Mumbai Real Estate Market Surges to 13-Year High in 2024
Mumbai's real estate market, both residential and office, witnessed a significant boom in 2024, according to the Knight Frank India report. The city recorded sales of 96,187 residential units, marking a 13-year high with an 11% year-on-year increase.
Mumbai Real EstateResidential SalesOffice MarketProperty PricesInfrastructure ProjectsReal EstateJan 07, 2025
The Knight Frank India’s India Real Estate – Office and Residential Market (July–December 2024) report highlights a surge in real estate activities, driven by robust demand, new project launches, and transformative infrastructure developments.
The city saw a remarkable sale of 96,187 residential units, marking a 13-year high with an 11% year-on-year (YoY) increase.
The second half of the year alone witnessed the sale of 48,928 units, fueled by festive season demand and the launch of new projects.
Developers responded to the heightened buyer interest by introducing 96,470 new units, the highest supply since 2014, which also led to a 5% rise in average residential prices.
Peripheral areas like Thane and the Central Suburbs emerged as hotspots for launches and sales, attracting buyers with competitive pricing and enhanced amenities.
While properties under Rs 5 million continued to dominate sales, there was a notable shift toward higher price segments.
Sales in the Rs 10–20 million bracket increased to 20%, up from 17% in 2023, and the Rs 20–50 million category saw its share rise from 6% to 10%.
Premium property sales experienced a significant surge, with the Rs 200–500 million segment witnessing a remarkable 143% YoY increase.
The Rs 50–100 million category also saw substantial growth, rising 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 the strong demand for premium housing and ongoing infrastructure projects such as the Mumbai Coastal Road, Metro Line 3, and the Mumbai Trans Harbour Link.
These projects have significantly enhanced the city's connectivity and attractiveness for both residential and commercial investors.
In the office real estate sector, Mumbai witnessed a historic 40% YoY increase in leasing activity, reaching a total of 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 positive 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 continues to show signs of buoyancy, driven by sustained demand, infrastructure advancements, and evolving market trends.
These factors are poised to position the city for continued growth and development 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, marking a 13-year high.
How much did the office lease transactions increase in Mumbai in 2024?
Office lease transactions in Mumbai increased by 40% year-on-year in 2024, reaching 10.4 million sq ft.
Which areas in Mumbai are leading in residential sales and launches?
Peripheral areas like Thane and the Central Suburbs are leading in residential sales and launches, attracting buyers with competitive pricing and enhanced amenities.
What is the impact of infrastructure projects on Mumbai's real estate market?
Infrastructure projects such as the Mumbai Coastal Road, Metro Line 3, and the Mumbai Trans Harbour Link have significantly enhanced the city's connectivity and attractiveness for both residential and commercial investors, driving real estate growth.
What is the average transacted rent for office spaces in Mumbai in 2024?
The average transacted rent for office spaces in Mumbai in 2024 was Rs 118 per sq ft per month, with a 3.5% year-on-year increase.
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