The demand for larger living spaces, lifestyle amenities, and branded developers has surged
By VEDANSHU KEDIA
Director, Prescon Developers
As we bid adieu to 2024, the real estate sector in Mumbai and beyond stands at the cusp of transformation. Over the past year, redevelopment has proven to be the cornerstone of urban renewal in metro cities like Mumbai, with South and Central Mumbai spearheading this resurgence.
The city’s dense, aging infrastructure has found new life through ambitious redevelopment projects, paving the way for more sustainable and modern living spaces.
Infrastructure has been a defining theme of 2024. Game-changing projects like the Metro and the Coastal Road have redefined accessibility and convenience, particularly in south Mumbai, central Mumbai and the western suburbs of Mumbai. These developments have not only enhanced the quality of life but have also bolstered property values, making the suburbs a hotspot for residential investments.
From a liveability perspective, if executed well, these massive infrastructure projects will put Mumbai on the map of the Top 10 global cities.
What Shaped the Market?
Homebuyer preferences have undergone a significant shift this year. The demand for larger living spaces, lifestyle amenities, and branded developers has surged. Projects nearing completion have become a top priority, as buyers seek immediate possession and assurance of timely delivery. This inclination reflects a growing consumer desire for convenience, quality, and trust in reputed developers.
Another noteworthy trend has been the rise in demand for senior living communities. Places like Goa, with their serene environments and modern healthcare facilities, have emerged as prime destinations for this niche yet rapidly growing segment. The Prescon Group’s own initiatives in this space have seen an encouraging response, reaffirming the need for specialized developments catering to an aging population.
Outlook for 2025:
Looking ahead, redevelopment will continue to shape the skyline of metro cities. South and Central Mumbai, with their strategic locations and potential for high returns, are set to lead the charge. For developers, the focus will remain on creating future-ready spaces that align with the evolving needs of urban residents.
The momentum from infrastructure projects will carry forward into 2025. The operationalization of additional Metro lines and the full completion of the Coastal Road project will further enhance connectivity, drawing both end-users and investors to these newly accessible areas. The western suburbs, in particular, are poised to benefit from this infrastructure boost.
We also foresee a sustained demand for spacious homes with premium lifestyle amenities. Developers who can blend luxury with functionality and offer timely delivery will have a competitive edge.
The growing interests in senior living will likely extend beyond Goa, as more regions adapt to cater to this unique segment. As we step into 2025, the real estate sector stands resilient and prepared for a year of opportunities.
