Embracing elegance: Mumbai's luxury real estate gears up for a stellar 2024
₹10 crore, resulting in record-breaking sales. These numbers are poised to rise even further as we approach the festive season. Among the most significant beneficiaries of this anticipated surge will be the premium and luxury segments.
This trend is supported by data from MahaRERA, which has shown an increase in the launch of larger 3 and 4 BHK apartments in the past two years. Business for the real estate market in Mumbai will not be as usual in the upcoming festive season, but there is an expectation that sales might go up by 15% to 25%. Unlike Pune or Bengaluru, Mumbai is a more end-user-driven market when it comes to the residential real estate market, and these end users will get more active during the festive which will help boost sales.
Not only end users, but now is the time for retail and institutional investors to play a big role in the Mumbai real estate market. The surge in project launches, with some even doubling over the past two years, has created a scenario where numerous opportunities await investors in the market. They can strategically select projects from reputable developers and make sound investments, particularly in cases where developers are seeking consolidation.
The increase in launches also opens gates for better rental yield especially with the ongoing infrastructure overhaul being undertaken in Mumbai city. Following Dubai, Tokyo, and Singapore, Mumbai stands out as one of the top choices for investment appreciation and return on investment. Among the 26 prime residential markets worldwide, both Mumbai and Auckland are projected to take the lead in terms of the highest surge in prime residential prices in 2024, with both cities expected to witness a remarkable 5% increase.
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