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A new research by ANAROCK property consultants has shown that the residential real estate market in Mumbai Metropolitan Region (MMR) has witnessed a surge in home buying activity in recent times.
This trend is seen despite the relentless rise in property prices in the region. The MMR housing market holds the top position in both supply and demand, with new launches of about 1.57 lakh units in 2023 and sales at about 1.53 lakh units, both at all-time high levels. Both housing supply and sales in MMR have been on an upward trajectory since 2020. New launches and housing sales in 2023 surged 27 percent and 40 percent annually when compared to 2022. MMR witnessed a 15 percent growth in average property prices, from approximately Rs 11,890 per sq. ft. in 2022 to approximately Rs 13,700 per sq. ft. in 2023. The ANAROCK study shows, Mumbai emerged as MMR's undisputed champion in 2023 with the highest year-on-year jump in housing sales compared to 2022. Mumbai's peripheral western suburbs are seeing a protracted housing boom, with sales skyrocketing by a whopping 82% compared to last year. The factors fuelling MMR's Housing Boom include a strong economic outlook, rapid infrastructure development, the fear of missing out and a wide range of options in a widely evolving market. MMR is the financial and commercial powerhouse of India, attracting a vast talent pool seeking better career prospects and a higher standard of living. This demographic contributes significantly to the real estate sector of MMR, driving demand for housing. The government's push for infrastructure development in the MMR is another major driver. Improved connectivity through new highways, metro lines, and projects like the Navi Mumbai International Airport, Mumbai Coastal Road Project, and establishment of a new city 'Third Mumbai' are enhancing the overall quality of life. This is incentivizing buyers to invest in micro-markets that will benefit from better infrastructure in the future. The consistent property price appreciation in MMR has instilled a fear of missing out (FOMO) among buyers. This perception, is leading them to enter the market even at current high property prices. ANAROCK study shows that real estate in MMR has historically proven to be a high-yield investment. Investors see property as a hedge against inflation and a source of stable rental income. The MMR market is constantly transforming, offering an increasingly wider range of property options. From smaller, affordable apartments to luxurious high-rises, there are options in for budgets and lifestyles. This caters to the diverse needs of today's homebuyers and is driving the housing boom in MMR. (ANI)
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