Mumbai Witnessing Growth In Resale And Compact Housing Market

Mumbai Witnessing Growth In Resale And Compact Housing Market

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The residential sector in Mumbai is maturing with fast changing demands of the buyer segment in this city. Along with a slew of project launches and an improved market sentiment, the buyers in Mumbai and its suburbs are now shifting towards resale properties and lower ticket sized assets. A barefaced reasoning to this shift is a continual hike in the value of fresh properties and the availability of cheaper assets in the secondary/resale market in Mumbai.  

As witnessed, the mid-income group of home aspirers are now settling for compact homes, available in the resale market across regions like Powai, Wadala and Thane. Comparatively cheaper in the secondary market, resale properties have emerged as a prudent option for buyers who don’t wish to move away from city limits. Furthermore, resale properties are also attracting investors for robust rental incomes.

As recounted by Livemint, leading developer groups like Hiranandani Constructions Pvt. Ltd and Lodha Developers Ltd have caught the pulse of demand in realty market today. Such captains of realty development are now developing mid and small sized dwellings with contemporary amenities to attract a larger base of buyers belonging to the not so affluent segment.

Interestingly, the size of 1&2 BHK apartments are now being reduced to suit the budget of the dominant segment in the buyer’s market. This dominant segment comprises of salaried professionals, retired officials and people who aspire to diversify their investment portfolio with new investments that could fetch recurrent rental/lease incomes and capital appreciation in the future.

As discussed above, the increased traction in resale, rental and lower ticket size apartments testifies a revival in Mumbai realty market. Realty ecosystem in Mumbai is now, reviving with improved sentiment amongst the buyer, investor and developer segments. Based on current property trends, the near future for real estate sector looks promising in the Mumbai Metropolitan Region. This region which has time and again topped the wish list of home aspirers in India is now set to become the arena for hyper growth in resale, rental and smaller assets’ market.