Mumbai’s real estate sector has delivered a strong performance over the past year and is expected to stay resilient, with a noticeable shift towards quality-driven demand, according to Vijay Wadhwa and Navin Makhija of The Wadhwa Group.
Speaking to ETRealty, Makhija noted that while overall housing demand continues to remain healthy, the market is gradually moving into a more discerning phase. Projects that emphasise strong design, planning and execution are likely to sustain momentum, whereas average developments may encounter slower sales and pricing pressures.
The developers identified redevelopment as a major growth driver in Mumbai, primarily due to the city’s limited land availability. However, they emphasised that such projects demand meticulous execution, with careful attention to planning, design, and the needs of existing residents.
On the increasing interest from developers across India, Wadhwa pointed out that established local players are unlikely to face significant disruption. He highlighted that Mumbai’s complex regulatory framework and operational challenges require in-depth local expertise and partnerships, creating a natural barrier to entry.
Infrastructure development is also emerging as a critical factor shaping future demand, particularly in regions such as Navi Mumbai and the wider Mumbai Metropolitan Region. While land acquisition activity is gaining pace in these areas, developers stressed that sustained growth will depend on timely improvements in transport, water supply and civic infrastructure.
In the premium housing segment, Makhija observed that demand remains strong, driven by rising aspirations and a preference for better-designed homes. However, he cautioned that projects marketed as luxury without matching standards in design and execution could struggle to attract buyers.
On affordable housing, developers noted that infrastructure gaps remain a key challenge. Demand in peripheral locations is expected to pick up once connectivity and social infrastructure improve.
Looking ahead, The Wadhwa Group plans to maintain its focus on Mumbai and the MMR, with redevelopment, joint development agreements and outright acquisitions forming the core of its growth strategy.
Source: ET Realty
