23 June, 2023
4 mins read
Mumbai, the financial capital of India, has one of the ever-appreciating real estate markets with a diverse range of properties. It has witnessed several significant developments in recent years, making it a lucrative option for investing in residential properties. It is evident from the surging trend in Mumbai's real estate industry that the real estate industry is set to boom in 2023. The growth can be higher than expected for many reasons. So, here is an insight into the current surge that has likely been responsible for the upward trend in Mumbai real estate.
The housing sales, the new launch supply trend, and the average price trend give a better picture of the current bullish trend in the real estate sector in India. It lays the path for a big boom in Mumbai real estate this year. According to the Anarock Research, "The Housing Market Boom" the following inferences are evident.
The quarterly housing sales corresponding to Q1 2023 have reached an all-time high of approximately 1,13,770 units sold across the top 7 cities in India, such as Delhi, Mumbai, Chennai, Pune, Hyderabad, etc. Moreover, it has shown a significant increase of about 14% compared to Q1 2022, with 99,550 units sold. And among the top 7 cities, Mumbai and Pune accounted for more than 48% of the total sales.
The new launches across the top 7 cities are around 1,09,000 units in Q1 2023 as against 89,100 units in Q1 2022. Mumbai has witnessed the highest number in the new launch trend based on the real estate developers in Mumbai for Q1 2023, with 37,300, 34% of the total new launch supply considering the top 7 cities.
The average price across the top 7 cities recorded an increase in the range of 6-9% in Q1 2023 as against Q1 2022. And Mumbai and Bangalore featured the highest 9% annual increase in average property prices. The average price for Mumbai is ₹12,200 per sq. ft, the highest among all the other top 7 cities. Although the rise in average prices is attributed to an increase in the cost of raw materials, it also equally signifies the rise in demand for buying houses in Mumbai.
have resorted to developing styles that suit the current aspirations of home buyers. Sustainability is a key feature driving the preferences of home buyers in the current scenario. In addition, the emphasis on using environment-friendly materials for construction and ensuring renewable energy is what appeals to young home buyers.
Residential properties in proximity to basic amenities have always been in demand. Homes with natural light and ventilation, energy-efficient appliances and adequate storage spaces offer healthy living. Such inclusions in Mumbai real estate properties attract many buyers, resulting in steady progress for the entire industry. Therefore, extensive spaces have been reformed to increase the availability of multifunctional spaces to provide the inhabitants with a better quality of life. And finding a real estate company in Mumbai providing these features has become simple and hassle-free with technological developments.
The infrastructural developments like bridges and tunnels, are being planned or developed to ease traffic movement. It will offer better and faster connectivity between important points. The BMC is developing multiple roads over bridges to connect Worli Naka to Haji Ali junction, easing the traffic near Mahalaxmi station. It ensures better connectivity and less time-consuming travel to suit individual requirements.
The growth in Mumbai real estate industry is evident from the surging trend in housing sales, new launch supply, and average prices in Q1 2023. It will continue to improve, for there is a steadfast appetite for homeownership due to the emerging real estate developers, access to modern amenities, and infrastructural developments. Piramal Mahalaxmi offers luxury apartments at the very heart of South Mumbai. The posh area is the subject of recent infrastructural development offering amenities for extraordinary lifestyles and improved connectivity.
Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim /disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
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