Mumbai, Sep 26 (IANS) Mumbai and Pune have witnessed a remarkable surge in housing sales post-COVID, with combined annual sales nearly doubling from 46,528 units between 2016 and 2019 to 105,332 units during 2022 to the first half of 2025 (H1 2025), a report said on Friday.

This unprecedented growth reflects strong economic confidence and robust demand across both metropolitan areas.

“Mumbai achieved around 28 per cent capital appreciation between 2019 and H1 2025, with a peak growth rate of more than 10 per cent in 2023, while Pune registered around 20 per cent solid gains,” JLL said in a joint report with NAREDCO.

These increases reflect the cities’ growing appeal and economic dynamism.

According to the report, Mumbai and Pune are poised for a transformative housing revolution that could significantly reshape homeownership opportunities for millions of middle and lower-income families.

In response to rapid market premiumisation, policymakers have unveiled an ambitious Rs 70,000 crore investment plan targeting 3.5 million affordable homes by 2030, while new peripheral clusters emerge as viable alternatives to expensive city centres.

“In Maharashtra, premium housing surged from around 43 per cent to 59 per cent of total launches between 2022 and H12025, while affordable housing under Rs 5 lakh plummeted from approximately 15 per cent to just 12 per cent, ” said Karan Singh Sodi, Senior Managing Director (Mumbai MMR and Gujarat) and Head-Alternatives, India, JLL

The ‘My House, My Right’ policy addresses this supply-affordability gap through an estimated Rs 70,000 crore investment targeting 3.5 million EWS/LIG homes by 2030, emphasising inclusivity, sustainability, and reliability, he added.

The initiative leverages AI-powered transparency via the State Housing Information Portal (SHIP) and integrates with government platforms like MahaRERA and PM Gati Shakti.

While premium housing has grown to dominate new launches, this shift has catalysed a comprehensive policy response designed to ensure inclusive growth.

The decline in mass housing share in launches during this period (2022- H1 2025) highlighted the need for strategic intervention, prompting the landmark affordable housing initiative, the report noted.

India’s leading metropolitan regions are experiencing a paradigm shift in urban development, with emerging affordable housing corridors becoming catalysts for sustainable, inclusive growth.

“The Maharashtra State Housing Policy 2025 arrives at a critical juncture — when our residential markets are experiencing unprecedented velocity yet facing deep structural challenges in affordability and inclusivity,” said Prashant Sharma, President, NAREDCO Maharashtra.

By prioritising ‘Majhe Ghar, Majhe Adhikar’ as its guiding sentiment, this policy doesn’t just promise housing targets — it reshapes Maharashtra’s urban future, making it more equitable, sustainable, and inclusive for generations to come,” he said.

–IANS

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