Residential sales in Mumbai are likely to cross Rs 1 trillion in 2023 and may breach the Rs 2 trillion mark in 2030 due to rising demand, a report released on Friday showed. It added that, by value, Mumbai accounts for 40 per cent of the total residential sales in the country.
According to the "Unlocking Opportunities with Infrastructure Development" released by Naredco and real estate consultancy JLL India, in terms of the number of units, Mumbai accounts for 25 per cent of total sales volume across the top seven cities in India.
In 2023, sales of residential units in Mumbai are expected to increase further.
"The market has witnessed a strong recovery in sales, with 2022 surpassing 2018 both in terms of sales value and sales volume," the report said. "Residential sales value is likely to breach the Rs 1 trillion mark."
It added that the sales would cross Rs 2 trillion in 2030.
In 2022, Mumbai saw sales worth Rs 90,552 crore. In the first half of 2023, the sales have clocked Rs 50,075 crore. This is much higher than the pre-Covid pandemic numbers.
In 2019, the housing sales in Mumbai stood at Rs 60,928 crore and Rs 66,820 crore in 2018.
"Maharashtra is amid a remarkable transformation driven by the visionary approach of its government towards infrastructure development. The opportunities that lie before us are boundless, and it is our shared responsibility to harness them, for the betterment of the state and the advancement of the real estate sector," said Sandeep Runwal, president of Naredco Maharashtra and managing director of Runwal Developers.
According to Karan Singh Sodi, senior managing director, Mumbai, MMR, India, JLL, individuals prefer staying close to office markets.
"Owing to this, residential clusters in proximity to office markets have flourished and attracted steep prices whereas those with limited connectivity have trailed," he said.
The report added that mid-segment homes will account for the most in the market activity in Mumbai. However, there is a rising interest in premium segments.