Real Estate: Homes worth more than Rs 1 lakh crore will be sold in Mumbai this year, demand will double by this year.
Real Estate: The number of people buying dream homes in the country’s financial capital Mumbai is continuously increasing. According to a report, by 2030 the demand will increase twice as much as at present. The Maharashtra unit of real estate sector body NAREDCO and property consultant JLL India have released a report on Friday. A report named ‘Unlocking Opportunities with Infrastructure Development’ has been released by it. The report claims that the sale of houses in Mumbai is likely to exceed Rs 1 lakh crore this financial year. Along with this, the financial capital continues to maintain its position as one of the largest residential markets in India, contributing 40 percent of the total residential sales value in the country.
House sales increased in 2022
The ‘Unlocking Opportunities with Infrastructure Development’ report claims that Mumbai has seen a strong recovery in sales, surpassing the 2018 records in terms of both sales value and sales volume in 2022. Additionally, it is likely to increase in 2023. This demand is likely to increase from Rs 1 lakh crore to Rs 2 lakh crore by 2030. According to the report, last year houses worth about Rs 90,552 crore were sold in Mumbai. Whereas, in the first half of this financial year, houses worth Rs 50,075 crore have been sold. There was a boom in Mumbai’s real estate during the Covid pandemic and even after that. Homes worth Rs 66,820 crore were sold in the year 2018, whereas, before the Covid-19 global pandemic, homes worth Rs 60,928 crore were sold in 2019.
Made possible due to the visionary approach of the government
Sandeep Runwal, Chairman, NAREDCO Maharashtra and Managing Director, Runwal Developers, said that Maharashtra is undergoing a remarkable transformation due to the visionary approach of its government 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.
Mumbai demand for high priced homes increased by 49 percent
Real estate consultant Anarock said that of the 2.29 lakh units sold in India’s seven major cities in the first half of this year, only 20 per cent or about 46,650 apartments were affordable houses, priced below Rs 40 lakh. Anarock Research data shows that of the 1.84 lakh homes sold in the year-ago period, the share of affordable houses was 30 per cent or 57060 units. At the same time, in Mumbai, the sale of houses priced above Rs 10 crore has increased by 49 percent during the first six months of the current year, January-June. This figure in terms of value was Rs 11,400 crore.
Demand for house worth Rs 10 crore increased
This information has been given in the report of India Sotheby’s International Realty and CRE Matrix. According to the report, in the same period a year ago, the total sale of houses priced above Rs 10 crore was Rs 7,660 crore. The report said that demand for luxury apartments in Mumbai mainly came from industrialists, Bollywood celebrities and highly salaried employees. India Sotheby’s International Realty Managing Director Amit Goyal said that there was a surge in the sales of luxury houses in the first half. It is positive from the industry point of view.
Interest of builders changed due to low margin
Anuj Puri, Chairman of Anarock Group, says that there has been a big impact on the sale of distressed houses. The share has reduced to only 20 percent. However, the cost of land has increased significantly. Due to the rise in the prices of land and other goods, builders are not taking interest in building houses with low margins. Due to good quality, more attention is being paid to mid-range, premium and luxury housing projects. This has directly affected the projects. At the same time, the supply of affordable houses has also slowed down.
