Housing sales in Mumbai are predicted to surpass Rs 1 lakh Cr this year and may surpass Rs 2 lakh Cr in 2030!
The report you are referring to, “Unlocking Opportunities with Infrastructure Development” by JLL-NAREDCO, predicts that housing sales in Mumbai are likely to cross Rs 1 lakh crore in 2023 and surpass Rs 2 lakh crore in 2030. This is a significant increase from the Rs 90,552 crore in sales recorded in 2022.
The report attributes this growth to a number of factors, including:
- Rising demand for housing in Mumbai, which is the financial capital of India and one of the most populous cities in the world.
- A strong recovery in the Indian economy post-pandemic.
- Government initiatives to promote affordable housing and boost homeownership rates.
- Increased investment in infrastructure development in Mumbai, which is making the city more attractive to live and work in.
The report also highlights the importance of infrastructure development in driving growth and improving connectivity in emerging hubs. As Mumbai’s infrastructure continues to improve, it is likely to attract even more residents and businesses, further fueling demand for housing.
This is good news for the Mumbai real estate market, as it indicates that there is strong demand for housing in the city. It is also good news for the Indian economy as a whole, as it suggests that the construction sector is poised for growth.
However, it is important to note that housing prices in Mumbai are already very high. The average price of a residential property in Mumbai is currently around Rs 1.2 crore. This means that housing is becoming increasingly unaffordable for many people.
The government needs to take steps to make housing more affordable in Mumbai, such as providing more subsidies to low- and middle-income families and encouraging the construction of more affordable housing units.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
