How do you look at the current scenario of real estate market in India's western region?
The real estate market in India's western region, especially in Mumbai and Pune, is experiencing robust growth driven by strong sales, infrastructure development, and evolving customer preferences. Both cities are witnessing significant residential sales and new project launches. Mumbai's residential sales (units) increased by a strong 16% in H1 2024 YoY, while Pune saw a 13% rise in sales (units) in H1 2024 compared to the same period in 2023.
A key factor fueling this growth is extensive infrastructure development in the region. In Mumbai, projects like the Mumbai Trans Harbour Link, Coastal Road project, Navi Mumbai Suburban Rail Phase-2, and multiple Metro lines are enhancing connectivity, leading to residential expansion in areas like Navi Mumbai, Thane, and the Western Suburbs. Similarly, Pune benefits from initiatives such as the Pune Metro Rail expansion, the Pune Ring Road, and improvements to the Bus Rapid Transit System (BRTS).
There is also a noticeable shift in customer preferences across the region. In Pune, properties over 800 sq. ft. represented 32% of transactions in August 2024 up from 28% in August 2023, reflecting a sustained preference for spacious living, a trend that mirrors Mumbai's shift towards more premium and amenity-rich projects.
How is the growth trend in affordable and luxury real estate markets in western market?
This story is from the November 16, 2024 edition of The Free Press Journal.
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This story is from the November 16, 2024 edition of The Free Press Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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