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A recent report from Knight Frank, a leading real estate consultancy, has forecasted a significant 5% increase in residential property prices in Mumbai in 2024. This surge is set to make Mumbai one of the top cities globally in terms of residential price appreciation. Interestingly, Auckland and New Zealand are also expected to witness a similar 5% price hike. 

Several factors contribute to this optimistic prediction for Mumbai. Firstly, improving Gross Domestic Product (GDP) figures is playing a vital role in boosting the city's luxury housing market. Additionally, Mumbai's relative value and substantial investments in infrastructure development are further driving the price growth in the residential sector.

Global Ranking

When compared to other cities worldwide, Mumbai ranked sixth in terms of year-on-year price growth, recording a notable 5.2% increase in the second quarter of 2023. Dubai, however, retained its top position globally for the eighth consecutive quarter with a remarkable 48.8% year-on-year increase in prime residential property values. Tokyo and Manila followed closely with growth rates of 26.2% and 19.9%, respectively.

"India's real estate sector is expected to expand to USD 5.8 trillion or USD 5,833 billion by 2047. This estimated real estate output value will contribute 15.5 per cent to the total economic output in 2047 from an existing share of 7.3 per cent," Naredco-Knight Frank said in a statement.

By 2047, when India reaches 100 years of independence, the size of India's economy is estimated to range between USD 33 trillion and USD 40 trillion.

Mumbai the land of dreams and potential, has been the center of growth and never-ending demand for Land and Spaces.

With a wide landscape spread across a very large area of habitability, it makes Mumbai a diverse rate-based economy. It's also due to the multi-scaled earning population living in Mumbai.

Smaller residential to large palatial houses, Shops to Malls,  from rags to riches it's all here.

With property costing Few Lakh to Thousands of Crore

The benefits of investing in real estate are numerous. With well-chosen assets, investors can enjoy predictable cash flow, excellent returns, tax advantages, and diversification—and it's possible to leverage real estate to build wealth.

Thinking about investing in real estate? Here's what you need to know about real estate benefits and why real estate is considered a good investment.

• Real estate investors make money through rental income, appreciation, and profits generated by business activities that depend on the property.

• The benefits of investing in real estate include passive income, stable cash flow, tax advantages, diversification, and leverage.

• Real estate investment trusts (REITs) offer a way to invest in real estate without having to own, operate, or finance properties.