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
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