2022: Year of Exponential Growth for Real Estate

• 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.