Mumbai Residential Market Poised to Achieve ₹2 Lakh Crore Milestone in Sales by 2030, Reports JLL


 Mumbai, August 30, 2024 – Mumbai’s real estate landscape is gearing up for substantial growth, with residential sales projected to surpass ₹2 lakh crore by 2030, according to the latest findings by JLL, a global leader in real estate and investment management. This anticipated milestone reflects Mumbai’s enduring appeal as a premier investment destination in India.

In 2023, Mumbai’s residential market saw sales exceed ₹1 lakh crore, a testament to its resilience and attractiveness to investors. The momentum is expected to continue in 2024, with sales forecasted to rise above ₹1.35 lakh crore. The Mumbai Metropolitan Region (MMR) is witnessing robust activity, with primary residential market sales on track to surpass ₹1.35 lakh crore this calendar year.

Key infrastructure projects such as the Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and expanding Metro networks have played a pivotal role in boosting connectivity throughout Mumbai and its outskirts. This enhanced connectivity has catalyzed new residential developments in areas like Navi Mumbai, Thane, and the Western Suburbs II, where demand has surged.

The report highlights a notable decrease in the Months To Sell (MTS) inventory, dropping from 58 months in March 2022 to 31 months by June 2024, indicating accelerated sales activity and growing consumer confidence in the market. Moreover, Mumbai’s real estate landscape is witnessing a geographic shift, with developers increasingly focusing on the northern and eastern suburbs to cater to rising demand and capitalize on available land parcels.

National and regional developers have seized upon Mumbai’s promising market dynamics, launching innovative residential projects that cater to diverse buyer preferences. This influx of development activity underscores Mumbai’s stature as a hub for real estate innovation and growth.

With ongoing infrastructure enhancements and proactive development initiatives, Mumbai is poised to solidify its position as a leading real estate market, exceeding ₹2 lakh crore in residential sales by 2030.

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