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Mumbai’s residential real estate market saw an 11% increase in housing sales in 2024, especially luxury homes in the ₹5 to ₹10 crore price range and ₹20 to ₹50 crore segment, according to a report by Knight Frank India.
Overall, 96,187 housing units were sold in 2024, surging to 11% compared to 86,871 units in 2023.
The report noted that launches mirrored the sales trends and luxury housing demand, with developers focusing on the ₹5 to 10 crore and ₹20 to 50 crore range.
“Mumbai’s residential market continues its steady growth, driven by sustained demand for premium housing and transformative infrastructure developments. Key infrastructure projects like the Mumbai Coastal Road and Metro Lines have greatly improved connectivity, fueling demand in suburban areas,” Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure and Valuation, Knight Frank India, said.
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Luxury housing fuels sales in Mumbai
The city witnessed a 143% surge in sales in the ₹20-50 crore segment in 2024. Housing sales in the ₹10-20 crore segment more than doubled in 2024 to 360 units last year.
The report added that in 2024, there was a shift towards homes priced in the range of ₹1-2 crore, with its share increasing to 20% as opposed to 17% in 2023, while the housing units priced in the ₹2-5 crore range saw an increase in share from 6% in 2023 to 10% in 2024.
Among all the eight cities in the country, Mumbai led the residential sales for housing units priced in the ₹20-50 crore range.
The highest percentage growth in the city’s residential market was observed in the ticket size segment of ₹20-50 crore, with an annual growth of 143% YoY to 192 units during 2024 from 79 units in 2023, it noted.
The sales in the ₹5-10 crore category grew by 112% YoY to 1,866 units, and ₹10 to ₹20 crore grew by 68% YoY to 360 units in 2024, it said.
The highest decline was observed in the above ₹50 crore price segment at 60%, from 255 units in 2023 to 101 units in 2024.
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CXOs, company promoters and Bollywood stars invest in homes priced between ₹20-50 crore
Vivek Rathi, head of research at Knight Frank, said that while sales surged in the ₹1-2 crore segment on average, 2024 saw a major supply in higher ticket sizes. This also complemented the homebuyers’ sentiments for larger apartments and luxury spaces in the ₹20-50 crore segment and above.
“Most of the HNI buyers are not first-time homebuyers. In this segment, we mostly saw a majority of investment in under-construction projects and a small portion of redevelopment projects (of about 5-7%),” he said.
While most buyers are CXOs and promoters, Bollywood celebrities held a 10% or less share in this segment.
“In terms of places, we saw transactions taking place in central Mumbai and southern parts of the city, including places like Mahalaxmi Layout, Worli, and Malabar Hill. We also saw some transactions coming from the suburban regions like Dombivili, Kurla and Virar,” Rathi added.
Mumbai witnesses 5% growth in housing prices
According to the report, Mumbai saw a 5% annual growth in housing prices. The weighted average price of residential units in the city touched ₹8,277 per sq ft.
“This also marks the highest weighted average price among the eight cities in the country. Central Mumbai and South Mumbai micro market saw maximum residential price appreciation of 8% and 7% respectively,” it said.
Areas like Worli saw 8% YoY price growth at ₹70,153 – 91,227 per sq ft, and Lower Parel saw 6% growth in prices in ranges of ₹33,665-37,143 per sq ft. Other areas like Andheri and Bandra(W) saw a marginal 1% growth at ₹23,338 – 24,654 per sq ft and ₹72,799 – 82,542 per sq ft, respectively.
Mira Road and Khargar saw a generous 5% price appreciation at ₹11,697-12,966 per sq ft and ₹ ₹9,495-10,997 per sq ft, respectively.
