Mumbai Leads the Way in Residential Sales with 24,222 Units Sold in Q3 2024
The Mumbai real estate market experienced significant growth in 2024, with a 12% year-on-year increase in property registrations. The city saw the highest sales compared to eight other Indian cities, with a total of 24,222 units sold—a 9% year-on-year gro
MumbaiReal EstateResidential SalesKnight Frank IndiaProperty RegistrationsReal Estate MumbaiOct 03, 2024
The Mumbai real estate sector experienced significant expansion in 2024, with property registrations in the city increasing by 12% year-on-year, surpassing 100,000 deals from January to September. Data from Knight Frank India revealed that the Mumbai municipal region saw a total of 105,664 property registrations during this timeframe, compared to 94,309 units in the previous year.
Mumbai recorded a 10% YoY growth in the Rs 5 million to 10 million ticket size category during Q3 2024, which accounted for 24% of the city's total sales. The under Rs 5 million segment saw the highest volume, with 10,198 units sold, representing 42% of total sales. Meanwhile, the Rs 10 million and above category experienced a 16% YoY growth, increasing from 7,018 units in Q3 2023 to 8,153 units in Q3 2024.
Knight Frank India is a leading real estate consultancy firm that provides expert advice on residential and commercial properties. The company has a strong presence in India, with offices in major cities including Mumbai, Delhi, Bengaluru, and Pune.
In Q3 2024, India-facing businesses drove the majority of leasing activity, accounting for 73% of the total occupancy. Flexible office spaces made up over 12%, while Global Capability Centers (GCC) held an 11% share. Third-party IT services contributed to 4% of the occupancy.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Mumbai’s residential market has sustained its strong momentum in 2024, supported by steady sales, a solid economic outlook, and stable interest rates, all contributing to positive homebuyer sentiment. With continued stability in socio-economic and political conditions, the upcoming festive season, and the ongoing growth trajectory, we expect a strong close to 2024, with both residential and commercial office transactions hitting record levels”.
Frequently Asked Questions
What was the total number of units sold in Mumbai in Q3 2024?
24,222 units
What was the year-on-year growth in property registrations in Mumbai in 2024?
12%
What was the average weighted residential price in Mumbai in Q3 2024?
Rs 8,056 per square foot
What was the share of India-facing businesses in leasing activity in Q3 2024?
73%
What is the expected outlook for the Mumbai residential market in 2024?
A strong close to 2024, with both residential and commercial office transactions hitting record levels
Related News Articles
Raymond Unveils Demerger of Real Estate Business into Raymond Realty
Raymond to operate as separate listed entities with wholly-owned subsidiary Raymond Realty, post statutory approvals.
India's Urban Exodus: How Tier II Cities Are Redefining Real Estate
The recent trend of reverse migration from metropolitan cities to Tier II cities is transforming the real estate landscape in these emerging urban centers. Cities like Pune, Ahmedabad, and Jaipur are witnessing a surge in demand for residential and commer
Revitalizing Democracies through Innovative Journalism
Discover the future of journalism and its role in building healthier democracies. Learn how innovative strategies can help unlock new revenue streams and boost economic growth.
Goel Ganga Developments: A Pillar of Excellence in the Real Estate Industry
Pune-based Goel Ganga Developments is a renowned name in the real estate industry, known for its high standards and prompt delivery.
Gold vs. Other Precious Metals: Should You Diversify Beyond Gold?
While precious metals do not provide income and are mainly based on market speculation, diversifying your investment portfolio with a mix of precious metals can offer a more balanced and potentially lucrative strategy, combining the benefits of each asset
Sundaram Alternates Raises Rs 1000 Crore for Real Estate Fund
The fund, Sundaram Alternative Opportunities Series – High Yield Secured Real Estate Fund IV, has a total corpus of Rs 1,500 crore and is 70% deployed. This significant investment underscores the growing interest in the real estate sector.