Mumbai's Residential Market Boom: Sales Value to Cross ₹2 Lakh Crore by 2030
Mumbai's residential market is expected to surpass ₹2 lakh crore in sales value by 2030, driven by infrastructure development and regulatory reforms.
Mumbai Real EstateMaharashtra Real Estate Regulatory AuthorityJllResidential SalesInfrastructure DevelopmentReal Estate MaharashtraAug 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. The development of projects such as Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and various Metro lines have significantly improved the city's connectivity with the suburbs and the sister cities of Thane and Navi Mumbai.
The initiation of transit infrastructure networks has propelled growth in these areas, the JLL reported. By 2030, the ongoing infrastructure projects aiming to enhance multimodal connectivity are expected to foster new residential hubs and revitalize existing ones.
These development projects will enhance accessibility, contributing 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 Mumbai market, acquiring 260 acres of land through outright purchase or joint development agreements, with an estimated sales potential of over ₹70,000 crore.
The effective implementation of the Maharashtra Real Estate Regulatory Authority (MahaRERA) has boosted the market, with a remarkable recovery in sales volumes and new project launches post-pandemic. Mumbai's contribution to India's overall residential market activity has grown substantially, accounting for approximately 25% of new project launches and 22% of total sales from 2022 to the first half of 2024.
Frequently Asked Questions
What is the expected sales value of Mumbai's residential market by 2030?
₹2 lakh crore
What are the factors driving growth in Mumbai's residential market?
Infrastructure development, regulatory reforms, and increased demand for housing
Which areas are expected to see an uptick in residential launches and sales?
Navi Mumbai, Thane, and Western Suburbs II
What is the impact of MahaRERA on Mumbai's residential market?
Effective implementation of MahaRERA has boosted the market, with a remarkable recovery in sales volumes and new project launches post-pandemic
What is the estimated sales potential of the land acquired by developers in Mumbai?
Over ₹70,000 crore
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