Despite COVID-19, there was a steady unstoppable growth in the demand of Real Estate in Mumbai in 2021. Though the new launches were paused, the older projects got delivered & unique marketing did the job for the business.
Seeing that the market response was huge & mostly all the projects got sold outright, it shall be no wrong to say that the year 2022 is going to be a dominant year for the buyers. There are plethora of projects upcoming that got stalled due to COVID-19 and are now getting fully complete. On the other side, the Builders have kept in mind, the running ticket size of the Buyers & sweet spot has been identified. The increase in the supply due to increase in the volume of number of flats per building, shrinking the sizes by almost 20% of the size that used to be standard previously, has led to the market becoming the Buyer's Market.
The Redevelopment Projects have acted as a Catalyst in the boosting of the Real Estate Market. The Redevelopment projects majorly consists of two types viz:
1. Redevelopment of slums: Slamming the slums & occupying large lands for bigger societies' construction has led to a large supply increment in the market.
2. Redevelopment of older buildings: The stand-alone or older buildings & mansions are getting redeveloped, thus making building taller & larger, increasing the occupancy per building.
The redevelopment projects will also bring a boom in the Rental market, since the tenants that lived in the projects that got into a redevelopment shall need places to occupy, majorly on Rental basis. Moreover, the office restrictions are now getting easier, relieving the offices to get back to Work from Office mode.
The Government has also announced several benefits for Redevelopment Projects. So, overall, the Year 2022 is going to be a healthy year for the Real Estate in Mumbai.