Real estate stakeholders believe the growth showcases the sector’s resilience in the face of shifting market dynamics, especially at a time of rising interest rates and inflation.
EVEN AS inflation and interest rates remained high, Mumbai Metropolitian Region (MMR)’s real estate market saw a six per cent growth in sales during quarter 2 (Q2) of 2023 compared to the same period last year, according to a report published by CREDAI-MCHI in collaboration with CRE Matrix paints.
Real estate stakeholders believe the growth showcases the sector’s resilience in the face of shifting market dynamics, especially at a time of rising interest rates and inflation. The data further showed a 9 per cent increase in housing prices during Q1 2023 as opposed to Q1 2022. Even in the face of supply surpassing demand, prices managed to maintain an upward trajectory, influenced by rising input material costs.
On the report findings, Dominic Romell, president of CREDAI-MCHI, a real estate apex body, said the report is a testament to the dynamism of the MMR real estate market. “While facing unique challenges, the industry continues to evolve, showcasing its ability to adapt and flourish. The data further reinforces the sectors’ strategic strength. It proves that even amidst rising interest rates and inflation, Mumbai’s real estate market remains robust and forward-thinking,” he said.
Abhishek Gupta, CEO of CRE Matrix, emphasised, “The market’s response to fluctuating supply-demand dynamics and input cost increases is a testament to its resilience. This adaptability is a core strength of the MMR real estate sector, and more importantly, these trends indicate a market that can weather uncertainties while remaining committed to growth.”
Source : The Indian Express