The Demand for Mumbai Homes is Growing at a Rapid Pace

Mumbai real estate market is without a doubt one of the most dynamic in the world. Mumbai properties are seeing a level of velocity and traction that is virtually unparalleled in the world.

Each quarter between 2021 and 2022, Mumbai housing demand increased by almost 16%, while supply (listings) increased by roughly 4%.

According to the report, smaller 1 and 2 BHK apartments accounted for 70% of demand and 75% of supply in Mumbai at the time.

Demand for two-bedroom plans was 42 percent higher than supply at 44 percent.

In Q1 2022, demand for two-bedroom apartments accounted for 50% of total demand and 47% of total supply in Navi Mumbai.

In Thane, one- and two-bedroom flats accounted for 80% of total demand and supply, with two-bedroom apartments accounting for 45% of total demand.

Malad and Kandivali were the city's residential hotspots during the quarter, according to the report.

However, the western suburbs, notably Andheri, Borivali-Dahisar, Goregaon, and the neighbourhoods beyond Mira Road, had the greatest demand and supply, owing to their closeness to commercial office space, cheap pricing, and the development of the metro line.

New Panvel, Kharghar, Airoli, Taloja, Vashi, Kamothe, and Nerul were identified as the most coveted localities in Navi Mumbai due to their proximity to the rest of MMR. Micromarkets like as Ghodbunder Road and Dombivali remained popular in Thane owing to their accessibility, amenities, and closeness to work centres.

External stimuli, like as digitising land records and boosting funding under the PM Awas Yojna and PM Gati Shakti, are expected to considerably improve infrastructure and promote real estate investment in 2022, according to the report.