Mumbai Housing Sales Set To Exceed Rs 1.35 Lakh Crore In 2024: Report

Housing sales in the Mumbai Metropolitan Region primary residential market are projected to exceed Rs 1.35 lakh crore this year, according to a report by JLL India.

JLL India, in its report, "Mumbai Residential Market – Through the Lens of Time," at the National Real Estate Development Council event, highlighted Mumbai’s robust residential market, noting a marked increase in both sales and new launches.

The MMR continues to attract significant real estate investments, driven by record-breaking sales values and strategic infrastructure developments, the report said.

"As infrastructure projects advance connectivity and foster new residential hubs, we anticipate Mumbai’s market will not only sustain its current momentum but also set new benchmarks in the coming years," said Prashant Sharma, president of NAREDCO-Maharashtra.

Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai. Residential sales value is estimated based on the primary market (first sale).

"As of June 2024, Mumbai stands as one of the leading contributors to pan-India launches and sales. Residential sales value in 2023 breached Rs 1 lakh crore and is expected to surpass Rs 1.35 lakh crore in 2024, setting a record high for the city," JLL said in a statement.

By 2030, the ongoing infrastructure projects are expected to foster new residential hubs and revitalise existing ones, it added.

"Looking ahead to the future, the Mumbai market is projected to surpass the remarkable milestone of Rs 2 lakh crore in residential sales value by 2030," JLL said.

(With Inputs From PTI)