Mumbai Real Estate Market Reaches 13-Year High in 2024, Says Knight Frank Report
Mumbai's real estate market has achieved a 13-year high in 2024, with a surge in residential sales and office leasing activity, as per Knight Frank India’s latest report.
Mumbai Real EstateResidential SalesOffice LeasingKnight Frank IndiaInfrastructure ProjectsReal Estate MumbaiJan 07, 2025
According to Knight Frank India’s India Real Estate – Office and Residential Market (July–December 2024) report, the city witnessed the sale of 96,187 residential units, marking a 13-year high and an 11% year-on-year (YoY) increase.
In the second half of the year alone, 48,928 units were sold, driven by festive season demand and a flurry of new project launches.
Developers responded to the strong buyer interest by introducing 96,470 new units, the highest supply since 2014, along with a 5% rise in average residential prices.
Peripheral areas like Thane and the Central Suburbs dominated both launches and sales, attracting buyers with competitive pricing and enhanced amenities.
Properties under Rs 5 million continued to account for a significant share of sales, but there was a noticeable shift toward higher price segments.
Sales in the Rs 10–20 million bracket rose to 20%, up from 17% in 2023, and the Rs 20–50 million category saw its share climb from 6% to 10%.
Premium property sales surged, with the Rs 200–500 million segment witnessing a remarkable 143% YoY increase, while the Rs 50–100 million category grew by 112%.
However, the ultra-luxury segment above Rs 500 million recorded a sharp 60% decline.
Gulam Zia, Senior Executive Director at Knight Frank India, attributed Mumbai’s continued growth to robust demand for premium housing and transformative infrastructure projects, such as the Mumbai Coastal Road, Metro Line 3, and the Mumbai Trans Harbour Link.
In the office real estate sector, Mumbai achieved a historic 40% YoY increase in leasing activity, reaching 10.4 million sq ft of transactions—the highest in over a decade.
India-facing businesses dominated, accounting for 77% of transactions.
New office supply surged by 89% YoY to 5.8 million sq ft, with significant additions in SBD West.
Viral Desai, Senior Executive Director at Knight Frank India, highlighted the impact of improved metro connectivity, including the BKC metro, on accessibility and occupier demand.
Office rents grew by 3.5% YoY, with an average transacted rent of Rs 118 per sq ft per month.
Mumbai’s real estate sector remains buoyant, with sustained demand, infrastructure advancements, and evolving market trends positioning the city for continued growth in 2025.
Frequently Asked Questions
What was the total number of residential units sold in Mumbai in 2024?
Mumbai sold a total of 96,187 residential units in 2024.
What was the percentage increase in residential unit sales in 2024 compared to the previous year?
Residential unit sales in 2024 increased by 11% year-on-year (YoY).
Which areas in Mumbai saw the highest residential unit launches and sales?
Peripheral areas like Thane and the Central Suburbs dominated both launches and sales in Mumbai.
What significant infrastructure projects contributed to Mumbai's real estate growth?
Key infrastructure projects like the Mumbai Coastal Road, Metro Line 3, and the Mumbai Trans Harbour Link contributed to the growth.
What was the YoY increase in office leasing activity in Mumbai in 2024?
Office leasing activity in Mumbai increased by 40% year-on-year (YoY) in 2024.
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