Mumbai Real Estate Market Sees 11% Surge in Housing Sales in 2024
Mumbai real estate market witnessed a significant 11% increase in housing sales in 2024, particularly in the luxury segment priced between ₹5 to ₹10 crore and ₹20 to ₹50 crore.
Mumbai Real EstateLuxury HomesHousing SalesKnight Frank IndiaReal Estate MarketReal EstateJan 08, 2025
According to a report by Knight Frank India, this surge in sales is a testament to the city's robust demand for premium and luxury housing units.
Overall, 96,187 housing units were sold in 2024, a significant jump from the 86,871 units sold in 2023.
The report highlighted that the launches mirrored the sales trends, with developers focusing on the ₹5 to ₹10 crore and ₹20 to ₹50 crore ranges.
Gulam Zia, Senior Executive Director at Knight Frank India, stated, '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.'
The luxury housing segment, specifically the ₹20-50 crore range, experienced a remarkable 143% surge in sales in 2024.
Housing sales in the ₹10-20 crore segment more than doubled to 360 units last year.
The report also noted a shift towards homes priced in the ₹1-2 crore range, with its share increasing to 20% in 2024 from 17% in 2023.
The ₹2-5 crore range saw an increase in share from 6% in 2023 to 10% in 2024.
Among the eight cities in the country, Mumbai led in residential sales for units priced in the ₹20-50 crore range.
The segment saw an annual growth of 143% YoY, with 192 units sold in 2024 compared to 79 units in 2023.
The sales in the ₹5-10 crore category grew by 112% YoY to 1,866 units, and the ₹10-20 crore category grew by 68% YoY to 360 units in 2024.
However, the highest decline was observed in the above ₹50 crore price segment, with a 60% drop from 255 units in 2023 to 101 units in 2024.
Vivek Rathi, head of research at Knight Frank, highlighted that while sales surged in the ₹1-2 crore segment, 2024 saw a major supply in higher ticket sizes.
'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 (about 5-7%),' he said.
The buyers in this segment primarily include CXOs, company promoters, and Bollywood celebrities, with the latter holding a 10% or less share.
The report also noted that transactions took place predominantly in central and southern parts of the city, including areas like Mahalaxmi Layout, Worli, and Malabar Hill.
Suburban regions like Dombivili, Kurla, and Virar also saw some transactions.
Mumbai witnessed a 5% annual growth in housing prices, with the weighted average price of residential units reaching ₹8,277 per sq ft.
This marked the highest weighted average price among the eight cities in the country.
Central Mumbai and South Mumbai saw maximum residential price appreciation of 8% and 7%, respectively.
Areas like Worli saw an 8% YoY price growth, ranging from ₹70,153 to ₹91,227 per sq ft, while Lower Parel saw 6% growth in prices ranging from ₹33,665 to ₹37,143 per sq ft.
Other areas like Andheri and Bandra(W) saw a marginal 1% growth at ₹23,338 to ₹24,654 per sq ft and ₹72,799 to ₹82,542 per sq ft, respectively.
Mira Road and Khargar saw a generous 5% price appreciation, ranging from ₹11,697 to ₹12,966 per sq ft and ₹9,495 to ₹10,997 per sq ft, respectively.
Frequently Asked Questions
What was the overall growth in housing sales in Mumbai in 2024?
Mumbai’s residential real estate market saw an 11% increase in housing sales in 2024, with a total of 96,187 housing units sold compared to 86,871 units in 2023.
Which price range saw the highest growth in sales?
The ₹20-50 crore segment saw the highest growth, with a 143% YoY increase in sales, rising to 192 units in 2024 from 79 units in 2023.
Who are the primary buyers in the luxury segment?
The primary buyers in the luxury segment are CXOs, company promoters, and Bollywood celebrities, with the latter holding a 10% or less share in the market.
What areas in Mumbai saw the highest residential price appreciation?
Central Mumbai and South Mumbai saw the highest residential price appreciation, with 8% and 7% growth, respectively.
What was the weighted average price of residential units in Mumbai in 2024?
The weighted average price of residential units in Mumbai in 2024 reached ₹8,277 per sq ft, marking the highest weighted average price among the eight cities in the country.
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