Mumbai, February 17 (ANI): Mumbai, where the biggest home-buyers and renters will be, has a strong demand for luxury housing.
A report from the Bajaj Research Group says that Mumbai has the largest number of luxury housing units in India, and it has a population of 4.27 crore.
According to the report, the number of residential buildings in the city is nearly 2.5 times that of Delhi, and more than 3 times that in Bengaluru.
The report, titled “Luxury Housing in Mumbai: A Luxury Housing Survey”, says that while the city’s real estate prices have fallen in recent years, there is a strong market for luxury homes.
The study says that there are around 5,000 luxury apartments in Mumbai.
The number of residences in the metro area is also increasing.
According to the study, the Mumbai Metropolitan Region has 2,542 luxury apartment units, which are almost 20 per cent of all apartment units in the country.
According the report the number-one luxury city in India is Chennai with 2,988 luxury apartments, followed by Delhi with 1,932 luxury apartments.
The survey said that while there is not much of a demand for residential units in Mumbai, the demand is there.
“It is clear that Mumbai’s demand for new luxury properties is strong,” the report said.
According a study by consultancy firm Zillow, Mumbai has over 1,500 luxury apartments for every 1,000 people in the metropolitan area, which is a huge demand for apartments.
“However, it is a challenge to develop new luxury residential units at such a rapid rate due to the shortage of land,” the company said in a statement.
The Mumbai Metropolitan Development Authority (MMDA) said that Mumbai is a top luxury destination, and a lot of new housing development has taken place in the past few years.
“MMDA has recently allocated over $1 billion for development of the city in residential, commercial, mixed use and mixed-use residential projects.
MMDA has also invested $150 million in affordable housing for low-income households,” it said.MMDA said that the city has the second largest number and percentage of new residential units per capita of any metro region in India.
“The overall ratio of new units per 10,000 population is around 4.3, which means that over two-thirds of all new housing units are in the capital,” it added.