Mumbai: In a recent development, the sale of residential property in Mumbai touched a five-year high in 2022, signaling a positive shift in the real estate market of the city. According to real estate experts, this surge in sales can be attributed to a combination of factors, including the ease of doing business in the city, affordable prices, and increased demand from homebuyers.
The first factor contributing to this positive trend is the ease of doing business in Mumbai. Over the past few years, the government has taken several steps to simplify the process of buying and selling property, including the introduction of online registration and digital payment options. This has made it easier for buyers to complete transactions, reducing the time and effort required to purchase a home.
The second factor is the affordability of property in the city. Over the past few years, developers have been launching new projects at affordable prices, making it easier for first-time homebuyers to enter the market. Additionally, several government schemes, such as Pradhan Mantri Awas Yojana (PMAY) and Housing for All, have made it easier for buyers to access affordable housing finance, further boosting demand.
Finally, increased demand from homebuyers has also contributed to the surge in sales. With the pandemic leading to a shift in priorities for many people, homeownership has become a top priority for many. Additionally, the availability of remote work options has made it easier for buyers to consider properties outside their immediate vicinity, leading to increased demand in areas such as Mumbai.
Overall, the sale of residential property in Mumbai reaching a five-year high in 2022 is a positive sign for the city’s real estate market. With the government taking steps to simplify the buying and selling process, developers launching affordable projects, and increased demand from homebuyers, the market is expected to continue on this upward trajectory in the coming years.