Mumbai's Residential Market Boom: Sales Set to Surpass ₹2 Lakh Crore by 2030
Mumbai's residential market is on track to exceed ₹2 lakh crore in sales value by 2030, driven by infrastructure development and improved connectivity. The Maharashtra Real Estate Regulatory Authority (MahaRERA) has also played a significant role in the s
Mumbai Residential MarketReal EstateInfrastructure DevelopmentMahareraJllReal Estate MaharashtraAug 30, 2024
The Mumbai Metropolitan Region (MMR) is also anticipated to surpass ₹1.35 lakh crore in primary residential market sales this year. The report attributes this growth to infrastructure development, which has accelerated growth in areas such as the Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and several Metro lines.
These projects have improved connectivity with the suburbs and surrounding areas like Thane and Navi Mumbai, leading to increased real estate investment in these regions. By 2030, these projects are expected to increase multimodal connectivity even more, boosting residential launches and sales in Navi Mumbai, Thane, and the Western Suburbs II.
The report also notes a shift in real estate development from Mumbai's southern parts to the northern and eastern suburbs, driven by growing demand for homes, available land, and better connectivity.
Additionally, the Months To Sell (MTS) inventory in the MMR has decreased significantly, from 58 months in March 2022 to 31 months by June 2024. Reputable developers, both regional and national, have recognised Mumbai's potential and have started using the city as a base for their residential projects.
Since 2022, developers in Mumbai have acquired 260 acres of land through purchases or joint development agreements, with all of this land for residential development. This is expected to lead to the development of 42-48 million square feet of residential space, with an expected sales of over ₹70,000 crore.
The report also credits the Maharashtra Real Estate Regulatory Authority (MahaRERA) for the surge in the residential real estate market.
About JLL
JLL is a leading real estate and investment management firm that provides comprehensive services to its clients. With a presence in over 80 countries, JLL offers expertise in areas such as property management, leasing, and investment sales.
About MahaRERA
The Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established to promote transparency and accountability in the real estate sector in Maharashtra. It aims to protect the interests of homebuyers and promote the development of the real estate industry in the state.
Frequently Asked Questions
What is the expected sales value of Mumbai's residential market by 2030?
₹2 lakh crore
What has driven the growth of Mumbai's residential market?
Infrastructure development and improved connectivity
What is the role of MahaRERA in the surge of Mumbai's residential market?
MahaRERA has promoted transparency and accountability in the real estate sector, protecting the interests of homebuyers and promoting the development of the industry
How much land have developers acquired in Mumbai for residential development since 2022?
260 acres
What is the expected sales value of the residential space to be developed on the acquired land?
Over ₹70,000 crore
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