The most recent PropIndex Report from Magicbricks indicates that sustained demand and constrained supply have contributed to a 20.4% increase in Mumbai residential prices over the previous two years. The average residential rates rose 6.5% QoQ to INR 26,780 psf, according to the survey. Mumbai became one of the most opulent markets in the nation as a result.
The survey also revealed that Mumbai’s under-construction real estate market is growing, with a 17% QoQ rise in supply. Concurrently, the value of properties still under construction rose 13.02% quarter over quarter to INR 27,422 per square foot. In addition, supply expanded by 5.3% QoQ compared to 3.5% nationally, the largest growth in the previous 24 months, while residential demand increased by 6.7% QoQ against a modest 4.0% QoQ nationwide.
Source – Realty Plus
