Real estate builders in Mumbai have expressed optimism for a festive resurgence, buoyed by a notable real estate property exhibition that recently took place in the city. This event, held at the Bandra-Kurla Complex, closed on Sunday, bringing a moment of hope to developers amid challenging market conditions.
The festive season is traditionally viewed as an opportune time for residential buying, and this sentiment was echoed at the exhibition. Despite a noticeable dip in sales, real estate developers maintain that property prices are unlikely to see a reduction in the near future. The remarkable turnout at the exhibition has kindled renewed optimism among builders eager for vibrant market activity this festive period.
Developers showcased a variety of upcoming projects, aiming to capitalize on the residential purchasing trend that coincides with the festivities. After grappling with sluggish sales, many in the industry are looking towards the festive season as a potential turning point.
The event was organized by MCHI-CREDAI, the Maharashtra Chamber of Housing Industry-Confederation of Real Estate Developer’s Association of India, and drew a significant crowd, with nearly 62,000 visitors reported by Saturday—an increase compared to the previous year.
Raj Parekh, director of Bhoomi Realty, noted a marked interest in 1-BHK and 2-BHK apartments, particularly in Mumbai suburbs such as Borivali, Bhayander, Ghatkopar, and Mira Road, which have experienced heightened demand this year. Interestingly, the exhibition highlighted a declining interest in the luxury segment, indicating that buyers are leaning towards more affordable options.
The preference for 1-BHK and 2-BHK flats, priced between 1-crore to 4-crore, underscores this shift as consumers remain inclined towards these more cost-effective living spaces. Complementing this perspective, Vinit Dhanki, sales and marketing manager at Parinee Real Estate Developers, commented on the reduced demand for high-end 3 and 4 BHK apartments when compared to previous years.
There were over 15,000 properties from more than 120 developers displayed during the exhibition, covering a broad spectrum across Mumbai and its surrounding areas. On average, 1 BHK flats were priced around 70 lakhs, while 2 BHK units hovered around the 1-crore mark.
Despite the Central suburbs and South Mumbai seeing several luxury projects, the demand for lower-end residential options, generally priced between 50 lakhs to 1-crore, is robust, according to a developer. With increasing land and construction costs, the prospect of price declines remains bleak, further complicated by the challenges of securing government approvals. A developer confidently stated that property prices in Mumbai's real estate market are expected to see growth in the foreseeable future.