Residential sale in MMR likely to touch Rs. 1.35 lakh crore by this year: JLL report

According to JLL India's latest report, 'Mumbai Residential Market-Through the Lens of Time,' the primary residential market in the Mumbai Metropolitan Region (MMR) is projected to exceed Rs. 1.35 lakh crore in sales this calendar year. The report was unveiled at the National Real Estate Development Council (NAREDCO) event held recently.

The report highlights the robust performance of Mumbai's residential real estate sector, which is demonstrating impressive growth in both sales and new project launches. JLL India notes that the MMR is drawing substantial real estate investments, evidenced by record-high sales figures and significant infrastructure developments.

Prashant Sharma, President of NAREDCO-Maharashtra, commented that ongoing infrastructure improvements are enhancing connectivity and fostering new residential areas. He anticipates that Mumbai’s real estate market will not only sustain its current momentum but also set new records in the coming years.

The Mumbai Metropolitan Region includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai. The residential sales figures mentioned pertain to the primary market segment.

JLL's statement reveals that, as of mid-2024, Mumbai is a major contributor to both new property launches and sales across India. After surpassing Rs. 1 lakh crore in residential sales value in 2023, the city is expected to reach Rs. 1.35 lakh crore by the end of 2024, marking an all-time high.

The report also projects that by 2030, the ongoing infrastructure developments will create new residential hubs and rejuvenate existing ones. Looking further ahead, JLL estimates that the Mumbai market will achieve residential sales exceeding Rs. 2 lakh crore by 2030.