Evolving Trends: How Mumbai's Realty Market Is Adapting to Changing Dynamics in 2023

Here is a list of six things brewing fresh and hot in the Mumbai realty market in 2023. 

The rise in NRI Investments 

Mumbai realty market in 2023, particularly the luxury real estate, has seen more and more investments from Non-Resident Indians in the recent past for both consumption and investment motives. This NRI interest will play a massive role in shaping Mumbai's luxury real estate market in 2023. The top-tier urban infrastructure and amenities contribute to investments not only in sought-after neighbourhoods like the ones in and around South Mumbai but also in newer markets such as Borivali, Kandivali, Malad, Goregaon, Thane and others. Mumbai is a promising escape in the eyes of NRI investors. The intense emotional connection and the urge to own something of their own in their motherland, the favourable policies from both the government's end and the efficient process of availing loans from banking institutions, and the high return on investment (ROI) are furthering these investments. 

Increase in Co-living, co-working and shared spaces 

The Mumbai realty market in 2023 is seeing an increase in co-living spaces. Even before the pandemic, co-living was growing as a niche, particularly in urban settlements of high densities. However, the market has become much more organised with more start-ups and seasoned players entering it with services that centre on providing internet facilities, food and lodging while ensuring the well-being of their occupants in sizeable and affordable packages. These new business models are notably a hit among students, start-ups, and corporates who have recently started working or moved to Mumbai. 

Sustainable Architectural Practices and Green Buildings

Environment-friendly practices are becoming more and more omnipresent. This can be seen in the increasing number of green buildings in the Mumbai Metropolitan Region. CRISIL House is increasingly being recognised on the Indian Map as being one of India's greenest commercial complexes. The design is executed using recycled construction waste. At the same time, the building smartly harnesses natural light that flows into the work area, thus subtracting the amount of artificial lighting used in the workspace. In fact, even the artificial lighting employed in this building is energy efficient and thus reduces the carbon footprint of the same. 

Affordable Housing Initiatives 

Central and state governments are increasingly prioritising affordable housing initiatives through schemes through various online and offline mediums. In a recent event organised by CREDAI and MCHI, the State Housing Minister mentioned the government's plans to initiate low-cost housing and provide impetus for ongoing rehabilitation and slum redevelopment projects. The government also plans to focus on catering to the needs of slum dwellers in the city. 

Making the most of the digital world: Online sales and virtual property tours

The fact that Hyundai has partnered with Amazon to sell their vehicles online is all over the news! Consumers are increasingly making the switch to online shopping. There are multiple reasons behind the same. Post-COVID and increasing conversations about the flawed Air Quality Index, people increasingly invest in indoor air purifiers and avoid stepping out whenever and wherever possible; working from home is also preferred. In light of such changes in preferences, e-commerce is multiplying. Consumers increasingly leverage websites, applications and online platforms to take virtual tours of a property they seek. From calls with real estate agents to final deals, providers and suppliers have designed platforms with the most comprehensive details and features to make the online experience efficient. 

Health and wellness are now placed at the forefront

With the world having witnessed and been badly hit by the COVID-19 pandemic reasonably recently and the conversation surrounding the flawed Air Quality Index in many parts of Mumbai, Mumbaikars are increasingly concerned about their health and wellness. Consumers are increasingly seeking wellness centres, yoga halls, cycling tracks, jogging tracks, fully equipped gymnasiums and tutors. Developers are taking care of these amenities and facilities in newer residential and mixed-use developments. 

Final Thoughts

Mumbai's real estate market is changing in 2023, and here are a few things that can be noted about the same- support for affordable housing from both centre and state government, more NRI investments, particularly in luxury real estate, rise and recognition of sustainable architectural designs, integration of health and wellness in all properties, and rise in the trend of co-working and shared spaces.