Mumbai’s Real Estate Market Booms with 13-Year High in 2024
The real estate market in Mumbai saw an astonishing resurgence in 2024, achieving a record-breaking 13-year high with 1.41 lakh property registrations, demonstrating an 11% increase from the 1.26 lakh registrations recorded in 2023. This remarkable growth not only underscores Mumbai’s enduring appeal but also highlights the city’s resilience and potential amidst global economic uncertainties. The surge in property transactions was accompanied by a corresponding 12% increase in stamp duty revenue, totaling an impressive Rs 12,161 crore. Several key areas within Mumbai were at the forefront of this phenomenal growth, with both the western and central suburbs significantly contributing to the market’s performance.
Key Growth Areas and Emerging Hotspots
In December 2024, the western suburbs, encompassing areas like Borivali, Kandivali, Malad, and Goregaon, were standout performers, accounting for 53% of the month’s property registrations. The demand in these localities was particularly strong for 1-BHK apartments priced between Rs one crore and Rs 1.5 crore. Meanwhile, the central suburbs, including Mulund, Bhandup, Vikhroli, and Ghatkopar, also saw impressive activity, contributing 33% to the overall registrations. Property prices here ranged from Rs 20,000 to Rs 50,000 per square foot, with 2-BHK rental rates varying between Rs 35,000 and Rs 70,000 per month.
Aside from the central and western suburbs, Thane and Navi Mumbai emerged as rising stars within the Mumbai Metropolitan Region (MMR). Thane was particularly attractive to first-time buyers, offering compact 2-BHK apartments for under Rs one crore, with property prices ranging from Rs 15,000 to Rs 25,000 per square foot. Navi Mumbai’s popularity, on the other hand, was bolstered by significant infrastructure projects, such as the Navi Mumbai International Airport and Atal Setu Bridge. Property prices in Navi Mumbai were more affordable, ranging from Rs 10,000 to Rs 20,000 per square foot, with 2-BHK rentals between Rs 20,000 and Rs 50,000 per month.
Adding to the dynamism of Mumbai’s real estate market was the luxury housing segment, which saw significant growth. Properties priced at Rs two crore and above expanded their market share to 23% in December 2024, up from 18% in December 2023. This shift towards high-end real estate underscores a growing preference for lifestyle-driven investments among buyers. Looking toward 2025, developers and consultants expressed optimism, anticipating continued growth driven by robust demand for premium homes and the enhanced connectivity resulting from ongoing infrastructure projects. The evolving market is expected to keep pace with buyer preferences, maintaining its upward trajectory.