The last couple of years has been dicey in every aspect of real estate. The constant ups and downs seen in 2020 and 2021 changed the way various businesses involved in real estate function. It also introduced several newer ways of running various processes and real estate innovations.
Let us look at a quick recap of the last two years and then see what 2022 may have for the real estate industry in future.
The Highlights of Mumbai’s Real Estate in 2020
The year 2020 was meant to be a year of recovery for Mumbai’s real estate sector, especially the housing segment. After three years of business disruptions caused by demonetisation, implementation of GST and the realty law RERA, and the NBFC crisis, the market had started stabilising.
But all hopes were thwarted as the COVID-19 global pandemic hit India, forcing the government to impose a national lockdown for over two months to curb the spread of the deadly disease.
According to data available from the Department of Registration & Stamps, Diwali, 2020 saw the highest sales since November 2018.
Housing sales in Mumbai gathered momentum in Oct-Dec 2020. Over 6,000 units were sold in the quarter with Andheri-Dahisar and Goregaon-Malad belts grabbing the maximum popularity share. Ready homes priced within INR 80 lakh to INR 1 crore remained the most preferred. Besides, freshly launched projects offering premium amenities and discount offers also drew end-users.