RE Sector Experts confident in further growth in demand for Western Suburbs in the coming years, Capturing Over 50% Market Share in MMR’s Sales for 2023
Mumbai (Maharashtra) [India], June 23: Leading experts in the real estate sector show confidence in a substantial growth in the demand for properties within the Western Suburbs of the Mumbai Metropolitan Region (MMR) by the year 2025. With the current upward trajectory, the Western Suburbs are set to capture over 50% of the market share in MMR’s sales for the year 2023.
Several factors have contributed to the rise of the Western Suburbs’ market share in MMR’s sales. Like, the development of infrastructure projects making it an attractive location for homebuyers and investors, the presence of established and emerging employment hubs, such as Bandra Kurla Complex (BKC), Oshiwara District Centre (ODC), The availability of lifestyle amenities and, the relatively easy connectivity to the commercial districts of South Mumbai.
The projected trend of the Western Suburbs’ market share is expected to continue its growth in the coming years, driven by ongoing infrastructure development and increasing demand for residential and commercial spaces. However, according to one of the largest property advisory partners in Mumbai, Palladian Partners, a few potential challenges may arise. According to Mr. Chandresh Vithalani of Palladian Partners, “Limited land availability for further development presents an opportunity for the Western Suburbs to focus on sustainable and efficient land utilization, ensuring the preservation of its unique landscape while maximizing the potential of existing spaces. As demand increases, the Western Suburbs can strategically address affordability concerns by promoting inclusive housing initiatives, fostering partnerships with housing organizations, and exploring innovative financing options. Changes in regulations, policies, or government interventions provide an avenue for continuous improvement and adaptability, allowing the real estate market in the Western Suburbs to evolve in line with the dynamic needs of buyers and investors.”
Mr. Vithalani also stated, “Within the Western Suburbs, specific property types or segments have flourished remarkably. The luxury residential segment has experienced remarkable growth, characterized by the development of high-end apartments that offer unparalleled amenities and a coveted lifestyle. This is evident as we have sold property worth INR 400 Cr+ in residential and commercial spaces in a span of 10 days, within a month. This surge in demand is a testament to the Western Suburbs’ appeal as a premier residential destination. Additionally, the Western Suburbs have become a hub for co-working spaces and commercial developments, aligning perfectly with the increasing prevalence of start-ups and the flexible work culture. This thriving ecosystem caters to the evolving needs of professionals and entrepreneurs, fostering innovation and productivity in the region.”
Speaking about the topic, Mr. Pravin Phanse, the Vice-Chairman of NAR India said, “The projected growth in demand and market share for the Western Suburbs heralds a period of immense opportunities and development in the real estate sector of the Mumbai Metropolitan Region (MMR). Stakeholders are in a prime position to embrace these prospects and drive transformative progress. By proactively adapting to the evolving landscape and fostering collaborative efforts, stakeholders can unlock the full potential of this upward trend, creating a thriving environment for investment, innovation, and sustainable growth. Together, they can shape the future of the Western Suburbs and propel the entire MMR towards unprecedented achievements.”
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