Housing sales in MMR likely to cross Rs 1.35 trillion this year: Report

Housing sales in Mumbai Metropolitan Region (MMR) primary residential market are expected to cross Rs 1.35 lakh crore this calendar year, according to JLL India.

Real estate consultant JLL India on Thursday released its report 'Mumbai Residential Market-Through the Lens of Time' at the National Real Estate Development Council (NAREDCO) event held here.

The consultant noted that Mumbai's resilient residential market continues its onward strides with significant growth in sales and new launches.

The MMR continues to attract substantial real estate investments, exemplified by record-high sales values and strategic infrastructure developments.

"As infrastructure projects continue to enhance connectivity and create new residential hubs, we foresee Mumbai's market not only maintaining its momentum but also setting new benchmarks in the coming years," said Prashant Sharma, President, 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.