Mumbai's Residential Market Set to Reach New Heights: Report
The Mumbai Metropolitan Region (MMR) is expected to witness a significant surge in housing sales, with estimated values crossing Rs 1.35 lakh crore this year.
Mumbai Residential MarketReal EstateInfrastructure DevelopmentHousing SalesNaredcoReal EstateAug 29, 2024
The report, titled 'Mumbai Residential Market-Through the Lens of Time', was released at the National Real Estate Development Council (NAREDCO) event. It highlights the resilient nature of Mumbai's residential market, which has shown significant growth in sales and new launches.
As infrastructure projects continue to enhance connectivity and create new residential hubs, the market is expected to maintain its momentum and set new benchmarks in the coming years. The MMR, which includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai, has already seen residential sales value breach Rs 1 lakh crore in 2023.
By 2030, the ongoing infrastructure projects are expected to foster new residential hubs and revitalize existing ones. The Mumbai market is projected to surpass the remarkable milestone of Rs 2 lakh crore in residential sales value by 2030.
The growth in the residential market can be attributed to the increasing demand for housing in the city. With the rise in population and urbanization, the need for housing has increased, leading to a surge in sales. Additionally, the government's initiatives to improve infrastructure and provide affordable housing options have also contributed to the growth.
The report also highlights the importance of infrastructure development in driving growth in the residential market. The ongoing projects, such as the Mumbai Metro and the Coastal Road, are expected to improve connectivity and create new residential hubs.
In conclusion, the Mumbai residential market is expected to continue its upward trend, driven by increasing demand, infrastructure development, and government initiatives. With estimated sales values crossing Rs 1.35 lakh crore this year, the market is set to reach new heights in the coming years.
JLL India is a leading real estate consultancy firm that provides expert advice on buying, selling, and investing in real estate. The firm has been operating in India for over 20 years and has a strong presence in major cities across the country.
National Real Estate Development Council (NAREDCO) is a non-profit organization that aims to promote and develop the real estate industry in India. The council works closely with the government and other stakeholders to create a favorable business environment for the industry.A The MMR, which includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai, is a hub for real estate investments and is expected to witness significant growth in housing sales.
Frequently Asked Questions
What is the estimated sales value of the Mumbai residential market in 2024?
The estimated sales value of the Mumbai residential market in 2024 is Rs 1.35 lakh crore.
What are the factors driving growth in the Mumbai residential market?
The growth in the Mumbai residential market can be attributed to increasing demand, infrastructure development, and government initiatives.
What is the expected sales value of the Mumbai residential market by 2030?
The Mumbai market is projected to surpass the remarkable milestone of Rs 2 lakh crore in residential sales value by 2030.
What is the role of infrastructure development in driving growth in the residential market?
Infrastructure development is expected to improve connectivity and create new residential hubs, driving growth in the residential market.
What is the significance of the Mumbai Metropolitan Region (MMR) in the real estate market?
The MMR, which includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai, is a hub for real estate investments and is expected to witness significant growth in housing sales.
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