‘Mumbai real estate market thrives amid end-user demand’
The Remarkable Rise of Mumbai Real Estate," panellists shared a bullish outlook on the market's resurgence following a slowdown that spanned nearly seven years. "There are homebuyers in every segment today. People after COVID understand that real estate is the real money and the real investment.
The need to have a good house after the pandemic has been pronounced. The great growth in the economy has helped this," observed Vyomesh Shah, managing director of Hubtown Ltd. Reflecting on the post-pandemic market dynamics, data from the Anarock Group indicated a 31% year-on-year increase in sales across India's top seven cities in 2023, with MMR leading the pack with around 153,870 units sold.
This resurgence highlights the region's robust recovery and its dominant share in the national real estate landscape. Pankaj Kapoor, founder and managing director, Liases Foras Real Estate Rating & Research Pvt Ltd, said Mumbai has the maximum number of high-net-worth individuals (HNIs). “The demand has been towards upgradation of homes in the aftermath of the pandemic.
People want to buy larger, premium homes. After a stagnation of seven years, property prices have become productive and they have started moving forward. There is increased consumer confidence because they know that builders will not default in the way it has happened in the past," Kapoor said.
Read more on livemint.com
