The Mumbai Metropolitan Region (MMR) has seen real estate prices jump 48% in five years. MMR has become one of India's hottest real estate markets due to reduced unsold inventory and rising demand. A detailed look at what caused this massive surge.

Indian cities like Delhi NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata have seen tremendous residential real estate growth. According to a recent survey, selling active unsold home inventory took 22 months in Q1 2024, down 31% from 32 months in 2019.

According to JLL, the time to sell active unsold housing inventory in India's top seven cities—Delhi NCR, Mumbai, Pune, Bengaluru, Chennai, Hyderabad, and Kolkata—has dropped 31%. Due to rising home demand, inventory liquidation took 22 months in Q1 2024, down from 32 months in 2019.

Unsold home inventory in the National Capital Region (NCR) has dropped 57% in five years. Unsold stock fell from 200,000 units in Q1 2018 to 86,420 units in Q1 2024, the greatest drop in the nation.

The Indian housing market hit a new milestone in FY24, with sales reaching an all-time high over the past decade. A remarkable 5 lakh units were sold, marking a significant leap in the demand for homes.

Bengaluru, Delhi NCR, and Kolkata have witnessed house costs rise 20% in the previous two years. These locations saw a 30% price spike from 2021 to 2023 due to strong demand for mid- and luxury homes, according to Colliers.

The Mumbai real estate market in 2023 has survived global economic storms and reached unprecedented heights, signifying a turning point. A strong economy, growing disposable incomes, a tendency towards bigger living spaces have laid the groundwork for Mumbai real estate in 2024.

The overall value of housing inventory sold in 2023 would reach Rs 4.5 lakh crore, up 38% from 2022's Rs 3.27 lakh crore. Anarock Group research shows strong housing market expansion.

Covie and Ashray Developers' exclusive project 'Jaswanti Bliss, Off BKC' will offer 400 co-living beds to BKC. This JLL-facilitated relationship boosts Covie's position in Mumbai's dynamic market. The unusual arrangement leases the whole inventory, including 94 contemporary 2 BHK homes over two wing

The state-owned construction giant NBCC sold 4 lakh square feet of premium office property in Nauroji Nagar, South Delhi, in a landmark real estate deal.

From increasing the price of unsold inventory to lowering supply chain costs, the Confederation of Real Estate Developers' Association of India (CREDAI) - Maharashtra Chapter of the Housing Industry is considering a variety of strategies (MCHI).

As the Indian real estate market struggles with unsold inventory and sagging sales compounded by the Covid 19 pandemic, the affordable housing segment could prove to the perfect booster for property market in India.