Mumbai interior infrastructure market is likely to grow with high demand owing to the need that aroused by the completion of various projects started in the beginning of 2022 and onwards. It is to be noted that the market has seen highest registry of flats, apartments, independent houses and lands in the second and third quarter of FY2023-24. It is also said by different people that after the new government formation many of the public as well as private projects were cleared and completion of projects got over that will be unleashing thedemand of interior products.
THE PLY REPORTER analysis is very optimistic and bullish on boom in demand of interior products in Mumbai during 2024 onwards. The beginning of the year 2023 reported record sales of property worth Rs 8694 crore in Greater Mumbai, of which Rs 658 crore has been received by the Maharashtra government. About 84 percent of this property sale is residential and 16 percent is non-residential.
If data of property registration are true, after January 2021, an average of about 280 properties was registered daily, whereas in January 2022, an average of 336 properties were registered daily due to the reduction in stamp duty. It helped the residential property sales of Mumbai where the highest demand was for flats of 500 to 1,000 square feet size, which is around 48% means growth in demand for plywood, laminates and kitchen and wardrobe shutters. While the share of flats with area less than 500 square feet was 35%, hence the economy range products will see a more demand. The flats with area more than 1,000 square feet was 17% yet it is a better number compared to pre pandemic trends.
The reports gathered by Furniture Design and Technology magazine show a 100% increase in readymade furniture makers output during 2022 and 2023. The number of furniture makers in Mumbai region has also been doubled during 2021-2023. The ongoing surge is expected to give a very good New Year 2024 as already the market is bullish in Mumbai.
The consumption of calibrated ply, laminate and MDF has also grown multifold. Its consumption growth has been observed by 30% up in Mumbai region in last one year. With rising competition, the prices are not going to increase but the consumption of interior decor products is set to grow. It is evident from the numbers of leading laminate producers that their sales have grown by almost 50%. So far PLY REPORTER expects a very decent pick up in demand for interior products including door, veneers, plywood, laminates, hardware furniture fittings and architectural hardware.