The Mumbai real estate market is seeing an unparalleled rise, with high demand, increased volumes, and growing interest in both commercial and residential properties, CREDAI-MCHI President Domnic Romell (55) noted on Monday. He was attending the ”FPJ Dialogue” event at the FPJ office in Nariman Point. He claimed that there has never been a better moment to invest in Mumbai’s real estate market, despite persistent obstacles such as rising interest rates and stamp taxes.
He said that, as the year unfolds, the market will continue to perform above forecasts. Real estate transactions are increasing month after month, surpassing the previous year’s levels. The market has demonstrated resilience, surpassing previous records despite higher costs associated with loans and registration duties.
People are more educated and informed about the buying process, he added, that the Real Estate (Regulation and Development) Act (RERA) has made customers more aware of their rights and developers accountable to higher standards. This has resulted in a more transparent market, allowing purchasers to make educated judgements.
When asked whether locations in Mumbai are seeing a boom, Romell stated that demand for upscale properties has increased, as has interest in suburban developments. The Mumbai suburbs, particularly Goregaon and Andheri, are seeing an increase in demand for residential properties, with rentals in some regions approaching Bandra levels.
Romell anticipated that Mumbai’s real estate market would continue to rise over the following decade. With hundreds of crores of rupees set aside for infrastructure development, especially in the Third Mumbai region, there is optimism that land availability and affordability will improve over time.
Source: The Free Press Journal
