Mumbai’s Residential Market to Reach Rs 2 Lakh Crore by 2030, Says JLL Report
Mumbai’s residential market is projected to surpass Rs 2 lakh crore in sales value by 2030, according to a report by real estate and investment management company JLL. The city’s residential sales value in 2023 breached Rs 1 lakh crore and is expected to exceed Rs 1.35 lakh crore in 2024.
Infrastructure Projects Driving Growth
The report highlights that projects like the Mumbai Trans Harbour Link (MTHL), Navi Mumbai Suburban Rail, and various Metro lines have significantly improved connectivity with the suburbs and sister cities of Thane and Navi Mumbai. These developments are expected to foster new residential hubs and revitalize existing ones by 2030.
Shift in Real Estate Development
Due to increased demand for housing, improved connectivity, and available land, real estate development in Mumbai has shifted from the southern parts to the north and east suburbs. Notable national and regional developers have chosen Mumbai as the launchpad for their residential projects, acquiring 260 acres of land since 2022, with a development potential of 42-48 million sq. ft and an estimated sales potential of over Rs 70,000 crore.
Market Recovery and Growth
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has effectively boosted Mumbai’s residential real estate market. Post-pandemic, the market saw a remarkable recovery in sales volumes and new project launches, reaching unprecedented heights in 2022. This positive trend continued in 2023, with the first half of 2024 achieving the highest-ever sales over a six-month period, accounting for 57% of the total sales recorded in 2023.
Significant Contribution to India’s Market
Mumbai’s contribution to India’s overall residential market activity has grown substantially, accounting for approximately 25% of new project launches and 22% of total sales from 2022 to the first half of 2024.
Doubts Revealed
Rs 2 Lakh Crore -: Rs 2 Lakh Crore means 2,00,000 crore rupees. A crore is a unit in the Indian numbering system equal to ten million (10,000,000). So, 2 Lakh Crore is a very large amount of money.
JLL Report -: JLL stands for Jones Lang LaSalle, which is a company that provides real estate services. They make reports to help people understand the real estate market.
Mumbai Trans Harbour Link -: The Mumbai Trans Harbour Link is a big bridge project that will connect Mumbai to Navi Mumbai. It will make travel between these places much faster.
Navi Mumbai Suburban Rail -: The Navi Mumbai Suburban Rail is a train system that will help people travel easily within Navi Mumbai and to other parts of Mumbai.
Real Estate Market -: The real estate market is where people buy and sell properties like houses and apartments. It is important for understanding how much homes cost and how many are being sold.
Connectivity -: Connectivity means how well different parts of a city are connected by roads, bridges, and public transport. Better connectivity makes it easier for people to travel.
Suburbs -: Suburbs are areas on the outskirts of a city where people live. They are usually less crowded than the city center.
National and Regional Developers -: National developers are big companies that build homes and buildings all over the country. Regional developers are smaller companies that build in specific areas.
