Introduction Mumbai’s Residential Market Is Expect To Increase Rs. 2 lakh Crore In 2030.

Mumbai’s residential market  to increase Rs. 2 lakh crore in 2030 With a 40% share of all residential sales, Mumbai continues to be one of India’s top residential markets.

A report jointly released by the National Real Estate Development Council (NAREDCO) Maharashtra, an apex body of developers, and Jones Lang Lasalle India, a real estate consultancy, predicts that sales in the Mumbai residential real estate market will surpass Rs 1 lakh crore in 2023 and breach the Rs 2 lakh crore mark in 2030.

The majority of the projects in the Mumbai market are mid-segment projects, according to the report “Unlocking Opportunities with Infrastructure Development.” However, more attention is being paid to the upper midscale due to shifting consumer tastes and premium divisions, according to the research.

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Mumbai, the financial hub of the nation, continues to rank among India’s top residential markets, accounting for 40% of all residential sales. The city saw significant signs of recovery in 2022, as sales volume and value increased and outperformed those of 2018.

Mumbai had a high increase in the introduction of residential units following the epidemic, with year-over-year growth of 183% in 2022. According to the research, launches increased by more than 50% in the first half of 2023 compared to 2022’s total.

With its threshold reaching 100 in 2021, Mumbai will have had the quickest rate of change in terms of its home purchase affordability index score and will have entered the affordable market. Due to historically low interest rates and appealing prices Affordability reached its peak in 2021 due to household income recovery.

Shorter Travel Distance

The research claims that forthcoming construction will speed up public transportation, strengthen east-west connectivity, and decrease travel times. Over the next five years, it is anticipate that the average commute time will be cut in half.

These infrastructure improvements have the potential to revolutionise public transport in Mumbai by promoting a move away from powered vehicles and boosting use of the metro and monorail. As a result, it is expect that the modal share of public transport will increase from 65 percent in 2016 to 75 percent in 2030. Additionally, the metro network will improve commuters’ comfort and safety, it added.

Karan Singh Sodi, senior managing director at JLL India, claims that people like to live close to office markets. As a result, residential clusters close to office markets have thrived and attracted high prices, while those with poor connectivity have lagged behind.

” Residential clusters in these locations will gain the most, he said, as demand is expect to increase where several infrastructure projects converge, including the metro, coastal road, Mumbai Trans-Harbour Link (MTHL), and Navi Mumbai International Airport.,” he said.

Micro Markets Will Gain

According to the research, four residential clusters might be the growth engine for the following stage. The eastern suburbs’ Mulund will replace Bandra, Thane-Bhiwandi’s prices will rise to Majiwada levels, and Navi Mumbai’s Pushpak Nagar will develop.

With the anticipated eastern waterfront development, Sewri and Wadala could replace Worli as residential nodes.

Mumbai will continue to be a lucrative market thanks to extensive infrastructural development, according to Samantak Das, chief economist and head of research and REIS, India, for JLL. The Thane-Navi Mumbai suburban suburbs and the eastern section of the city are predict to be Mumbai’s main growth corridors.

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