By Ms. Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra
Residential real estate demand and conversion remained strong in India’s primary property markets during the March quarter, with prices rising steadily. This is also the seventh consecutive quarter of year-on-year price rise across all markets. Even sequentially, prices in most areas stayed stable or increased throughout the quarter. The nation’s residential real estate market is poised for another year of robust expansion, supported by significant infrastructure improvements and resurgent housing demand. This is especially true for Mumbai as a market.
Here are some of the key reasons that would enable real estate valuation to increase consistently in Mumbai:
In addition, there is a steady increase in demand for higher-value apartments on higher floors due to population growth in the city and a significant surge in NRI real estate investment in Mumbai. As a result, Mumbai, the country’s largest and most expensive real estate market, has maintained its strong pace of real estate sales in 2023 as consumer attitude towards home ownership remains high. This is despite rising mortgage rates and property costs. The Mumbai Municipal Region (MMR) consequently experienced the highest current five-year property-buying activity.
In conclusion, the top-end Mumbai real estate market is substantial and only competes with the cheap real estate market regarding business volumes. This is despite a few infrastructure issues. Due to the lack of available land, the influx of high-net-worth individuals, and the growth of the IT and finance industries, real estate values have risen. The city’s growth potential remains unabated even if the market still has some issues, such as issues with openness and a lack of infrastructure in some areas.
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