At the ET Realty Real Estate Conclave 2026, a high-powered fireside chat on ‘Building for the Next Housing Cycle: Strategy, Scale and the Changing Residential Playbook’, brought together leading voices from the residential sector to decode what lies ahead.
Moderated by Chaitanya Seth, Partner, EY Parthenon, the session featured Manan Shah, Treasurer (Elect), NAREDCO Maharashtra and MD, MICL Group; Jay Morzaria, Chairman, NAREDCO NextGen and Director, VRAJ Group; Vikas Jain, President NextGen, NAREDCO Maharashtra and CEO, Labdhi Lifestyles; Shailesh Puranik, Vice-President, CREDAI-MCHI and CMD, Puraniks; Rushi Mehta, Hon. Secretary, CREDAI-MCHI and Director, Neelyog Builders; Miki Kedem, CEO, Huliot Pipes India; and Dimple Merchant, Partner, I V Merchant & Company.
Setting the context, Seth reflected on the volatility of the past decade — from the flat cycle between 2016 and 2020 to the sharp post-pandemic rebound between 2021 and 2025 — marked by policy reforms, GST-led transparency, capital market participation and rising institutional scrutiny. The key question, he noted, is what elements of this transformation are structural and what may prove cyclical as the market matures.
Manan Shah pointed to infrastructure as the strongest long-term demand driver, particularly in Mumbai and the MMR region.
“The first change we are seeing as a developer is that real estate is getting categorised as an industry,” he said, highlighting the impact of regulatory reforms and professionalisation.
He added that major infrastructure projects — including metro corridors and coastal connectivity — are reshaping buyer behaviour and expanding viable residential catchments. However, he was unequivocal about pricing pressures: “Prices are going to keep increasing over the next five years, because developers do not have a choice,” citing rising land acquisition costs, redevelopment premiums, labour and material inflation.
Jay Morzaria reinforced the structural impact of infrastructure on residential strategy. “The map of Mumbai has actually changed a lot,” he observed, noting that improved connectivity has blurred the traditional north-south divide and created multiple sub-markets within the city.
According to Morzaria, Mumbai can no longer be viewed as a homogeneous residential market. Instead, micro-market dynamics — defined by commute time, affordability thresholds and product positioning — will increasingly determine success.
The panel also discussed evolving customer preferences, with younger, well-travelled buyers demanding better design, amenities, sustainability and community living formats. Developers agreed that disciplined growth — balancing expansion ambitions with balance-sheet prudence — is critical in a rising-cost environment. Governance standards, compliance rigour and technology adoption are no longer optional, as lenders and private equity investors demand transparency and execution reliability.
Looking ahead, the consensus was that the next housing cycle will be defined less by speculative momentum and more by structural fundamentals: Infrastructure-led expansion, micro-market segmentation, capital discipline and customer trust. Developers who align product strategy with long-term urban transformation — rather than short-term price cycles — are likely to remain resilient through the next phase of residential growth.
