Mumbai Residential Market Set to Surpass ₹2 Lakh Crore in Sales by 2030
Mumbai continues to attract substantial real estate investments, with residential sales value expected to breach ₹1.35 lakh crore in 2024.
Mumbai Residential MarketReal EstateJllInfrastructure DevelopmentMahareraReal Estate NewsAug 29, 2024
The city's residential sales value in 2023 breached ₹1 lakh crore and is expected to surpass ₹1.35 lakh crore in 2024. Housing sales in the Mumbai Metropolitan Region (MMR) primary residential market are also expected to cross ₹1.35 lakh crore this calendar year.
The development of projects such as the Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and various Metro lines have improved connectivity with the suburbs and sister cities of Thane and Navi Mumbai. This has propelled growth in these areas, with the initiation of transit infrastructure networks fostering new residential hubs and revitalizing existing ones.
By 2030, ongoing infrastructure projects aiming to enhance multimodal connectivity are expected to contribute to an uptick in residential launches and sales, particularly in Navi Mumbai, Thane, and Western Suburbs II. The Months To Sell (MTS) inventory decreased from 58 months in March 2022 to 31 months in June 2024.
Mumbai's real estate development has shifted from the southern parts to the north and east suburbs due to increased demand for housing, improved connectivity, and available land. Notable national and regional developers have entered the market, choosing Mumbai as the launchpad for their residential projects.
Developers in Mumbai have acquired a sprawling 260 acres of land through outright purchase or joint development agreements, all earmarked for residential development. This substantial land acquisition equates to an immense development potential of 42-48 million sq ft, with an estimated sales potential of over ₹70,000 crore.The effective implementation of the Maharashtra Real Estate Regulatory Authority (MahaRERA) has also boosted Mumbai's residential real estate market over the last few years.
Frequently Asked Questions
What is the projected residential sales value of Mumbai by 2030?
₹2 lakh crore
What is the expected residential sales value of Mumbai in 2024?
₹1.35 lakh crore
What has contributed to the growth of Mumbai's residential market?
Improved connectivity and infrastructure development
What is the current Months To Sell (MTS) inventory in Mumbai?
31 months
What is the estimated sales potential of the land acquired by developers in Mumbai?
₹70,000 crore
Related News Articles
Indian Commercial Office Market Surges to New Heights, Paving the Way for 2025
The Indian commercial office market is set to achieve a record high of 65-70 million square feet in 2025, driven by significant growth in major cities like Bengaluru and Hyderabad. The market is undergoing a major transformation with a shift towards occup
Japan's Commercial Real Estate Market Sees Mixed Q2 2024 Results
Commercial real estate transaction volume decreased by 25% year-over-year, but hotel transactions and office acquisitions saw significant increases
IRB Infra: Why Market Analyst Avinash Gorakshakar is Bullish on the Stock
Get expert insights on IRB Infra's potential and why Avinash Gorakshakar is optimistic about its future performance
MahaRERA Fixes 2-Year Tenure for Real Estate SRO Appointees
Mumbai: In a recent decision, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has set a two-year tenure for appointees of various Self-Regulatory Organisations (SROs) from the real estate industry. This move aims to bring more accountability a
Cyril Amarchand Mangaldas Advises Blackstone on Strategic Real Estate Investment
Cyril Amarchand Mangaldas, one of India's leading law firms, has advised Blackstone on its acquisition of a minority stake in certain real estate assets. This strategic move highlights the firm's expertise in complex transactions within the real estate se
JD(S) Protests Greater Bengaluru Governance Bill, Alleging Real Estate Beneficiary Bias
The Karnataka Janata Dal (Secular) staged a protest against the Greater Bengaluru Governance Bill, accusing it of favoring real estate developers. The bill, which aims to streamline governance in Bangalore, has sparked controversy and opposition from vari