Housing sales in Mumbai are likely to cross Rs 1 lakh crore this calendar year and may breach the Rs 2 lakh crore-mark in 2030 on rising demand, according to a report.
Realtors body Naredco's Maharashtra chapter and property consultant JLL India on Friday released a report "Unlocking Opportunities with Infrastructure Development" here.
Also Read: Mumbai property registrations set to surge 26% in August, highest in 10 years: Report
The report noted that Mumbai maintains its position as one of India's largest residential markets, contributing 40 per cent to the total residential sales value in the country.
In number of units, the Mumbai market accounts for 25 per cent of total sales volume across seven cities.
"The market has witnessed a strong recovery in sales with 2022 surpassing 2018 both in terms of sales value and sales volume," the report said.
In 2023, sales of residential units in Mumbai are expected to increase further.
"Residential sales value is likely to breach the Rs 1 lakh crore mark." Sales would breach the Rs 2 lakh crore mark in 2030, the consultant estimated.
Mumbai witnessed sales of Rs 90,552 crore during the 2022 calendar year and Rs 50,075 crore in the first half of this calendar year.
Pre-Covid, the housing sales in Mumbai stood at Rs 60,928 crore in 2019 and Rs 66,820 crore in 2018.
Mumbai city has demonstrated a robust recovery in 2022, witnessing an increase in both sales value and volume.
"Maharashtra is amid a remarkable transformation driven by the visionary approach of its government towards infrastructure development. The opportunities that lie before us are boundless, and it is our shared responsibility to harness them, for the betterment of the state and the advancement of the real estate sector," Sandeep Runwal, President of NAREDCO Maharashtra and MD of Runwal Developers, said.
Karan Singh Sodi, Senior Managing Director, Mumbai, MMR, India, JLL, said individuals have a preference for staying close to office markets.
"Owing to this, residential clusters in proximity to office markets have flourished and attracted steep prices whereas those with limited connectivity have trailed," Sodi said.
During the past three years, Mumbai's housing market, particularly in the luxury segment, has demonstrated a consistent upward trajectory, Ashwin Chadha, CEO of India Sotheby's International Realty, said.
"The surge in demand has propelled both supply and prices, leading to an anticipated expansion in market size," Chadha said.