The residential real estate sector in Mumbai exhibited steady growth through 2023, led by multiple factors influencing the inclinations of potential homebuyers. The city’s appealing blend of economic prospects, a range of housing choices, and robust connectivity are the chief attributes bolstering its status as one of the leading real estate destinations in the country for both homebuyers and investors.
A Consistent Sales Growth Path
As with the previous years, Mumbai continued to be at the forefront in the total residential sales tally, showcasing a remarkable surge of 29 percent growth during 2023, when compared to the previous year.
The numbers speak volumes – a significant figure of 141,480 housing units were sold in Mumbai in 2023, solidifying its dominance with a substantial 34 percent share of the national sales pie. This upswing in sales indicates a steady demand and positive sentiment among homebuyers and investors, underscoring the rebounding confidence in the city’s residential market.
Thane West in the Spotlight
One of the standout performers in Mumbai's residential real estate landscape is Thane West, the suburban micro-market topping the country’s sales chart for 2023.
The upward trajectory of Thane West's market performance is a testament to the evolving preferences of homebuyers who seek not just a home, but also a holistic living experience. The strategic location, coupled with robust infrastructure development, has positioned Thane West as a prime destination for those looking to invest in the future. At present, the residential property prices are quoted in the range of INR 12,000/sqft to INR 14,000/sqft.
A Resilient Momentum in New Launches
As we delve into the supply side of the equation, Mumbai continued its dominance, accounting for a substantial 35 percent share in the total new launches among the key eight cities of the country. The city witnessed an 8 percent growth in new supply in 2023, with an impressive 178,684 units launched.
This surge in supply is indicative of the confidence that both developers and investors have in Mumbai's real estate market. The city's ability to maintain a steady influx of new projects reflects a resilient market that adapts to changing dynamics with agility.
Dombivli Steals a March
Dombivli, a suburban stronghold within Mumbai's expansive metropolitan landscape, witnessed a flurry of activity, hosting the majority of new launches among the top-eight cities in India. It somewhat indicates a shift towards decentralization as homebuyers and developers explore opportunities beyond the city centre. The price of a residential unit in Dombivli typically ranges from INR 8,500/sqft to INR 10,500/sqft.
Andheri West Emerges the Popular Choice of Renters
On the rental front, Andheri West emerged as the most searched locality for those seeking a home to rent in Mumbai. The appeal of Andheri West lies in its vibrant community, good connectivity, proximity to key business districts, and access to amenities that cater to the evolving demands of the modern resident. Currently, Andheri West commands median housing rentals in the range of INR 50,000 to INR 50,000 per month.
Thus, Mumbai's residential market in 2023 displayed substantial resilience and growth. The surge in both sales and new supply, coupled with the decentralization trend witnessed in suburbs like Thane West and Dombivli, paints a picture of a market that thrives on adaptability and innovation. Investors and homebuyers alike can take solace in the fact that Mumbai's real estate market is a thriving ecosystem that continues to evolve and redefine the standards of growth, while also playing a crucial role in shaping the future of urban living in the country.
Source: housing.com
