Mumbai real estate sector poised for a strong recovery
Mumbai will continue to remain the economic nerve centre of India despite the near-term disruption. The outlook remains bright, supported by proactive government policies, business dynamism and the general resilience of the city’s residents
The second Covid wave has taken a substantial humanitarian toll over the past couple of months. This unfortunate turn of events has followed a fairly successful handling of the first wave and rapid economic recovery towards the end of last year. Both the government as well as private agencies have been forecasting 9-10% growth for the current year. Manufacturing and construction activity have been normalizing with large companies and developers moving ahead with pending projects. Contact-intensive service sector industries – finance, real estate, professional services, for instance – had started witnessing green shoots of recovery in early 2021. The second COVID wave has, however, not just stalled the economic momentum but highlighted the need to ramp up critical medical infrastructure to face the evolving health emergency.