central Suburbs 7.5 Under Construction 

(Phase II) 

42 Nirmal Life Style Mall Mulund Central Suburbs 5 Operational 

(Phase I) 

43 Oberoi Goregaon (E) Western Suburbs 4.5 Operational 

44 Orchid City Centre Mumbai Central South Mumbai 2.5 Operational 

45 Palm Beach Galleria Vashi Navi Mumbai 2.5 Operational 

46 Phoenix Market City Kurla Central Suburbs 16.6 Under Construction 

47 Platinum Ghatkopar Central Suburbs 1.3 Operational 

48 Prime Mall Vile Parle Western Suburbs 1.3 Operational 

49 Prime Mall Kharghar Navi Mumbai 0.4 Under Construction 

50 R City Centre Ghatkopar Central Suburbs 6.5 Operational 

51 R Mall Thane Thane 2.5 Under Construction 

52 Raghuleela Mall Kandivali Western Suburbs 4 Operational 

53 Raghuleela Mall Vashi Navi Mumbai 3 Operational 

54 Raj Mall Thane Thane 4.5 Under Construction 

55 Ripplez Mall Airoli Navi Mumbai 0.6 Under Construction 

56 R-Mall Mulund Central Suburbs 2.8 Operational 

57 R-Mall Odeon Ghatkopar Central Suburbs 0.7 Under Construction 

58 RNA Mall Mira Road Western Suburbs 3 Under Construction 

59 Thakur Mall Dahisar Western Suburbs 1.5 Operational 

60 The Hub Goregaon (E) Western Suburbs 1.5 Operational 

61 V Mall Kandivali Western Suburbs 1.7 Operational 

62 Viva City Thane Thane 10 Under Construction 

63 Wonder Mall Thane Thane 2 Operational 

Source: ICICI Property Services Group

Supply of Residential Units coming up by December 2012 

Zone Apartment Size Avg Area of flat (in Sq. ft.) No. of Units Total Area (Mn Sq. Ft.) 

1 BHK 640 24 0.02 

2 BHK 1014 1200 1.22 

3 BHK 1249 910 1.14 

Central Suburbs Total supply 2.38 

1 BHK 590 200 0.12 

2 BHK 1249 303 0.38 

2.5 BHK 1498 159 0.24 

3 BHK 1844 180 0.33 

4 BHK 2846 94 0.27 

Navi Mumbai Total supply 1.34 

2BHK 1285 825 1.06 

3 BHK 1830 1023 1.87 

4 BHK 3329 270 0.9 

5 BHK 5162 71 0.37 

South Mumbai Total supply 4.2 

1 BHK 645 290 0.19 

2 BHK 1029 2936 3.02 

2.5 BHK 1254 4016 5.04 

3 BHK 1539 1444 2.22 

4 BHK 2635 57 0.15 

Western Suburbs Total supply 10.62 

1 BHK 622 1300 0.81 

1.5 BHK 701 30 0.02 

2 BHK 1239 4518 5.6 

2.5 BHK 1121 400 0.45 

3 BHK 2722 1360 3.7 

Thane Total supply 10.58 

Total Residential Supply in Mumbai by Dec 2012 29.12 

Source: ICICI Property Services Group 

Distribution of residential supply (no. of units) in the pipeline across Mumbai 

Distribution of Residential Supply 

35% 

10% 

4% 

41% 

10% 





Thane


Major Locations 

Ghatkopar, Kurla, Mulund, Bhandup, Chembur, Vikhroli 

�Central suburbs, till recently, were not considered as premium locations but now with retail 

developments like Nirmal Lifestyle and R Mall, several premium residential projects have 

sprung up in this part of the city 

�Major builders in the central suburbs include Runwal, Nirmal Lifestyle, Ackruti Nirman Ltd., 

Sheth Developers, Neptune, Kukreja Builders, K Raheja Universal, Neelkanth Group, Damji 

Shamji & Co., Godrej Properties Ltd., Mayfair Housing and Rajesh Builders 

�Bhandup (W) is characterised as an industrial suburb while Bhandup (E) is considered to be 

residential 

�Increasing population density and property prices have forced the development of Nahur, a 

station which was recently constructed between Mulund and Bhandup 

�Major arteries originate at Chembur and lead to Navi Mumbai (New Bombay), Ghatkopar, 

Sion, Kurla and Mulund-Thane 

�Starting out as an industrial area, Chembur is now a largely residential suburb. Old 

bungalows and villas are making way for high-rise apartments 

�Ghatkopar is one of the most crowded but developed locations in Mumbai 

�People from all strata reside here, but it is mostly dominated by rich businessmen and traders 

�Jogeshwari-Vikhroli Link Road has improved the connectivity between the central and the 

western suburbs, thus acting as one of the growth stimulators for residential real estate in this area 

�The old Fiat factory has given way to a township and mall in Kurla 

Growth Stimulators 

�� Affordability and saturation of markets in the western suburbs and south Mumbai are driving 

the residential markets in the central suburbs 

�� Residential developments are seen only on one side of the highway, thus maintaining 

smooth flow of traffic 

�� Good connectivity and well-developed infrastructure in terms of flyovers and highways, e.g. 

LBS Marg runs from Sion to Mulund, the Eastern Express Highway connects Dadar to Thane 

and beyond JVLR (Jogeshwari-Vikhroli Link Road), Chembur-Santacruz Link Road connects 

the Eastern Express Highway to the Western Express Highway 

�� The proposed Ghatkopar–Versova Link Road is on the cards. It will give residents an easy and 

convenient access to Andheri, resolving the present problem of traffic hazards 

�� There is a presence of organised retail developments in the face of Nirmal Lifestyle, R Mall in 

Mulund and Dreams right outside Bhandup station, Shopper's Stop at Ghatkopar and R City 

Centre. Commercial development of approximately 3.5 million sq. ft. is expected to enter the 

central suburbs over the next 2 years. This translates into 0.03 million new employment 

opportunities.

Residential Market in Central Suburbs 

Average apartment size of 1 BHK in sq. ft. 640 

Average apartment size of 2 BHK in sq. ft. 1014 

Minimum supply (in mn. sq. ft.) by Dec 2012 2.37 

Total supply (in no. of units) by Dec 2012 2134 


Note: The areas mentioned are built-up areas 

Distribution of 1, 2 and 3 BHK apartments in the pipeline (by Category A, B and C 

developers) in the central suburbs 

Distribution of Apartment Type: Central Suburbs 

3 BHK 

43% 


1 BHK 

1% 

2 BHK 

56% 

Some of the residential projects in Central Suburbs 

Approximate 

Name of the Capital Values No. of Date of 

Project Developer per sq. ft. (in Rs) Units Completion 

M/s Runwal Capital and December 

The Orchard India Pvt. Ltd. 7500 280 2009 

December 

Kalpataru Aura M/s Kalpataru Ltd. 6800 315 2009 

December 

Kohinoor City Kohinoor Planet Construction 8800 24 2009 

Mahendra Splendour Mahindra Lifespace 6300 160 Mar 2011 

Nirmal Galaxy Nirmal Lifestyle 5650 72 2011 

Gundecha Altura Gundecha Builders 7800 on carpet 80 June 2010 


*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment 

within the same building. Rates mentioned above are subject to change at any given point of time.

Residential Property Rates in prime residential markets of Central Suburbs 

Ghatkopar 6000 30000 F 

Mulund 7000 32000 F 

Bhandup 5500 20000 F 

Vikhroli 6500 22000 F 

Powai 7500 25000 F 

Chembur 7000 35000 SW 


*Rates mentioned are based on built-up areas and are subject to amenities, upkeep and may vary from apartment to apartment 

within the same building. Rates mentioned above are subject to change at any given point of time. 

Outlook key: R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengthen 

Property Price Movement I (Q4-2004 – Q3-2008) – Central Suburbs 

300 

250 

200 

150 

100 

50 

0 

Location 

Q4- 

2004 

Q4- 

2005 

Q4- 

2006 

Average Capital 

Values (Rs./sq. ft.) 

Q1- 

2007 


Q2- 

2007 

Q3- 

2007 

Q4- 

2007 

Average Rentals 

for 2 BHK 

(Rs./month) 

Q1- 

2008 

Q2- 

2008 

Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Q4-2004) 

Q3- 

2008 

Market 

Outlook 

Q4- 

2008 

Ghatkopar Mulund Bhandup Chembur Vikhroli 

Q1- 

2009

Comparison of actual (A) and real & logical (R&L) price movement 

The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings 

out a comparison between quarterly property price movements and changes in consumer price index for 

Central suburbs. Since zone wise inflation data is not available we have substituted the Mumbai inflation 

figures for each zone. 

300 

250 

200 

150 

100 

50 

0 

Mar 

2005 

Mar 

2006 

Mar 

2007 

Jun 

2007 

Mumbai - Central Suburbs 

Sept 

2007 

Dec 

2007 

Mar 

2008 

The residential property prices in Central suburbs have increased at a pace almost double that of the general 

price rise as is evident from the above chart. 

Jun 

2008 

Sept 

2008 

Central Suburbs (A) Central Suburbs (R&L) 

Dec 

2008 

Mar 

2009 

Jun 

2009



Bandra, Khar, Santacruz, Vile Parle, Andheri, Goregaon, Malad, Kandivali, Borivali, Dahisar, Mira Road 

�Western Mumbai has been the commercial market of Mumbai and has witnessed some mega 

residential and commercial projects 

�General attraction towards luxurious lifestyle has resulted in major development of shopping 

malls and luxurious residential complexes 

�Bandra boasts of one of Mumbai's most popular shopping destinations and millions of people 

troop to Linking Road. Over the years, Bandra has also gained the title of the "Queen of 

Suburbs" 

�Some developers prefer a leasing model for high-end residential flats in this suburb 

�Major builders in the western suburbs include Lokhandwala, Mayfair Housing, RNA (A.A.), 

Raheja Universal, K. Raheja Group, Ackruti Nirman Ltd., Oberoi Constructions, Kalpataru, 

Gundecha, Rustomjee, Dynamix, Bhoomi, Ekta, and Kanakia 

�Andheri has always been a centre of attraction, be it for the mushrooming film studios in 

Andheri or for the commercial spaces of Andheri (E) 

�The entry of several leading developers who have invested in this belt has led to the changing 

profile of these suburbs 

�Amenities include a health club with sauna, steam, well-equipped gymnasium, swimming 

pool, children's park and jogging track 

�Kandivali-Malad and Goregaon has seen major development in the western suburbs 

�Goregaon and Malad are well-developed with respect to roads and infrastructure. Also, with 

the Jogeshwari-Vikhroli Link Road nearing completion, these suburbs are easily accessible to 

the eastern suburbs as well 

�Owing to the residential and commercial growth, the retail sector has also flourished in the 

form of swanky malls and good shopping conveniences 

�A new residential paradise has evolved in the Mira Road-Virar belt 

�This belt, which comprises Mira Road, Naigaon, Bhayendar, Nalasopara, Vasai and Virar, 

has seen a population influx over the years 

�Some big names in the industry such as Kalpataru, Rustomjee, RNA, Kanakia, Dynamix, etc. 

have launched a number of quality residential complexes in Mira Road and Bhayendar.


Bandra, Khar, Santacruz 

�Double 

income, coupled with assistance from banks, has made it possible for well-placed 

middle to senior management employees to upgrade their lifestyle and move into homes 

valued in excess of Rs.1.75 crore in Bandra 

�With the diamond market shortly shifting to BKC, the rates have seen an upward movement in 

this belt 

�Development of CBD in the Bandra Kurla Complex has influenced property growth rates of 

both residential and commercial spaces in and around Bandra 

�The Bandra-Worli Sea Link Road project by MMRDA has added to the value in the market in 

Bandra (W) 

�Linking Road has emerged as a commercial centre for Khar, Bandra and Santacruz 

Andheri, Jogeshwari 

�Connectivity to the airport and to any part of the city through rail and road 

�With the Vikhroli-Jogeshwari Link Road nearing completion, Andheri's connectivity to the 

eastern suburbs will improve further 

�Mumbai Urban Infrastructure Projects has already started work on the Metro link from 

Ghatkopar to Versova 

�With the construction of malls (Citimall, Crystal Point, Mega Mall and G7 Mall), people have a 

wide array of shopping options 

�Upgrade of lifestyle, thanks to premium properties, swanky malls and multiplexes 

Goregaon, Malad and Kandivali 

Premium properties are greatly in demand, with buyers looking for spacious commercial interiors and 

amenities that offer luxurious lifestyles. 

�Also the quality being offered in these locations plays a major role in attracting high networth 

individuals 

�The surrounding captive catchment area, a ready market for buyers and availability of 

organised shopping under one roof are among the reasons why the suburb is gaining 

popularity 

�Population has also considerably increased in size and density 

�New malls and residential projects in surrounding areas are fuelling this growth 

�Call centres in Goregaon and Malad are also driving the market in this area 

�Newly married couples who cannot afford properties in Bandra and Andheri but want to be

close to these locations prefer Goregaon and Malad 

�Easy accessibility to the Western Expressway and link roads like the Vikhroli-Jogeshwari Link 

Road, the proposed Goregaon-Mulund Link Road and the MUIP's (Mumbai Urban 

Infrastructure Project) plan to start a Metro link (Charkop to Colaba) which will give this area a 

bright future 

�Widening and concretisation of the Western Express Highway up to Mira Road is on the 

cards. This would reduce travel time to a great extent 

�Another significant point is the demand for residential leasing in this belt 

�The growth in the capital and rental values is mainly due to the lack of space and the high 

demand of these locations 

�Kandivali's speedy growth is due to several reasons - its proximity to Borivali, a well 

developed suburb and a major railway junction 

�The fact that being a part of Greater Bombay (the third suburb from the northern end) which 

has good infrastructure of water/rail, electricity, roads, temples, schools, colleges, hospitals, 

and shopping complexes is a big advantage 

Borivali, Dahisar 

�The connectivity of railways – Borivali being a train terminal for long distance trains, makes 

these areas quite accessible 

�Community affection in Borivali drives the residential market here. There is a huge demand in 

Borivali by the Gujarati business community who prefer to be closer to their workplace 

�Borivali, with a cosmopolitan population, has clean and green surroundings 

�Quick access to the Western Express Highway and proximity to Sanjay Gandhi National Park 

makes these upcoming properties extremely popular 

�Hospitals and academic institutions like St. Francis, plus good connectivity through buses, 

have developed Dahisar considerably 

Mira Road, Bhayendar 

�A 1-2 BHK in this patch can range from anything between Rs.10-35 lac, which satisfies the 

budget of an average middle class family 

�This market is driven by sheer affordability factor 

�Most of the new projects offer facilities like gyms and gardens, A-grade fixtures and fittings 

and modular kitchens 

�Peaceful and verdant surroundings, as compared to the hustle-bustle of Mumbai 

�The number of residential complexes has grown, with ultra modern projects from RNA, 

Evershine Builders, Kanakia Constructions, RNA (AA) and so on

�Also with the four-track railway, Mira Road having its own significance for middle class 

housing, the demand for residential premises is greater 

�With the launch of malls and multiplexes, the demand for residential premises in Mira Road 

increased further 

�Commercial development of approximately 6 million sq. ft. is expected to enter the western 

suburbs over the next two years. This translates into over 0.05 million new employment 

opportunities. 

Residential Market in Western Suburbs 

Average Apartment size of 1 BHK in sq. ft. 645 


Average Apartment size of 2 1/2 BHK in sq. ft. 1254 



Total supply (in mn. sq. ft.) by Dec 2012 10.62 




Distribution of 1, 2, 2.5, 3 and 4 BHK apartments in the pipeline (by Category A, B and C 

developers) in the western suburbs 


Distribution of Apartment Type: Western Suburbs 

4 BHK 

1% 1 BHK 

3 BHK 

3% 

17% 

2.5 BHK 

45% 

2 BHK 

34%

Some of the residential projects in Western Suburbs 

Name of the Project Developer 

Approximate 

Capital Values 

per sq ft (in Rs) 

No. of 

Units 

(Approx.) 

Date of 

Completion 

Madhuvan Harsiddh Group 8500 120 Ready 

Orchid Suburbia DB Realty 5600 600 June 2011 

Royale Park RNA Group 7100 400 Ready 

Kalpataru Tower M/s Kalpataru Ltd 6500 200 December 2009 

Elanza Keystone Realtors 9000 270 August 2010 

Interface Heights K. Raheja 

Constructions 7500 150 Ready 

RNA NG Sun City RNA Group 5500 500 Ready 


*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. 

Rates mentioned above are subject to change at any given point of time.

Residential Property Rates in prime residential markets of Western Suburbs 

Location 

Average 


(Rs. /sq. ft.) 


for 2 BHK 

(Rs. /month) 

Market 

Outlook 

Bandra 18000 65000 S 

Khar 16000 50000 S 

Santacruz 16000 50000 S 

Andheri 10000 40000 S 

Jogeshwari 8500 35000 S 

Goregaon 6500 22000 S 

Malad 6000 20000 S 

Vile Parle 13000 45000 S 

Kandivali 5500 15000 S 

Borivali 6500 17000 S 

Dahisar 5000 11000 S 

Mira Road 2800 8000 S 



Rates mentioned above are subject to change at any given point of time. 

Outlook key: R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengthen

Property Price Movements (Q4-2004 – Q3-2008) – Western Suburbs 

350 

300 

250 

200 

150 

100 

50 

0 

Q4- 

2004 

Q4- 

2005 

Q4- 

2006 

Q1- 

2007 

Western suburbs 

Q2- 

2007 

Q3- 

2007 

Q4- 

2007 





Western suburbs. Since zone wise inflation data is not available we have substituted the Mumbai inflation 


300 

250 

200 

150 

100 

50 

0 

Mar 

2005 

Since 2006, there has been a widening gap between the residential property prices and the logical price 

levels, and by 2008, the property prices have increased at almost double the rate as compared with the real & 

logical price points. 

Q1- 

2008 

Q2- 

2008 

Q3- 

2008 

Q4- 

2008 

Bandra Santacruz Khar 

Andheri, Jogeshwari Kandivili Goregaon, Malad 

Borivali, Dahisar Mira Road, Bhayendar Virar, Vasai 

Mar 

2006 

Mar 

2007 

Jun 

2007 

Mumbai - Western Suburbs 

Sept 

2007 

Dec 

2007 

Mar 

2008 

Jun 

2008 

Sept 

2008 

Western Suburbs (A) Western Suburbs (R&L) 

Dec 

2008 

Mar 

2009 

Q1- 

2009 

Jun 

2009

Thane 


�Ghodbunder 

Road in Thane, due to availability of land and existing premium projects, has a 

massive scope for development of residential projects 

�Major Builders: Hiranandani, Kalpataru, Raheja, Dynamix, Vijay Group, Soham Group, 

Neptune, Cosmos Group, Kabra, Dosti Group, Natu-Paranjape, Puranik Builders, Neelkanth, 

Raunak Enterprises, Lodha and Ackruti. 


�Thane is well-connected to Mumbai by road (Eastern Express Highway) and by railway 

�Another water project of 100 MLD (Million Litres Per Day) is under process near Shahpur. This 

water supply scheme would cater to the water supply needs for a predictable next 20 years. 

This project would bring in the much-needed relief of water requirements and catalyse the 

rate appreciation in the near future 

�Ghodbunder Road gives easy access to Thane Railway Station, Mira Road as well as to the 

Western Express Highway 

�Commercial activity has also boosted on Ghodbunder Road with a number of malls coming 

up in this area 

�Good connectivity to Mumbai, excellent shopping malls within Thane and in Mulund, good 

educational institutes, close proximity to Mulund, and above all, surrounded by beautiful hills 

of Sanjay Gandhi National Park amidst plenty of lakes, have propelled the real estate market in 

Thane 

�Patni Computers has procured 8 acres of land on the Thane–Belapur Road opposite Mukund 

Steel, to set up an Information Technology development centre 

�Commercial development of approximately 0.53 million sq. ft. is expected to enter Thane 

over the next two years. This translates into 4,700 new employment opportunities 

Residential Market in Thane 

Average Apartment size of 1 BHK 622 






Note: The areas mentioned are built-up areas

Distribution of 1, 2, 2.5, 3 BHK apartments in the pipeline (by Category A, B and C 

developers) in Thane 

Distribution of Apartment Type: Thane 

3 BHK 

18% 

2.5 BHK 

5% 


1 BHK 

17% 

2 BHK 

60% 

1.5 BHK 

0% 

Some of the residential projects in Thane 


Approximate 


per sq ft 

(in Rs) 

No. of Units 

(Approx.) 

Vraj Global 

Vraj Green Valley 

Enterprises 

4100 70 

Date of 

Completion 

Runwal Garden City Runwal 4000 375 Ready 

Laxmi Narayan 

Residency 

Raunak 4250 200 

Ready 

October 2009 

Kalpataru Kamdhenu Kalpataru 4500 20 Ready Possession 

Lodha Luxuria Lodha Developers 4300 200 

Hiranandani Estate Hiranandani 5300 700 

Park Wood 

Casa Univis 

Neelkanth Green 

DB Realty 

Lodha Developers 

Neelkanth 

3500 

3035 

4000 

450 

600 

200 

March 2011 

December 2009 

December 2012 

March 2012 

December 2010 


* Rates mentioned are based on built-up area and are subject to amenities, upkeep and vary from apartment to apartment within the same building. Rates 

mentioned above are subject to change at any given point of time.

Residential Property Rates in prime residential markets of Thane 

300 

250 

200 

150 

100 

50 

0 

Mar 

2005 

Location 

Mar 

2006 

Mar 

2007 

Jun 

2007 

Sept 

2007 


Values 

Dec 

2007 

(Rs./ sq. ft.) 

Mar 

2008 

Jun 

2008 

Sept 

2008 


for 2 BHK 

(Rs. / month) 

Dec 

2008 

Mar 

2009 

Jun 

2009 

Market 

Outlook 

Ghodbunder Road 

3000 

7000 

S 

Rest of Thane 

(Panchpakhadi, Eastern 

Express Highway) 

5500 

14000 

S 

Teen Haath Naka 

6000 

15000 

S 

Vasant Vihar 


4500 

12000 

S 

*Rates mentioned are based on built-up area and are subject to amenities, upkeep and vary from apartment to apartment within the 

same building. Rates mentioned above are subject to change at any given point of time. 

Outlook key: R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengthen 

Property Price Movements (Q4-2004 – Q3-2008) - Thane 

350 

300 

250 

200 

150 

100 

50 

0 

Q4- 

2004 

Q4- 

2005 

Q4- 

2006 

Q1- 

2007 

Q2- 

2007 

Q3- 

2007 

Thane 

Q4- 

2007 

Q1- 

2008 

Ghodbunder 

Road 


The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a 

comparison between quarterly property price movements and changes in consumer price index for Thane. Since 

zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone. 

As is apparent from the above chart, there has been disproportionate rise in residential property prices as 

compared to the Real & Logical prices in Thane. This gap had reduced to certain extent in Dec 2008; however the 

gap has widened further in recent quarters. 

Rest of 

Thane 

Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Q4 2004) 

Thane 

Q2- 

2008 

Q3- 

2008 

Q4- 

2008 

Q1- 

2009 

Thane (A) 

Thane (R&L)



Palm Beach Road, Kharghar, Koparkhairane, Panvel 

�Navi Mumbai spreads over parts of two districts of Maharashtra - Thane and Raigad. The 

region is hilly in some parts 

�Navi Mumbai lies on the mainland on the eastern seaboard of the Thane Creek. The city 

limit stretches from Airoli near Thane in the north, to Uran in the south. The length of the 

city is almost the same as Mumbai. The Vashi and Airoli bridges connect Navi Mumbai to Mumbai 

�Navi Mumbai is organised as many nodes. Some of the old and more populated nodes 

are Vashi, Nerul and Belapur 

�Some of the more recent node developments include Kharghar, New Panvel, 

Khandeshwar 

�Key Builders: Adhiraj Developers, Kesar Sons, Haware Builders & Developers, Bhoomi 

Developers, Shah Group and Sai Developers. 


�Dhirubhai Ambani Knowledge City (DAKC), located at Koparkhairane, has propelled the 

real estate market in Navi Mumbai 

�Most of the software companies in Maharashtra have their offices in Navi Mumbai 

�The Government of Maharashtra has also set up software parks to cater to the growing 

demand from the IT sector 

�International Infotech Park at Navi Mumbai has been designed with an infrastructure for the 

needs of the technology-driven companies in Electronics, Information Technology, 

Telecommunications and related industries 

�Due to the presence of existing IT parks, shopping malls, good infrastructure, good 

educational institutes, and more importantly the proposition of SEZ in Navi Mumbai, areas 

like Vashi, Kharghar, Koperkhairane are on a rapid growth trajectory 

�6-Lane Road-cum-Rail bridge between the Sewri–Nhava Sheva link of about 22 km. is 

expected to reduce the travel time between Navi Mumbai and Mumbai to about 30 minutes 

�Commuter railway systems at Navi Mumbai (including those planned) include Mankhurd 

Belapur-Panvel rail corridor, Thane-Vashi-Juinagar-Uran rail corridor, Ring railway around 

CBD, Manasarovar-Taloja, Thane-Kalwa-Juinagar-Nerul rail corridor, Panvel-Uran rail corridor 

and an Intercity Railway Terminal 

�CIDCO has plans to concretise some of the major roads like the Vashi Highway to 

Koperkhairane, the Sion Panvel Marg to Nerul Railway Station, the Vashi Shivaji Chowk to 

Palm Beach Road and Airoli to the Mulund Bridge 

�Palm Beach Road, now known as the Queen's Necklace of Navi Mumbai, has contributed to 

significant rise in property prices in Navi Mumbai 

�Due to this road facing the creek, most of the units in a building are so designed that they face

the creek, thus demanding the highest rates in Navi Mumbai 

�Koperkhairane, again due to its excellent accessibility to Vashi and Thane has boosted the real 

estate prices 

�The Thane–Vashi rail line and the connectivity to the central line through the Airoli– Mulund 

Bridge has pushed the real estate market further 

�Excellent infrastructure development, potential for the International Airport in the vicinity, has 

given Kharghar an edge over other nodes of Navi Mumbai 

�With the increasing number of trains, Panvel has grown noticeably 

�Commercial development of approximately 6.6 million sq. ft. is expected to enter Navi 

Mumbai over the next two years. This translates into 0.06 million new employment 

opportunities. 

Residential Market in Navi Mumbai 




Total supply (in no.of units) by Dec 2012 936 



Distribution of 1, 2, 2.5, 3 and 4 BHK apartments in the pipeline (by Category A, B and C 

developers) in Navi Mumbai 

Distribution of Apartment Type: Navi Mumbai 

3 BHK 

19% 

2.5 BHK 

17% 


4 BHK 

10% 

1 BHK 

21% 

2 BHK 

33%

Some of the residential projects in Navi Mumbai 


Goodwill Harmony 

Sai Ansh 

Palm Beach Residency 

Kesar Exotica 

Residential Property Rates in prime residential markets of Navi Mumbai 

Location 

Goodwill Developers 

Paradise Group 

Wadhawa 

Developers 

Kesar Group 

Kalpataru Riverside Kalpataru Builders 

Edward, Cleremont, 

Wingfield 

Arham 


Values (Rs./sq. ft.) 


for 2 BHK 

(Rs./month) 

Market 

Outlook 

Kharghar 3500 8500 SW 

Koperkhairane 3500 8500 SW 

Palm Beach Road 5500 14000 SW 

Panvel 2500 8000 SW 




4000 

4500 

5500 

3850 

3800 

50 

60 

100 

40 

120 

HIRCO 3600 282 

Arihant Developers 

Approximate 


per sq ft 

(in Rs) 

1950 

No. of Units 

(Approx.) 

200 

Date of 

Completion 

Ready 

Ready 

June 2011 

August 2010 

December 2010 

April 2012 

December 2010 


*Rates mentioned are based on built-up area and are subject to amenities, upkeep and vary from apartment to apartment within the same building. 


Outlook key: R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengthen

Property Price Movements (Q4-2004 – Q3-2008) – Navi Mumbai 

350 

300 

250 

200 

150 

100 

50 

0 

300 

250 

200 

150 

100 

50 

0 

Mar 

2005 

Q4- 

2004 

Mar 

2006 

Q4- 

2005 

Q4- 

2006 

Mar 

2007 

Q1- 

2007 


The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart 

brings out a comparison between quarterly property price movements and changes in consumer price 

index for Navi Mumbai. Since zone wise inflation data is not available we have substituted the Mumbai 

inflation figures for each zone. 

Jun 

2007 

Q2- 

2007 

Sept 

2007 


Q3- 

2007 


Dec 

2007 

Q4- 

2007 

Mar 

2008 

Q1- 

2008 

Jun 

2008 

Q2- 

2008 

Sept 

2008 

Navi Mumbai (A) Navi Mumbai (R&L) 

Even though the disparity between the actual property prices and the real & logical price points had reduced in 

Dec 2008 to a certain extent, the gap seems to be maintained in last few quarters. 

Q3- 

2008 

Kharghar Koperkhairane Palm Beach Road Panvel 

Dec 

2008 

Q4- 

2008 

Mar 

2009 

Q1- 

2009 


Jun 

2009



Mahim, Dadar, Prabhadevi, Worli, Lower Parel, Mahalaxmi, Mumbai Central, Mazgaon, Byculla, Colaba, 

Peddar Road, Altamont Road, Walkeshwar, Malabar Hill, Napean Sea Road, Wadala, Sewri, Sion 

�South Mumbai is the premium residential market of the city 

�The property rates are the highest here ranging from Rs. 12000-50000 per sq. ft. 

�In the last one year, the property prices have grown by almost 50% 

�End-users have been driving the market in South Mumbai recently 

�There are very few projects in the pipeline in South Mumbai, which is further boosting the 

price rise in this part of the city 


�Bandra-Worli Sea Link and the Nhava Sheva-Sewri Link Road will reduce the traffic 

congestion to a great extent 

�Huge commercial developments are also coming up in Worli, Prabhadevi and Lower Parel, 

thus fuelling the residential property prices in and around these areas 

�High-end amenities like sensor lighting, C.C.T.V., bio-metric entries are being provided by 

developers apart from the club house and swimming pool 

�Small screens with a seating capacity of 10-15 , wi-fi connection, 24–hour coffee shops are 

also being provided within the complex 

Residential Market in South Mumbai 








Note: The areas mentioned are built-up area

Distribution of 2, 3, 4 and 5 BHK apartments in the pipeline (by Category A, B and C 

developers) in South Mumbai 

Distribution of Apartment Type: South Mumbai 

3 BHK 

47% 

4 BHK 

12% 


5 BHK 

3% 

2 BHK 

38% 

Some of the residential projects in South Mumbai 

Name of the 

Project 

Developer 

Approximate 


per sq ft 

(in Rs) 

No. of Units 

(Approx.) 

Date of 

Completion 

Ashok Tower Piramal Holdings Ltd. 20000 250 July 2009 

Ashoka Garden Piramal Holdings Ltd. 13000 375 December 2009 

Dosti Flamingos Dosti Group 13000 300 Ready 

Marathon Era I & II Marathon Builders 25000 444 Ready 

Raheja Atlantis K. Raheja Universal 31000 96 December 2009 

Godrej Properties Godrej 25000 200 Ready 

Casa Grande Ashford Corporation 31000 108 Ready 

Orbit Arya Orbit Corporation Ltd 50000 45 April 2009 

Raheja Viveria K Raheja Corp 27500 400 Dec 2010 

Palais Royale Sri Ram Infrastructure 50 crores onwards 100 May 2011 



Rates mentioned above are subject to change at any given point of time.

Residential Property Rates in prime residential markets of South Mumbai 


Average Capital for 2 BHK Market 

Location Values (Rs./sq. ft.) (Rs./month) Outlook 

Mahim 16000 70000 SW 

Dadar (E) 15000 60000 SW 

Prabhadevi 25000 90000 SW 

Worli 30000 90000 SW 

Parel 18000 60000 SW 

Mahalaxmi 20000 80000 SW 

Mumbai Central 16000 55000 SW 

Mazgaon 12000 40000 SW 

Byculla 12000 40000 SW 

Colaba 35000 100000 S 

Peddar Road 45000 125000 S 

Walkeshwar 50000 150000 S 

Malabar Hill 50000 150000 S 

Napean Sea Road 45000 120000 S 

Wadala 12000 30000 SW 

Sewri 15000 35000 SW 

Sion 16000 35000 SW 


*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment 

within the same building. Rates mentioned above are subject to change at any given point of time. 

Outlook key: R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but 

likely to strengthen

Property Price Movements (Q4-2004 – Q3-2008) – South Mumbai 

250 

200 

150 

100 

50 

0 

Q4- 

2004 

Q4- 

2005 

Q4- 

2006 

Q1- 

2007 

Q2- 

2007 

Q3- 

2007 

Q4- 

2007 

Q1- 

2008 

Q2- 

2008 


Comparison of actual (A) and real & logical (R&L) price movement - South Mumbai 



South Mumbai. Since zone wise inflation data is not available we have substituted the Mumbai inflation 


300 

250 

200 

150 

100 

50 

0 

Mar 

2005 

Mar 

2006 

Mar 

2007 

Jun 

2007 

Sept 

2007 


Mahim To Churchgate 


Dec 

2007 

Island City (A) 

Mar 

2008 

Jun 

2008 

Sept 

2008 

Island City (R&L) 

The actual property prices have consistently increased more than proportionately than the real & logical 

prices in South Mumbai. 

Q3- 

2008 

Dec 

2008 

Q4- 

2008 

Mar 

2009 

Q1- 

2009 

Jun 

2009

Mumbai Absorption Index 

As is evident from the chart given below, the absorption of residential properties in Mumbai has been on a 

consistent decline since the start of FY 2008-09. The market did pick up sharply in November mainly due to 

positive sentiments in the festival season. However, the levels were not sustained in the coming months and 

the transactions dropped again. Overall, residential property transactions in April 2009 have nearly halved 

from that of the same month in 2008. 

120 

100 

80 

60 

40 

20 

0 

Apr- 

08 

Mumbai Residential Real Estate: Absorption Index 

May- 

08 

Jun- 

08 

Jul- 

08 

Aug- 

08 

Sep- 

08 

Oct- 

08 

Nov- 

08 

Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Apr-08) 

Redevelopment Market 

Dec- 

08 

Jan- 

09 

Feb- 

09 

�Redevelopment market is witnessed primarily where the developer gets a higher FSI (Floor 

Space Index) 

�South Mumbai is typically seen as a redevelopment market in Mumbai 

�Areas like Lower Parel, Bandra, Mahim, Sion, Kurla, Five Gardens are characterised by these 

redevelopment markets 

�A few examples would be the Kohinoor City at Vidyavihar, numerous redevelopment projects 

at Tilak Nagar (Chembur), New Era at Cadell Road and the Raheja Brookeville at Matunga. 

Mar- 

09 

Apr- 

09

Location Attractiveness Index 

We have short-listed below, seven prime locations within Mumbai and have critically examined them on 

various parameters like infrastructure, residential costs in the region, future employment prospects, etc. as 

detailed in the matrix below. Kharghar appears to be scoring above other locations due to the reasonable 

residential costs, coupled with proximity to commercial and retail development as well as future 

infrastructure and commercial developments. 

Infrastructure (connectivity, roads, 

proximity to markets, schools) 

Residential Cost 

Proximity to/Presence of 

organised retail 

Proximity to Commercial 

Development 

Future Infrastructure Development 

Future Employment Generation 

Lower 

Parel 

Ghodbunder 

Road Kharghar Panvel 

Bandra 

East 

Good / Low Cost 

Above Average 

Average / Medium Cost 

Below Average 

Bad / High Cost 

JVLR 

Borivali / 

Kandivali

About Research & Consultancy 

ICICI Property Services is a division of ICICI Home Finance Company Limited, a 100% subsidiary of ICICI Bank. 

ICICI PSG provides real estate solutions to home seekers, corporate investors, space occupiers and 

developers /landlords. ICICI Property Services addresses the entire bandwidth of a real estate deal from 

concept to conclusion. Research & Consultancy (R&C), a specialised group within ICICI PSG, offers both real 

estate advisory and consumer demographic analysis backed by both primary & secondary research. The 

following chart explains in brief the various services offered by R&C. 

Feasibility Studies Asset Advisory Strategic Advisory Market Research 

• Location Analysis 

• Market Analysis 

• Size, Pricing, Phasing 

and Positioning 

(Space Programming 

& Demarcation for 

optimum Utilisation 

of space) 

• Financial Analysis 

• Optimum Land Use 

Analysis 

• Site Analysis & 

SWOT 

• Catchment Analysis 

• Trade & Tenant Mix 

• Land Valuation 

• Entry Strategy 

• Pricing Strategy 

• City and Region 

Prioritisation and 

Expansion Strategy 

• Supply Estimation 

• Demand Projections 

• Expected Absorption 

Trends 

• Demographic Analysis 

• Consumer Trends 

• Consumer Behaviour 

Analysis

DISCLAIMER 

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This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or 

obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the 

appropriateness of any investment, or a solicitation for any product or service. The use of any information set out in this document is 

entirely at the recipient's own risk. 

The information set out in this document has been prepared by ICICI HFC Ltd. based on projections which have been determined in good 

faith by ICICI HFC Ltd. There can be no assurance that such projections will prove to be accurate. ICICI HFC Ltd. does not accept any 

responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on 

anything set out in this document. The information in this document reflects the prevailing conditions and our views as of this date, all of 

which are subject to change. In preparing this document we have relied upon and assumed, without independent verification, the 

accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise 

reviewed by us. Past performance cannot be a guide to future performance. 

No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. The 

information set out herein may be subject to updating, completion, revision, verification and amendment and such information may 

change materially. 

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