Mumbai’s residential real estate sector has achieved remarkable success, with 24,222 units sold in Q3 2024, reflecting a 9% year-on-year (YoY) growth, according to the latest findings from Knight Frank India. This quarter also marked the launch of 23,677 new residential units, a significant 21% increase compared to the previous year.
The average weighted price of residential properties in Mumbai has seen a 6% YoY increase, now standing at Rs 8,056 per square foot, the highest across the nation. Furthermore, the city recorded over 105,000 property registrations from January to September 2024, indicating a 12% growth from the same period last year.
Key Highlights from the Report:
- Sales Performance: 24,222 residential units sold in Q3 2024, up 9% YoY.
- New Launches: 23,677 new units launched, representing a 21% increase YoY.
- Price Growth: Average price at Rs 8,056 per square foot, reflecting a 6% YoY rise.
- Property Registrations: Over 105,000 registrations, a 12% increase.
Top Investment Opportunities:
- Lodha Bellevue Tower-3 – An exquisite residence in Mahalaxmi with breathtaking views.
- Piramal Mahalaxmi – A premium development featuring exceptional amenities in Mahalaxmi.
- Shapoorji Pallonji Minerva – A contemporary high-rise celebrated for its luxurious offerings in Mahalaxmi.
- Rustomjee Crown – A distinguished project in Prabhadevi known for its elegant architecture.
- Birla Niyaara – A sophisticated living experience in Worli designed for elegance and comfort.
Market Segment Insights:
- Affordable Segment (Under Rs 5 Million): 10,198 units sold, accounting for 42% of total sales.
- Mid-Range Segment (Rs 5-10 Million): Increased by 10% YoY, making up 24% of total sales.
- Luxury Segment (Above Rs 10 Million): Grew by 16% YoY, with 8,153 units sold.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, stated:
“Mumbai’s residential market is thriving, propelled by strong demand and a favorable economic climate. As we move into the festive season, we anticipate continued growth, further solidifying Mumbai’s position as a premier investment destination.”
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