NAREDCO Maharashtra NextGen Unveils 'The Reality of Mumbai Realty' at Excelerate 3.0
NAREDCO Maharashtra NextGen recently conducted Excelerate 3.0, a one-day event that delved into the current and future trends of the Indian real estate market. A key highlight was the unveiling of the 'The Reality of Mumbai Realty' report, providing insig
Naredco MaharashtraReal EstateExcelerate 30Mumbai RealtyAffordable HousingReal Estate MaharashtraDec 01, 2024
A significant highlight of the event was the unveiling of 'The Reality of Mumbai Realty' report, a collaborative effort between 1 Finance and NAREDCO Maharashtra NextGen. This comprehensive research document provides a detailed analysis of the current real estate landscape in Greater Mumbai, covering aspects such as pricing trends, transaction volumes, and inventory levels. The report highlights the significant transformation of India's residential real estate sector over the past decade, driven by economic shifts, regulatory changes, and evolving consumer preferences. These factors have shaped the current market dynamics and challenges, particularly in major metropolitan areas like Greater Mumbai.
While the challenges in Mumbai's real estate market are evident, it's essential to consider the broader perspective of real estate as an investment. Real estate has historically delivered competitive returns, averaging 12% over the past decade, which is comparable to gold and higher than debt, which averaged 7%. Real estate offers unique advantages, such as a balance of returns and security, making it an ideal asset for diversification. For potential homebuyers in Greater Mumbai, thorough research, a long-term perspective, and an understanding of local market dynamics are crucial. Focusing on high-potential micro markets and aligning with reputable developers can help achieve homeownership while reaping the benefits of this enduring investment.
Prashant Sharma, President of NAREDCO Maharashtra, emphasized the need for regulatory reforms, including the rationalization of premiums and streamlining of approval processes. He stated, 'To succeed, we need 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, introduced India’s first unbiased real estate price indices for top cities. He said, '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, alongside other traditional options. It will benefit homeowners, developers, and policymakers alike.'
Ridham Gada, President of NAREDCO NextGen Maharashtra, highlighted the pressing affordability challenges in Mumbai's real estate market. He stressed the need for a collaborative approach between developers, policymakers, and financial institutions. Gada added, '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 closely linked with government policies and premiums. While these policies aim to regulate development and generate revenue for urban infrastructure, they have become a double-edged sword, especially in the Mumbai context. This has not only affected property prices but also led to a 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 and 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 was the main focus of the Excelerate 3.0 event?
The main focus of Excelerate 3.0 was to bring together industry leaders for insightful discussions on the future of real estate in India, with a strong emphasis on innovation and progress in the construction sector.
Who were some of the key speakers at the event?
Key speakers included Dr. Niranjan Hiranandani, Chairman of NAREDCO National; Rajan Bandelkar, Vice-Chairman of NAREDCO National; Prashant Sharma, President of NAREDCO Maharashtra; and Ridham Gada, President of NAREDCO Maharashtra NextGen.
What is the main highlight of the 'The Reality of Mumbai Realty' report?
The 'The Reality of Mumbai Realty' report provides a detailed analysis of the current real estate landscape in Greater Mumbai, including pricing trends, transaction volumes, and inventory levels, highlighting the significant transformation of the sector over the past decade.
What are some of the advantages of investing in real estate in Greater Mumbai?
Investing in real estate in Greater Mumbai offers competitive returns, averaging 12% over the past decade, and provides unique advantages such as a balance of returns and security, making it an ideal asset for diversification.
What challenges does the real estate market in Greater Mumbai face, and how can they be addressed?
The main challenges include high property prices and affordability issues, which are linked to government policies and premiums. Addressing these challenges requires bold action, collaboration between the public and private sectors, and a commitment to long-term urban planning.
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