Mumbai’s real estate market is changing dramatically as a result of massive redevelopment and infrastructure developments. Although there has been a lot of work going on in the city in recent years, many of these projects are now almost finished, changing the urban landscape and opening up new growth pathways.
Prashant Thakur, Senior Director & Head-Research at Anarock Group, claims that the real estate market in Mumbai is a major force, contributing between 45% and 48% of the total value of residential transactions in the top seven Indian cities. This supremacy stems from the city’s status as the nation’s financial centre, the abundance of employment options it offers, and the continuous infrastructural improvements that improve accessibility and quality of life.
“One of the main drivers of real estate growth is infrastructure. The entire city was excavated for a number of projects a few years ago, and now that they are almost finished, we are seeing a spike in activity, especially in the outskirts,” Thakur says. Previously distant areas are now more appealing for development due to increased accessibility brought about by improved connection via new flyovers, the coastal road, and metro expansions.
At the same time, the city’s renovation is changing desirable neighbourhoods like Worli and the suburbs as new high-rises replace older buildings. The existence of Grade A developers, who are renowned for their operational efficiency and financial stability, lends additional support to this tendency.
Mumbai’s real estate market is positioned for continued growth, solidifying its position as India’s most vibrant real estate hub, thanks to a combination of job creation, infrastructural development, and a robust developer presence.
Source: The Economic Times
