Looking ahead to 2022, demand for multifunctional homes will continue to grow steadily in Mumbai. According to experts, unique project offerings will continue to exist, providing both end users and investors with a multiplicity of choices. Consumer behavior shifted as a result of the Covid epidemic, which was essential in reviving the real estate sector. Property purchasers are looking for homes that are spacious, made from ecological resources, and prioritize self-sustaining civilizations. They anticipate a positive experience with their property and a long-term relationship. According to industry analysts and stakeholders, the sector is on track to recover and reach pre-pandemic levels.

Mumbai's Residential Market in 2021

In 2021, the residential property market in Mumbai achieved a new high, boosted by a positive consumer sentiment and low house loan interest rates. Sales of 111,552 new homes were registered throughout the year, a high not seen in at least nine years. The number of residential units registered in the country's largest housing market increased by 70% in 2021 compared to the previous year. It even surpassed the previous high of 80,746 units, which was reached in 2018. In December, 9,320 residential units were registered, the second highest monthly total since 2013. In December, when stamp duty was at its lowest, over 19,500 new homes were recorded. Long into the final day of the year, Mumbai's sales momentum remained high. The city's sales trajectory, which began as a sop-driven growth, has now reached a level of permanence, if not maturity. December 2021 had the highest December registrations in the previous ten years, with the exception of December 2020, which was fueled by a stamp duty rebate, leading in a rush in property transactions and registrations. Despite being India's most expensive property market, Mumbai is currently more accessible than in previous years, thanks to factors such as lower capital values and low interest rates on home loans.

Good News For Mumbaikars

The Maharashtra government approved a property tax exemption for residential units of up to 500 square feet located inside the jurisdiction of the Mumbai municipal corporation. The Maharashtra government announced on Saturday (January 1) that property taxes on residential units measuring up to 500 square feet and located inside the Mumbai municipal corporation's boundaries would be eliminated in the new year. The declaration was made at a meeting of the urban development department by Chief Minister Uddhav Thackeray. Eknath Shinde, Mumbai's Guardian Minister Aslam Shaikh, Maharashtra Minister Aaditya Thackeray, and Mumbai Mayor Kishori Pednekar were also present at the meeting. According to the Chief Minister's Office, Thackeray encouraged officials to put the decision into effect right away. The decision will benefit the owners of more than 16 lakh houses in Mumbai that are fewer than 500 square feet, according to the Maharashtra government.

What 2022 Has For Home buyers in Mumbai?

Investing in a variety of regions across the country, especially Mumbai, is an option for home buyers. A large number of buyers are drawn to some of the most appealing locations because of the well-developed social infrastructure, growing industrial activity, and prospective rental earnings. For a multitude of reasons, real estate investment is always a fantastic option. In terms of preferred real estate locations, Mumbai ranks tenth among India's other cities. In recent years, the real estate market in Mumbai has exploded. With an endless amount of options available for purchase, potential home buyers are blessed with choice in the year 2022.

• Goregaon

Luxury flats in Mumbai are in high demand when compared to other types of housing. Goregaon, located between Andheri and Borivali, is one of the many well-known areas that provide top-notch living. It is a wonderful choice for those looking for premium real estate in Mumbai in 2022. It is connected to the Western Express Highway, the Jogeshwari Vikhroli Link Road (JVLR), and the Mumbai International Airport via the Jogeshwari Vikhroli Link Road (JVLR). It works as a substantial boost for housing demand due to the advanced social infrastructure. Many developers in Mumbai provide a diverse range of luxury residences with cutting-edge modern amenities and all of the conveniences required for a healthy lifestyle. The area also has renowned schools, hospitals, sports clubs, and several ways of transportation, making it the best investment site for luxury properties in Mumbai.

• Kandivali

Kandivali is one of Mumbai's most posh and premium residential districts, located on the city's outskirts towards the northwest. The area is well-known for its fully completed neighbourhoods. Over the last year and a half, the neighbourhood has had a consistent price increase of around 3%. Kandivali is well connected with the Western Express Highway, Link Road, and the Western Railway Line. For home buyers and investors, there are numerous schools, colleges, commercial centres, and malls. Hospitals like Kokilaben Dhirubhai Ambani Hospital and Apex Hospital, as well as schools like Ryan International School and Gundecha Education Academy, all add to the neighborhood's livability. The closest malls to Kandivali are Raghuleela Mall, Oberoi Mall, and Moksh Plaza Mall. In and around the area, there are numerous business centres and employment zones.

• Thane

Thane will be another immensely affluent and rapidly developing location in the year 2022. It is connected to its surrounding suburbs by the Central and Trans-Harbour railway lines. Thane has always been a sought-after destination for buyers and top builders because of its superb infrastructure. Thane's commercial demand has increased, which has resulted in a significant increase in residential construction.

• Andheri

Andheri is another residential and commercial area that has grown into a highly successful location for home buyers looking for a high rate of return on their investment. Andheri East, in particular, has attracted considerable investment. The nearest and most well-known employment centres around Andheri are SEEPZ and Bandra-kurla Complex. The entire working population is drawn to the Western Express Highway and its connection to the regional train network. Because of its proximity to the Jogeshwari Vikhroli Link Road and the National Highway, Andheri is the most sought-after residential location in the year 2022 as well.

• Malad

Malad West is one of Mumbai's most appealing business areas and will continue to stay in the year 2022, with a growing reputation for residential construction as well as commercial and corporate centres. Residential units are available in the area, which is oriented for middle- and upper-middle-income buyers. The Western Express Highway and the regional rail network are also accessible from the location.

Conclusion

In India, real estate has been a successful sector for decades. Residential markets have risen steadily in recent years as a result of urbanisation and commercialization surpassing the pandemic. The demand for these markets has grown significantly especially in Mumbai, the capital city of India. In the year 2022 as well, Dwello will keep guiding home buyers to make an ideal buying decision for the home of their choice.