Mumbai Real Estate Shift: Majority of 2024 Registered Properties Under 650 Sq Ft
In 2024, a significant portion of the properties registered in Mumbai were smaller than 650 sq ft, with a notable 60% comprising 1 BHK and 2 BHK apartments, according to the Maharashtra Real Estate Regulatory Authority (MahaRERA).
Mumbai Real EstateMaharera1 Bhk2 BhkApartment SizesReal Estate MaharashtraFeb 11, 2025
This trend highlights the growing emphasis on affordability, as per the data from the Maharashtra Real Estate Regulatory Authority (MahaRERA).
According to MahaRERA, almost 50% of new launches had a RERA carpet area of less than 60 sqm (650 sq ft).
However, the average apartment size has gradually increased over the last five years, with the supply of larger apartments (60 to 120 sqm or 650 to 1,300 sq ft) nearly doubling in the last four years.
In 2024, 63,244 units were registered in Mumbai, which is nearly 4% higher than the 60,930 units registered in 2023.
The highest number of new launches in the last five years, over 75,000 units, was reported in 2022.
Real estate developers and experts opine that affordability is a major concern among homebuyers.
However, there is a growing preference for larger apartments, particularly 3 BHK and above.
The price range for apartments in the Mumbai real estate market starts from ₹20,000 per sq ft and goes up to ₹1.60 lakh per sq ft for luxury homes.
Last week, Uday Kotak made headlines by purchasing 12 apartments in Worli facing the sea for ₹202 crore at a per sq ft rate of over ₹2.70 lakh, marking one of the costliest residential deals in India.
According to MahaRERA data, 36,274 of the 63,244 units launched in 2024 were 1 BHK and 2 BHK apartments.
Around 15%, or over 10,000 units, were 3 BHK apartments, and about 3%, or nearly 2,000 units, were 4 BHK apartments.
The market also reported the registration of over 6,200 office spaces and shops, constituting around 10% of the total launches in 2024.
In 2023, the percentage of 1 and 2 BHK apartments registered in Mumbai was around 65%, and around 14% were 3 BHK apartments.
The data suggests that the supply of 1 BHK apartments has declined.
In 2022, developers registered over 21,000 such units in Mumbai, but this number fell to over 18,000 in 2023 and around 15,000 in 2024.
Specific areas like Kurla East, Bandra West, Vile Parle East, Andheri East, Marol, Malad, Ghatkopar East, Bhandup West, Vikhroli, Borivali West, and Kandivali East have experienced a surge in new housing launches in recent years.
The areas with the highest number of launches of over 1,000 units were Bhandup West, Mulund West, Borivali West, Malad East, and Oshiwara.
Rahul Ajmera, a developer at Vasupujya Corporation and a data analyst, stated, \
Frequently Asked Questions
What percentage of properties registered in Mumbai in 2024 were smaller than 650 sq ft?
In 2024, 50% of the properties registered in Mumbai were smaller than 650 sq ft.
What is the percentage of 1 BHK and 2 BHK apartments among the properties registered in 2024?
Nearly 60% of the properties registered in 2024 were 1 BHK and 2 BHK apartments.
How has the average apartment size changed in the last five years?
The average apartment size has gradually increased over the last five years, with the supply of larger apartments (60 to 120 sqm) nearly doubling in the last four years.
What is the price range for apartments in the Mumbai real estate market?
The price range for apartments in the Mumbai real estate market starts from ₹20,000 per sq ft and goes up to ₹1.60 lakh per sq ft for luxury homes.
Which areas in Mumbai have seen a surge in new housing launches?
Specific areas like Kurla East, Bandra West, Vile Parle East, Andheri East, Marol, Malad, Ghatkopar East, Bhandup West, Vikhroli, Borivali West, and Kandivali East have experienced a surge in new housing launches.
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