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
Related News Articles
Godrej Properties Expands Maharashtra Presence with 90-Acre Land Acquisition
Godrej Properties shares dip marginally after acquiring 90-acre land parcel in Khalapur, Maharashtra, plans to develop 1.7 million square feet of residential plots.
Maharashtra and Jharkhand Assembly Polls: Populism Triumphs but Fiscal Health at Risk
The assembly elections in Maharashtra and Jharkhand have seen a resurgence in populism and freebies, with the BJP-led Mahayuti alliance in Maharashtra and the INDI Alliance in Jharkhand winning on the back of welfare schemes. However, analysts warn that t
Awfis Space Solutions Leases 197,000 Sq Ft Office Space in Pune's Kharadi
Awfis Space Solutions, a leading flexible office provider, has secured a 197,000 sq ft office space in Pune’s Kharadi through a long-term lease agreement. The facility spans 17 floors and will cater to the growing demand for hybrid workspaces.
Sunny Leone Invests Rs 8 Crore in Office Space in Mumbai's Oshiwara
Sunny Leone, the popular Bollywood actress and entrepreneur, has reportedly purchased an office space in the Oshiwara area of Mumbai for Rs 8 crore. This strategic investment underscores her growing business acumen and expanding presence in the real estat
SEBI Considers Quick Follow-on Offer Framework for REITs and InvITs
The Securities and Exchange Board of India (SEBI) is mulling over a framework to fast-track follow-on offers by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Additionally, the regulator has proposed a three-year lock
Mumbai's Real Estate Sector Surges with 11,541 Property Registrations in February
Mumbai's real estate market showed robust growth in February 2025, with a total of 11,541 property registrations, contributing ₹896 crore in stamp duty. This highlights the continued strength and resilience of the city's property sector.