Mumbai Housing Sales to Hit Record High in 2024
By Rediff Money Desk, Mumbai Aug 29, 2024 13:24
Mumbai's residential market is booming, with sales expected to exceed Rs 1.35 lakh crore in 2024, driven by strong infrastructure development and investment.
Mumbai, Aug 29 (PTI) Housing sales in Mumbai Metropolitan Region (MMR) primary residential market are expected to cross Rs 1.35 lakh crore this calendar year, according to JLL India.
Real estate consultant JLL India on Thursday released its report 'Mumbai Residential Market-Through the Lens of Time' at the National Real Estate Development Council (NAREDCO) event held here.
The consultant noted that Mumbai's resilient residential market continues its onward strides with significant growth in sales and new launches.
The MMR continues to attract substantial real estate investments, exemplified by record-high sales values and strategic infrastructure developments.
"As infrastructure projects continue to enhance connectivity and create new residential hubs, we foresee Mumbai's market not only maintaining its momentum but also setting new benchmarks in the coming years," said Prashant Sharma, President, NAREDCO-Maharashtra.
Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai. Residential sales value is estimated based on the primary market (first sale).
"As of June 2024, Mumbai stands as one of the leading contributors to pan-India launches and sales. Residential sales value in 2023 breached Rs 1 lakh crore and is expected to surpass Rs 1.35 lakh crore in 2024, setting a record high for the city," JLL said in a statement.
By 2030, the ongoing infrastructure projects are expected to foster new residential hubs and revitalize existing ones, it added.
"Looking ahead to the future, the Mumbai market is projected to surpass the remarkable milestone of Rs 2 lakh crore in residential sales value by 2030," JLL said.
Real estate consultant JLL India on Thursday released its report 'Mumbai Residential Market-Through the Lens of Time' at the National Real Estate Development Council (NAREDCO) event held here.
The consultant noted that Mumbai's resilient residential market continues its onward strides with significant growth in sales and new launches.
The MMR continues to attract substantial real estate investments, exemplified by record-high sales values and strategic infrastructure developments.
"As infrastructure projects continue to enhance connectivity and create new residential hubs, we foresee Mumbai's market not only maintaining its momentum but also setting new benchmarks in the coming years," said Prashant Sharma, President, NAREDCO-Maharashtra.
Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai. Residential sales value is estimated based on the primary market (first sale).
"As of June 2024, Mumbai stands as one of the leading contributors to pan-India launches and sales. Residential sales value in 2023 breached Rs 1 lakh crore and is expected to surpass Rs 1.35 lakh crore in 2024, setting a record high for the city," JLL said in a statement.
By 2030, the ongoing infrastructure projects are expected to foster new residential hubs and revitalize existing ones, it added.
"Looking ahead to the future, the Mumbai market is projected to surpass the remarkable milestone of Rs 2 lakh crore in residential sales value by 2030," JLL said.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.93 (+ 4.49)
- 26378549
- Alstone Textiles
- 0.80 (+ 5.26)
- 11327121
- AvanceTechnologies
- 0.86 ( -4.44)
- 10437094
- Jaiprakash Power Ven
- 22.72 ( -0.74)
- 9667183
- Vodafone Idea L
- 9.18 ( -1.50)
- 7812580
MORE NEWS
Sensex, Nifty Fall in Early Trade: Market...
Indian stock markets opened lower on Friday, with Sensex and Nifty falling amid global...
Rupee Rises 2 Paise to 83.96 Against US Dollar...
The Indian rupee rose 2 paise to 83.96 against the US dollar in early trade on Friday,...
South Korea Cuts Rates to Boost Economy - AP News
South Korea's central bank lowered its key interest rate by a quarter percentage point...