Mumbai Realty Market Is on the rise. The demand for luxury homes in Mumbai and MMR region remains tremendous. To meet the demand, new projects are being launched one after the other. Now real estate company House of Hiranandani has announced to invest Rs 12,500 crore in the next two years for the development of several projects in the Mumbai Metropolitan Region (MMR). In a statement, the company said it will develop 5 projects in MMR with an investment of Rs 12,500 crore. This amount will be raised through equity and internal accruals.
Company's focus on building luxury projects
Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani said, Mumbai's infrastructure development and growing demand for world-class destinations present a tremendous opportunity for us in the MMR region. With this investment, we are set to redefine the MMR realty market through our planned luxury projects. The company will develop a 25-acre plot in Hiranandani Estate, Thane. It is already developing some premium luxury towers like 'Castalia' located in Kandivali, 'Belisia' in Panch Pakhadi, Thane and a 350-acre township in Thane. The company has so far developed 4.58 crore square feet area and 26,399 houses.
15-21 percent increase in house prices in Mumbai
With the increase in demand for houses, the prices have also increased rapidly. According to the latest report by PropertyTiger.com, a subsidiary of real estate technology platform REA India, property prices in the residential market of most cities have increased by double digits in the third quarter (July-September) of 2024. This growth has been driven by increased demand, especially for luxury housing. Mumbai and Bengaluru also witnessed a healthy growth of 15-21 per cent in the prices of residential units. Chennai and Kolkata witnessed a strong growth of 22 per cent year-on-year. According to the report, Pune, often considered an affordable option compared to Mumbai, also saw a growth of 18 percent.
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