2024: An Exciting Year for Real Estate in Mumbai | Real Estate Trends in Mumbai
November 18, 2024 in Knowledge BaseProperty Guide
India’s financial capital and the capital of Maharashtra, Mumbai, is called the city of dreams. And when it comes to dreams, owning a house in Mumbai can be found on everyone’s list.
In the last two years, COVID-19 has crippled every sector, including real estate. During the pandemic, the overall real estate in India was not up to the mark. However, 2024 would be an exciting year for Mumbai real estate as everything here has started to pick the pace slowly.
So, if you are looking for a residential property in Mumbai, a luxury home in Mumbai, or 2 & 3 BHK Apartments in Mumbai, it is just the right time to invest in it. The year 2024 can be an opportune moment for home buyers, property dealers or investors to put their money in Mumbai real estate.
Mumbai Real Estate Market Overview
Mumbai is one of India’s most prominent real estate markets that commands the highest real estate prices in the country. Considering that most areas in Mumbai are already occupied by multi-storeyed buildings, private houses, or slums, there are now two new possibilities for real estate development in the city in 2024.
- Demolition and reconstruction of small houses into skyscrapers.
- Development of slums into residential-cum-commercial properties.
The two redevelopment plans could make 2024 a bumper year for the real estate market of Mumbai as they could result in several new launches of larger residential and commercial properties in Mumbai.
Besides, the property resale market occupies two-thirds of the total real estate market space in Mumbai. This sizeable market belongs to the home buyers who feel comfortable buying pre-owned properties.
Read Also: A Guide to Mumbai’s Commercial Real Estate Sector
Forecast of Real Estate Trends 2024 In Mumbai
Mumbai’s real estate sector is set to face new trends in 2024.
- Many new residential and commercial properties are in the pipeline to be launched this year; hence real estate prices are anticipated to be more affordable, benefitting home buyers.
- Since real estate prices are supposed to be affordable this year, demand for new properties is expected to rise. This will certainly benefit the builders, promoters and investors in Mumbai’s real estate sector.
- Availability of home loans at low-interest rates and a good home buying environment will also boost consumer sentiments.
Why Invest in Mumbai Real Estate In 2024?
The real estate business of Mumbai came to a standstill because of the pandemic. It has bounced back in 2024 and is expected to grow in the coming months. This can be gauged by the fact that over 10,000 residential properties were registered in Mumbai in February 2024 alone. This figure looks promising and indicates that the real estate in Mumbai sector is back on track. Moreover, the sale of both affordable apartments and luxurious properties have witnessed a significant rise in recent times. The developers of real estate in Mumbai have also begun to roll their sleeves to make a fresh start. Hence, the year 2024 has brought about new hopes to the real estate business, and this could be a propitious time to invest in Mumbai real estate.
Read Also Andheri: An Emerging Luxury Residential Corridor in Mumbai
ADANI Real Estate Market in Mumbai
Among the various players of real estate in Mumbai, Adani Realty offers premium residential and commercial properties at the choicest locations within the city. If you are looking for a trusted developer, Adani Realty is one of the best choices for its focus on innovation, sustainability, and luxury. Some of the projects by Adani Realty in Mumbai are:
| Western Heights | Luxury apartments and rooftop lounges in the heart of Mumbai city at Andheri (West), close to the sea. |
| Monte South | Super luxury homes in South Mumbai |
| The Views | Residential apartments - Ghatkopar East |
| Inspire Hub | Office and Retail Spaces, JP Road |
| Inspire BKC | Offices and Workspace- Bandra Kurla Complex |
2024 is set to be an incredibly fantastic year for real estate in Mumbai. Many financial institutions offer attractive home loan options at a reasonable interest rate to home buyers in Mumbai. So, if you are looking to invest in property, now is the right time.
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Haryana RERA is a regulatory authority established under the RERA Act for promoting and regulating real estate in Haryana. RERA falls under the jurisdiction of two independent authorities, Panchkula and Gurugram, in Haryana. Here is all you should know about HRERA before buying a home or any property.
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