Sale of residential property in Mumbai touches a five-year high in 2022

Most of the home buyers were inclined towards mid-segment housing in Mumbai in the price range of Rs 1 to 2 crore

The sales of residential property in Mumbai in 2022 were the highest in the last five years, data released on Tuesday by real estate analytics firm PropEquity showed. With 51,390 homes sold in 2022, the sales were 37 per cent higher than in 2021.

The Reserve Bank of India (RBI) has raised the key benchmark interest rate, the repo rate, by a cumulative 250 basis points, making home loans costlier. But it does not affect sales in Mumbai.

The data showed that the sales were the highest in the western suburban region of Mumbai.

"This reflects the growing confidence of homebuyers in the city's economic potential and underscores the city's status as a prime destination for real estate investment," said Shiwang Suraj, founder and director of real estate firm InfraMantra.

Most of the home buyers were inclined towards mid-segment housing in Mumbai. The highest sales were recorded in the mid-segment homes, with the price tag between Rs 1 to 2 crore.

Out of the total sales, the share of the "affordable" category of homes was 27 per cent, and that of the "luxury" segment was 28 per cent.

Along with the sales, the launches have also gone up in Mumbai. Compared to 2021, the city witnessed a jump of 26 per cent in new launches. The offerings were also the highest in mid-segment homes.

"The real estate market in the city is expected to thrive in the near future on the back of dynamic new offerings from the real estate companies and huge appetite among the customers. New benchmarks are being written in the property market of Mumbai which augurs well, not just for the city, but for the industry as a whole across the country," said Samir Jasuja, founder and managing director of PropEquity.