The Mumbai Metropolitan Region (MMR) property market is expected to reach ₹5 lakh crore by 2028, driven by demand from homebuyers and investors. According to a report by Knight Frank, the market is witnessing a significant shift towards affordable housing, with over 50% of new launches in the affordable segment.
The report also estimates that the MMR region will require over 2.5 lakh new housing units by 2028, driven by population growth and urbanization. Developers like Tata Housing, Godrej Properties, and Oberoi Realty are launching new projects in the affordable segment, with prices starting from ₹50 lakh.
The market is also witnessing a significant increase in demand from investors, with over 20% of buyers purchasing properties for investment purposes. Navi Mumbai, Thane, and Panvel are expected to be the key drivers of growth in the MMR property market, with property prices expected to increase by 15% to 20% in the next quarter.
