Mumbai's residential market is on track to exceed INR 2 lakh crore in sales value by 2030. In 2023, the city’s residential sales crossed INR 1 lakh crore and are expected to rise to INR 1.35 lakh crore in 2024. This was revealed in a survey by JLL, a real estate and investment management firm.
The Mumbai Metropolitan Region (MMR) is also anticipated to surpass INR 1.35 lakh crore in primary residential market sales this year. JLL’s report said that infrastructure development has accelerated growth in these areas. This includes projects like the Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and several Metro lines.
These projects have improved connectivity with the suburbs and surrounding areas like Thane and Navi Mumbai. This has led to increased real estate investment in these regions. By 2030, these projects are expected to increase multimodal connectivity even more.
As a result, accessibility improvements are predicted to boost residential launches and sales in Navi Mumbai, Thane, and the Western Suburbs II. The survey also noted a shift in real estate development from Mumbai's southern parts to the northern and eastern suburbs. This is because of growing demand for homes, available land, and better connectivity.
Additionally, the Months To Sell (MTS) inventory in the MMR has decreased significantly, from 58 months in March 2022 to 31 months by June 2024. Reputable developers, both regional and national, have recognised Mumbai's potential and have started using the city as a base for their residential projects.
Since 2022, developers in Mumbai have acquired 260 acres of land through purchases or joint development agreements, with all of this land for residential development. This is expected to lead to the development of 42-48 million square feet of residential space, with an expected sales of over INR 70,000 crore.
The report also credited the Maharashtra Real Estate Regulatory Authority (MahaRERA) for the surge in the residential real estate market.
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