Mumbai's Residential Real Estate Market Set to Soar: Sales Value Expected to Exceed ₹2 Lakh Crore by 2030
Mumbai's residential market continues to attract substantial real estate investments, with record-high sales values and strategic infrastructure developments.
MumbaiReal EstateResidential MarketInfrastructure DevelopmentJllReal Estate MumbaiAug 30, 2024
The city's comprehensive infrastructure projects, including the Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and various Metro lines, have significantly improved its connectivity with the suburbs and the sister cities of Thane and Navi Mumbai. This enhanced accessibility has directly contributed to an uptick in residential launches and sales, particularly in Navi Mumbai, Thane, and Western Suburbs.
As of June 2024, Mumbai stands as one of the leading contributors to pan-India launches and sales. Residential sales value in 2023 breached ₹1 lakh crore and is expected to surpass ₹1.35 lakh crore in 2024, setting a record high for the city. Additionally, the Months to Sell (MTS) inventory decreased from 58 months in March 2022 to 31 months in June 2024.
By 2030, the ongoing infrastructure projects aiming to enhance multimodal connectivity are expected to foster new residential hubs and revitalize existing ones. Mumbai's real estate development started in the south and shifted to the suburban markets in north and east by 2016. City's significant focus on multi-modal means of transport by mid-2024 created further boost and resulted in growth of new areas and regeneration of the existing core city locations.
Mumbai's residential real estate market has experienced a significant boost over the last few years, thanks to the effective implementation of MahaRERA. Post the pandemic, the market saw a remarkable recovery in both sales volumes and new project launches, reaching unprecedented heights in 2022. This positive trend sustained in 2023, marking another milestone in the city's residential asset class.
In the first half of 2024, Mumbai's residential market achieved its highest-ever sales over a six-month period, already reaching around 57% of the total sales recorded in 2023. As a result, 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 H1 2024.
The President of NAREDCO Maharashtra, Prashant Sharma commented, 'The robust growth trajectory of Mumbai's residential real estate market, as outlined in JLL's latest report, underscores the city's pivotal role in shaping India's real estate landscape. The remarkable sales volumes and the significant land acquisitions for future developments reflect the confidence that both developers and homebuyers have in the city's long-term potential.'
Planned infrastructure expansions have encouraged developers to acquire a total of more than 260 acres of land (since 2022) within the city limits and its peripherals for future residential developments, thereby paving the way for MMR's expansion.
Frequently Asked Questions
What is the expected residential sales value in Mumbai by 2030?
₹2 lakh crore
What is the current residential sales value in Mumbai?
₹1.35 lakh crore (expected to surpass in 2024)
What is the impact of infrastructure development on Mumbai's residential market?
Enhanced accessibility has directly contributed to an uptick in residential launches and sales, particularly in Navi Mumbai, Thane, and Western Suburbs.
What is the role of MahaRERA in Mumbai's residential real estate market?
Effective implementation of MahaRERA has led to a significant boost in the market over the last few years.
What is the expected growth in Mumbai's residential market in the coming years?
The market is expected to maintain its momentum and set new benchmarks in the coming years, with ongoing infrastructure projects aiming to enhance multimodal connectivity.
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