Housing sales in Mumbai likely to exceed Rs 1 lakh crore this year: NAREDCO-JLL – Dainik Savera Times

Mumbai: Housing sales in Mumbai are likely to cross Rs 1 lakh crore this financial year and due to increasing demand, it is expected to cross the Rs 2 lakh crore mark in 2030. This was said in a report. Maharashtra unit of real estate sector body NAREDCO and property consultant JLL India released the report ‘Unlocking Opportunities with Infrastructure Development’ here on Friday. According to the report, Mumbai continues to maintain its position as one of the largest residential markets in India, contributing 40 per cent to the total residential sales value in the country. The Mumbai market contributes 25 per cent of the total sales volume across the seven cities in terms of number of units.

“Sales have seen a strong recovery, with 2018 records being surpassed in 2022 in terms of both sales value and sales volume,” the report said. Sales of residential units in Mumbai are expected to grow further in 2023. According to the report, “Residential sales value is likely to cross Rs 1 lakh crore.” The consultant estimates that sales will cross the Rs 2 lakh crore mark in 2030. Mumbai saw sales of Rs 90,552 crore in FY22 and Rs 50,075 crore in the first half of this fiscal. Before the Covid-19 global pandemic, it was Rs 60,928 crore in 2019 and Rs 66,820 crore in 2018.

Sandeep Runwal, Chairman, NAREDCO Maharashtra and Managing Director, Runwal Developers, said, “Maharashtra is undergoing a remarkable transformation due to its government’s visionary approach towards infrastructure development. There are limitless opportunities before us and it is our shared responsibility to utilize them for the betterment of the state and progress of the real estate sector.”