Mumbai's Residential Market Set to Soar: ₹2 Lakh Crore in Sales by 2030
Mumbai's residential market is expected to exceed ₹2 lakh crore in sales by 2030, driven by improved connectivity and infrastructure development, reports JLL. The city's residential sales value is anticipated to surpass ₹1.35 lakh crore in 2024.
Mumbai Residential MarketReal EstateJllMahareraInfrastructure DevelopmentReal Estate MaharashtraAug 29, 2024
The development of projects such as the Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and various Metro lines, has improved 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, with ongoing infrastructure projects aiming to enhance multimodal connectivity expected to foster new residential hubs and revitalise existing ones by 2030.
These development projects will enhance accessibility, contributing to an uptick in residential launches and sales, particularly in Navi Mumbai, Thane, and Western Suburbs II. As per the report, 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. The city has also witnessed the entry of notable national and regional developers, who have chosen Mumbai as the launchpad for their residential projects.
Developers in Mumbai have successfully acquired a sprawling 260 acres of land (since 2022) through outright purchase or joint development agreements, all earmarked for residential development. This substantial land acquisition equates to an immense development potential of 42-48 million sq ft, with an estimated sales potential of over ₹70,000 crore.
Mumbai's residential real estate market has experienced a boost over the last few years, due to the effective implementation of the Maharashtra Real Estate Regulatory Authority (MahaRERA).
JLL is a leading professional services firm that specializes in real estate and investment management. With a presence in over 80 countries, JLL provides comprehensive services to investors, occupiers, and developers across various sectors, including residential, commercial, and industrial.
Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established to promote transparency and accountability in the real estate sector in Maharashtra. MahaRERA is responsible for registering and regulating real estate projects, as well as addressing consumer grievances.
Frequently Asked Questions
What is the projected sales value of Mumbai's residential market by 2030?
₹2 lakh crore
What is driving the growth of Mumbai's residential market?
Improved connectivity and infrastructure development
What is the expected sales value of Mumbai's residential market in 2024?
₹1.35 lakh crore
What is the role of MahaRERA in Mumbai's real estate market?
MahaRERA is a regulatory body that promotes transparency and accountability in the real estate sector in Maharashtra
What is the estimated sales potential of the land acquired by developers in Mumbai?
Over ₹70,000 crore
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