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Mumbai Residential Market to Exceed ₹2 Lakh Crore in Sales by 2030, Reports JLL
The report highlights several key infrastructure projects driving this growth, including the Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and various Metro lines. These initiatives have significantly improved connectivity between Mumbai, its suburbs, and neighboring cities like Thane and Navi Mumbai, fostering new residential hubs and revitalizing existing ones.
As these projects advance, they are expected to contribute to a surge in residential launches and sales, particularly in Navi Mumbai, Thane, and the Western Suburbs II. The reduced Months To Sell (MTS) inventory, which dropped from 58 months in March 2022 to just 31 months by June 2024, underscores the growing demand and fast-paced sales in the region.
The report also notes a strategic shift in Mumbai's real estate development from the southern parts of the city to the north and east suburbs. This shift is driven by increased housing demand, enhanced connectivity, and the availability of land. Prominent national and regional developers have recognized Mumbai's potential, choosing it as the launchpad for their residential projects.
As a thriving market with robust infrastructure and sustained demand, Mumbai is set to continue its trajectory as one of India's most lucrative real estate markets.
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