April 20, 2010
According to a recent report published by JLLM (Jones Lang LaSalle Meghraj), the real estate market in Mumbai is experiencing a surge in sales and a strengthening of investor sentiment. Consequently, residential housing prices are predicted to increase further.
The report highlights that the demand for commercial spaces is on the rise, and this upward trend is anticipated to continue until the end of 2010. This surge in demand is expected to lead to a significant number of transactions, both in terms of leases and outright purchases.
Across all segments of the residential market, from luxury to mass housing, there is an influx of supply. Both the retail and commercial sectors are also contributing sufficient supply to maintain market momentum over the next year.
Additionally, the report indicates that numerous developers are pursuing public funding, which will likely spur a substantial amount of activity in the residential property sector, driven by strong demand.
Infrastructure projects such as the monorail, metro, and flyovers are being implemented to enhance accessibility within the city and reduce commuting time. These projects are anticipated to provide a boost to the realty sector in the medium to long term.
Swami commented that, given the pace at which these measures are being implemented, the outlook for the realty sector is positive. He further added that residential realty is poised to continue its demand growth and will remain a top priority for most builders.