Mumbai's Real Estate Market Is Booming

Thriving Market | President of CREDAI-MCHI, Domnic Romell, says estate transactions are showing month-on-month growth

- Bhalchandra Chorghade

The Mumbai real estate market is experiencing an unprecedented surge, with high demand, increasing volumes, and a growing interest in both commercial and residential properties, the president of CREDAI-MCHI, Domnic Romell, 55, said on Monday. He was taking part in the FPJ Dialogue event at the Free Press House, Nariman Point. He said there has never been a better time to invest in the city's real estate market, despite ongoing challenges like rising interest rates and stamp duties.

"As the year progresses, the market will continue to outperform expectations. Real estate transactions are more robust than last year, with month-on-month growth. The market has demonstrated resilience, surpassing previous records despite higher costs associated with loans and registration duties," he said.

Romell said people are more educated and informed about the buying process, adding, "Thanks to the Real Estate (Regulation and Development) Act (RERA), consumers are now more aware of their rights, and developers are being held to higher standards." This has created a more transparent market where buyers can make informed decisions, he said.

Asked about which areas in Mumbai are witnessing a boom, Romell said that the demand for upscale properties has surged, but so has interest in suburban developments. The Mumbai suburbs, particularly Goregaon and Andheri, are seeing a growing appetite for residential properties, with rentals in some suburbs nearing prices in locations like Bandra.