Quote attributed to Mr. Sandeep Raheja, Chairman, K Raheja Realty:
Mr. Sandeep Raheja
The demand for real estate in Mumbai constantly surges amidst an era marked by dynamic economic growth and is primarily driven by the intricate balance between urban progress and elevated living standards. The upswing in demand and sales isn't a mere statistical trend but a testament to the city's unshakeable commitment to infrastructure advancements. Residential units contributed around 80% of the total registrations in 2023. A high-demand residential classification - gated communities, witnessed an upward trajectory in demand. While these communities provide first-class excellence of lifestyles, key real estate developers have pioneered the growth of gated communities, understanding the requirements of the inhabitants of the city. Some of the advantages include specialized surveillance systems, high quality maintenance and amenities, building social interactions, among others.
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Elevated connectivity, gated communities and meticulously uplifted amenities together compose a symphony for aspiring homebuyers apart from localities such as Juhu, Bandra,Versova and Worli, Malad east has emerged as a preferred residential option. Faster and more convenient modes of transport, including the newly constructed metro lines such as the metro line 7 (red line), close proximity to hospitals, schools and corporate parks have further triggered growth.
Urbanization is another crucial aspect, constantly driving growth of the real estate market in Mumbai. In 2023, the city achieved its highest in 11 year property registrations figure standing at 127,139 registrations. Mumbai’s attributes of innumerable employment opportunities, state-of-the-art infrastructure, reliable connectivity and cosmopolitan character has been the paramount reasons behind the high demand.
Positively, we anticipate a 5.5% increase in prime property prices, reflecting a promising outlook for demand and sales in Mumbai's real estate market.
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