Mumbai Residential Market to Hit Rs 1.35 Lakh Crore in 2023: JLL Report

Housing sales in Mumbai's primary residential market are forecasted to exceed Rs 1.35 lakh crore this year, driven by robust sales and new project launches. JLL India's report highlights the city's significant contributions to national real estate and anticipates further growth due to ongoing infrastructure developments.

Housing sales in the Mumbai Metropolitan Region's (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 unveiled its report 'Mumbai Residential Market-Through the Lens of Time' at a National Real Estate Development Council (NAREDCO) event held on Thursday.

The report highlights Mumbai's resilient residential market, which continues its upward trajectory with substantial growth in both sales and new project launches.

MMR remains a magnet for real estate investments, as evidenced by record-high sales values and strategic infrastructure advancements.

'As infrastructure projects enhance connectivity and create new residential hubs, we anticipate Mumbai's market maintaining its momentum and setting new benchmarks in the coming years,' stated Prashant Sharma, President of NAREDCO-Maharashtra.

Mumbai comprises the city itself, its suburbs, Thane city, and Navi Mumbai, with residential sales value estimates based on the primary market (first sale).

'As of June 2024, Mumbai remains a leading contributor to pan-India launches and sales. The residential sales value in 2023 exceeded Rs 1 lakh crore and is expected to surpass Rs 1.35 lakh crore in 2024, marking a record high for the city,' JLL stated.

By 2030, ongoing infrastructure projects are expected to foster new residential hubs and revitalize existing ones, the report added.

'Looking ahead, the market is projected to surpass the remarkable milestone of Rs 2 lakh crore in residential sales value by 2030,' JLL concluded.

(With inputs from agencies.)