Mumbai's real estate market is booming post-pandemic, attracting developers from across India with rising luxury home sales and significant investment opportunities.
Delta Corp is launching a real estate development platform in MMR with an investment of Rs 765 crore, focusing on residential redevelopment and plotted development.
Mumbai saw 11,504 property registrations in April 2024, generating over INR 1,043 crore in revenue. Real estate developers are optimistic about growth, citing increased demand and infrastructure projects.
Mumbai's real estate is transforming with the rise of micro-markets like Dombivali and Thane. These areas offer unique opportunities, catering to specific demographics and lifestyle needs, driven by improved connectivity and infrastructure.
Godrej Properties reported record sales bookings of Rs 22,500 crore in FY24, an 84% YoY increase, driven by strong housing demand and successful project launches.
Indian real estate employment has risen from 4 crore in 2013 to 7.1 crore, driven by housing sector growth and government policies like RERA, GST, and PMAY.
Real estate developers are aggressively acquiring land in India, particularly in major cities, driven by high housing demand. This trend is expected to continue in 2024, with Tier-1 and developing areas remaining hotspots.
The demand for luxury real estate continues to rise, with buyers showing an insatiable appetite for lavish homes. A recent Anarock study indicates a significant increase in luxury property sales across metropolitan areas.
India's top residential markets saw 22% sales growth and 17% new supply increase in Q3 2023, driven by positive sentiment, pent-up demand, and steady interest rates.
The supply of commercial real estate in India's major Tier-1 cities increased by 7% in Q3 2023, reaching 14.61 million square feet. Hyderabad and Bengaluru led the growth.
Mumbai faces longer sales times for its 1.13 lakh unsold units due to high prices, despite having fewer unsold units than Delhi NCR. Rate cuts by RBI could boost sales.