NAREDCO Maharashtra NextGen Hosts Excelerate 3.0: Insights and Solutions for Mumbai’s Real Estate Market
The event brought together real estate experts to discuss the current landscape, future trends, and strategies to address affordability challenges in Greater Mumbai. The research report, ‘The Reality of Mumbai Realty,’ provides key insights into pricing t
Real EstateMumbaiNaredcoExcelerate 30AffordabilityReal Estate MumbaiDec 01, 2024
The event was graced by the presence of prominent figures such as Dr. Niranjan Hiranandani, Chairman of NAREDCO National; Rajan Bandelkar, Vice-Chairman of NAREDCO National; Prashant Sharma, President of NAREDCO Maharashtra; Ridham Gada, President of NAREDCO Maharashtra NextGen; and Rajesh Doshi, Secretary of NAREDCO Maharashtra, along with other industry leaders.
1 Finance, the research partner for the event, collaborated with NAREDCO Maharashtra NextGen to unveil a comprehensive research report titled ‘The Reality of Mumbai Realty.’ The report provides a detailed examination of the current real estate landscape in Greater Mumbai, including pricing trends, transaction volumes, and inventory levels. It highlights the significant transformation that the residential real estate sector in India has undergone over the past decade, driven by economic shifts, regulatory changes, and evolving consumer preferences.
Despite the challenges in Greater Mumbai’s real estate market, it is crucial to view real estate investment through a broader lens. Real estate has historically delivered competitive returns compared to other traditional investments like equities, debt, and gold. Over the past decade, real estate (including rental yield) has provided an average return of 12%, which is comparable to gold and higher than debt, which averaged 7%. Real estate also offers unique advantages such as security and diversification, making it an ideal asset class for investors.
For individuals looking to buy homes in Greater Mumbai, thorough research and a long-term perspective are essential. Focusing on high-potential micro markets, leveraging the inherent advantages of real estate, and aligning with reputable developers can help them own a home in Greater Mumbai while reaping the rewards of this enduring investment option.
Commenting on the unveiling of the research report, Prashant Sharma, President of NAREDCO Maharashtra, emphasized the need for regulatory reforms, including the rationalization of premiums and streamlining of approval processes. He stated, ‘The report makes a compelling case for strong collaboration between the public and private sectors. NAREDCO Maharashtra is committed to working closely with government bodies, financial institutions, and other stakeholders to create a more efficient and inclusive real estate ecosystem. Our focus remains on driving the ‘Housing for All’ and ‘Affordable Housing’ initiatives.’
Keval Bhanushali, Co-founder & CEO of 1 Finance, shared his vision for the report, saying, ‘We are proud to introduce India’s first unbiased real estate price indices for top cities. At 1 Finance, we believe that real estate advisory should be a standard practice in India’s financial planning ecosystem. This report is a significant step towards elevating real estate to its rightful place as a legitimate investment class, offering a comprehensive view of the market that will benefit homeowners, developers, and policymakers alike.’
Ridham Gada, President of NAREDCO NextGen Maharashtra, highlighted the pressing affordability challenges in Greater Mumbai’s real estate market. He noted, ‘To address these challenges, we need a collaborative approach between developers, policymakers, and financial institutions. NAREDCO Maharashtra NextGen is committed to driving innovation, supporting regulatory reforms, and advocating for affordable housing to ensure Mumbai remains a thriving global metropolis with accessible homeownership for all.’
The affordability issue in Greater Mumbai is deeply linked with government policies and premiums. While these policies are aimed at regulating development and generating revenue for urban infrastructure, they have become a double-edged sword. The affordability challenge has not only affected property prices but also led to a significant reduction in apartment sizes, impacting the quality of urban life.
The path to a more affordable and sustainable real estate market in Mumbai is clear. It requires bold action, collaboration between the public and private sectors, and a commitment to long-term urban planning. By addressing these crucial areas, Mumbai can solve its housing challenges and reinforce its position as India’s premier metropolis, setting a benchmark for urban development across the nation.
Frequently Asked Questions
What is the main focus of the Excelerate 3.0 event?
The main focus of Excelerate 3.0 was to provide insights into the current and future trends of the real estate market in Greater Mumbai, with a special emphasis on addressing affordability challenges and promoting innovation in the sector.
Who are the key leaders present at the event?
The event was attended by key industry leaders including Dr. Niranjan Hiranandani, Rajan Bandelkar, Prashant Sharma, Ridham Gada, and Rajesh Doshi.
What does the research report ‘The Reality of Mumbai Realty’ cover?
The report provides a detailed examination of Greater Mumbai’s current real estate landscape, including pricing trends, transaction volumes, and inventory levels, and highlights the significant transformation in the residential real estate sector over the past decade.
Why is real estate considered a competitive investment option?
Real estate has historically delivered competitive returns of around 12% over the past decade, which is comparable to gold and higher than debt. It also offers unique advantages such as security and diversification.
What are the main challenges in the Greater Mumbai real estate market?
The main challenges include high property prices, regulatory policies, and affordability issues, which have led to a reduction in apartment sizes and impacted the quality of urban life.
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