“Individuals have a preference of staying close to office markets. Owing to this, residential clusters in proximity to office markets have flourished and attract steep prices whereas those with limited connectivity have trailed. The residential pockets at the intersection of multiple infrastructure projects such as metro, coastal road, Mumbai Trans-Harbour link (MTHL), Navi Mumbai International Airport are poised to witness surge in demand and clusters in these areas will benefit the most,” said Karan Singh Sodi, Senior Managing Director, Mumbai, MMR, India, JLL.
“While affordability has dropped below the threshold in 2022 and is likely to remain so in the short term given all the macroeconomic headwinds, the large-scale infrastructure development will help Mumbai to continue being a lucrative market. Notably, the planned development of the Mumbai metro corridors and the upcoming airport are both set to considerably benefit residential pockets in their influence zones and ultimately lead to a reduction in the residential price gradient witnessed across submarkets in Mumbai. We foresee the key growth corridors in Mumbai to be towards the Eastern part of the city and the Thane-Navi Mumbai suburban areas,” said Dr. Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.
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