MMR topping the charts in 2023 by completing 1,43,500 housing units, the highest in the country.
Mr. Chandresh Vithalani, Partner- Palladian Partners Advisory Private Limited
The real estate market in Mumbai Metropolitan Region (MMR) has exhibited robust growth in 2023, propelled by strategic infrastructure developments and a strong economic outlook. Notably, the completion of metro expansions and enhanced road connectivity have significantly improved accessibility, fueling an 18% year-over-year increase in property absorption rates. This uptick in demand is mirrored by a dramatic 31% decline in unsold inventory volumes compared to the previous year.
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The region saw approximately 1.53 lakh units sold in 2023, marking a 40% surge in housing sales from the previous year, which underscores a growing buyer confidence and heightened market activity. This boom in sales aligns with a notable 15% increase in average property prices across MMR, rising from INR 11,890 per square foot in 2022 to approximately INR 13,700 in 2023.
Infrastructure projects like the Navi Mumbai International Airport and the Mumbai Coastal Road Project have been pivotal in enhancing the desirability of peripheral areas, making them hotspots for new residential projects. These developments are not only boosting the real estate market but are also enhancing the overall living standards, attracting a vast demographic seeking better career opportunities and a higher standard of living.
The consistent rise in property prices has also instilled a Fear of Missing Out (FOMO) among potential buyers, motivating quicker purchasing decisions. The market's resilience is further evidenced by the increased completion rates, with MMR topping the charts in 2023 by completing 1,43,500 housing units, the highest in the country.
As we move into 2024, the demand for residential properties in MMR is expected to remain strong, driven by continued economic growth, further infrastructural enhancements, and the region's status as a financial and commercial hub. Investors and homebuyers alike are viewing MMR real estate as a lucrative opportunity for both immediate residency and long-term investment.
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