By HIMANSHU JAIN
The year 2023 has been a good year as far as the Mumbai real estate sector is concerned. The significance attached to owning a home among prospective buyers has significantly bolstered the housing sector, resulting in one of the highest home sales figures witnessed in this decade.
One of the key contributing factors to this success has been the improved Metro connectivity, which has brought about enhanced ease of travel for commuters. This improved connectivity has also brought new residential areas into the spotlight. For example, the western suburbs have emerged as a focal point for home buyers due to the diverse array of housing options available. This suburban belt offers all the essential conveniences necessary for a comfortable lifestyle, making it an attractive choice for potential homeowners.
Outlook for 2024
Looking ahead, we expect this positive momentum to continue into the New Year. Various factors currently align favourably for the healthy growth of the real estate sector. The continued emphasis on homeownership, coupled with improved connectivity and the attractiveness of suburban living, are anticipated to sustain the upward trajectory of the real estate market in Mumbai. (The author is VP – Sales, Marketing and CRM, Satellite Developers Private Limited)
