The Mumbai residential market has maintained its growth momentum in the first half of the year 2023 with Western suburbs leading the sales chart with more than half of the property registrations in the year 2023 so far. It remained the most preferred choice for homebuyers for many reasons and the data released by various real estate consultancy firms is a testimony to this fact.
The development that the western suburbs of Mumbai have seen over the last two decades has been commendable in terms of residential growth, physical infrastructure, commercial hubs, and social infrastructure.
Over the years, there has been a steady migration of people from South Mumbai heading towards the north in the western suburbs of Mumbai. The reason for this migration is that people from South Mumbai (SOBO) areas aspire to live in housing projects that offer residents luxurious amenities, promote sustainability and inculcate the essence of community living in their projects.
And within Mumbai, we have witnessed a mini migration as people moved from their 180-300 sq ft cramped apartments in South Mumbai towards the Western suburbs, especially areas such as Andheri, Malad, Goregaon, and Borivali.
We see a definite shift in the housing ecosystem in Mumbai as the city is steadily moving away from South Mumbai to vibrant locations like Goregaon, Andheri, Malad in the western suburbs. Due to its seamless connectivity and easy accessibility, the western suburban region is a uniquely-positioned hub which extends convenience to the working professionals.
The region is also seeing a number of big international retail brands making their presence felt here. Most commercial hubs are now relocating to the western suburbs and therefore the demand for residential property has also increased here.