The Mumbai Metropolitan Region’s (MMR) apex body, CREDAI-MCHI, stated in a report created in collaboration with CRE Matrix that overall home sales in the MMR increased by 5% in FY24 compared to FY23, demonstrating the region’s innate demand for residential properties despite a difficult economic climate.
The report’s main conclusions show that South Mumbai has had a 41% increase in sales, primarily due to the conversion of older structures into upscale luxury constructions. Due to enhanced connectivity and infrastructural initiatives like the Atal Setu and Navi Mumbai Airport, Navi Mumbai had a 22% rise in sales. Notwithstanding these encouraging developments, the research highlights a 63% increase in unsold inventory in Navi Mumbai, mostly as a result of the large number of recent releases. According to the survey, the average value of dwelling units in MMR is steadily increasing. “In FY24, there was a significant 4% increase over the prior fiscal year.”
Source – The Hindu
