The year 2022-2023 started with quite a few interesting developments in the real estate scenario of Mumbai. As the crippling pandemic came to an end and business activity started picking up pace across all sectors, Mumbai’s real estate market too joined in the momentum and made its potential felt to developers as well as buyers.
The scoop lies in the stats
Let’s look at the stats that tell the real story. The Mumbai property market accounts for 10 per cent of national volumes. This is a huge number that certainly cannot be ignored when it comes to measuring the city’s interest in real estate. After all, Mumbai is the city of dreams and buying a home or an office here is on everyone’s wishlist. Furthermore, reports show that despite the pandemic-induced disruptions, the Mumbai real estate sector hit a decadal high of new or primary sales in 2021 selling 38,000 units. This is a positive new development that will surely induce confidence in new homeowners and seasoned investors alike.
Encouragement to redevelopment
Just like every other sector, Mumbai’s real estate arena came to a standstill during the pandemic, but it did not crumble unlike certain sectors did. It slowed down in terms of activity but kept on going, powered by sporadic bursts of interest here and there. One of the visible trends that garnered everyone’s attention was the spike in redevelopment activity. Redevelopment of dilapidated and outdated structures shot up through the roof with certain micro-markets seeing more activity in 2021 than in the whole of the preceding decade. The redevelopment scenario has also influenced Mumbai’s rental market in a number of ways. It is important to note that the number of prospective tenants in the market has risen meaningfully due to Redevelopment. That’s because apartment owners have now become tenants temporarily as their buildings go for demolition and redevelopment.
Regulatory pressures provide the right impetus
Long gone are the days when the real estate sector in India was ruled by uncertainty and chaos. Regulatory reforms have not only streamlined the industry, but also ensured that only the serious players are now moving dynamically to the market. These players are now ensuring total compliance and providing customers with the benefit of transparency. New and existing firms with strong balance sheets and zero debt are poised to grow faster. Many new residential and commercial properties are in the pipeline to be launched this year, and this can be gauged by the fact that over 10,000 residential properties were registered in Mumbai in February 2022 alone. Thanks to the rising supply, real estate prices are anticipated to be more affordable, thus overtly benefitting home buyers.
Thus, if you are looking forward to investing in real estate as a promising new year steadily approaches, the future looks bright and full of value. For those interested in investing with a legacy developer with a strong presence in Mumbai & Thane, Harmony Lifestyles Group is a great choice. Empowered by strong balance sheets and having maintained zero debt status during one of real estate sector’s most difficult periods, the company is an ideal choice for those interested in trust and transparency. Check out their ongoing projects here.