Mumbai's Housing Market Set to Soar: Sales Projected to Exceed INR 1.35 Lakh Crore in 2024
Mumbai's residential market is witnessing a surge in sales, driven by infrastructure developments, changing consumer preferences, and hybrid work models.
MumbaiHousing MarketReal EstateInfrastructure DevelopmentConsumer PreferencesReal Estate NewsSep 05, 2024
The report reveals that the MMR, which encompasses the city of Mumbai, its suburbs, Thane, and Navi Mumbai, is witnessing robust real estate investments. These investments are driven by a combination of record high sales figures, increased launches of new residential projects, and ongoing infrastructural advancements.
Prashant Sharma, President of NAREDCO-Maharashtra, commented on the impact of infrastructure developments, stating that these projects enhance connectivity and create new residential hubs, allowing the market to maintain its momentum and potentially set new benchmarks in the years to come. This growth is not just beneficial for buyers but also signals confidence among developers and investors.
The sales momentum in Mumbai's housing market has been notable, with 2023 recording residential sales values exceeding INR 1 lakh crore. This trend indicates a steady recovery from previous years when sales were impacted by economic uncertainties. The continued development of transportation and civic infrastructure is expected to support this growth trajectory.
In addition to infrastructure, changing consumer preferences and the rise of hybrid work models are influencing buying patterns. More homebuyers are now seeking larger spaces, with a preference for properties in suburban locations that offer a better quality of life. This shift is reflected in the growing popularity of integrated townships that provide more amenities and green spaces.
Looking forward, JLL projects an ambitious future for Mumbai's residential market. By 2030, the ongoing and upcoming infrastructure projects are expected to foster the development of new residential areas while revitalizing existing ones. The predictions suggest that the city could surpass INR 2 lakh crore in residential sales value by 2090-an indicator of the long-term potential of the market.
In conclusion, the ongoing growth in Mumbai's housing market can be attributed to a combination of factors, including increased buyer confidence, robust infrastructure development, and changing consumer preferences. As Mumbai continues to adapt to these trends, it remains a focal point for investment and development in India's real estate landscape.
Frequently Asked Questions
What is the projected sales value of the Mumbai housing market in 2024?
INR 1.35 lakh crore
What are the key drivers of the growth in Mumbai's housing market?
Infrastructure developments, changing consumer preferences, and hybrid work models
What is the expected impact of infrastructure projects on the Mumbai housing market?
Enhanced connectivity, creation of new residential hubs, and increased residential demand
What is the predicted residential sales value of Mumbai by 2090?
INR 2 lakh crore
What is the significance of Mumbai's housing market in India's real estate landscape?
Mumbai remains a focal point for investment and development in India's real estate landscape
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