Mumbai Residential Market on a Bull Run: Prices Soar 20.4% in Two Years
The average residential rates in Mumbai have increased 6.5% quarter-on-quarter to reach INR 26,780 per square foot, driven by sustained demand and limited supply.
Mumbai Residential MarketProperty PricesMagicbricksPropindex ReportIndian Real Estate MarketReal Estate MumbaiJun 28, 2024
One of the key factors contributing to this growth is the increasing popularity of under-construction properties in Mumbai. The report highlights that supply has increased 17% quarter-on-quarter, while prices of under-construction properties have risen 13.02% quarter-on-quarter to reach INR 27,422 per square foot.
Residential demand in Mumbai has also seen a significant increase of 6.7% quarter-on-quarter, compared to a modest 4.0% quarter-on-quarter nationally. Meanwhile, supply has grown by 5.3% quarter-on-quarter, the highest in the last 24 months.
The report also reveals a clear preference towards 2BHK units, which command 43.5% of the total demand, followed by 3 BHK units, which account for 25.6% of the total demand. The average price of 3BHK units has increased to INR 28,900, up from INR 27,700 in the previous quarter. Similarly, the average price of 2BHK units has risen from INR 20,900 per square foot in the previous quarter to INR 21,800 per square foot between April and June 2024.
Abhishek Bhadra, Head of Research, attributes this growth to the robust bull run in the Indian real estate market.
Frequently Asked Questions
What is the percentage increase in residential prices in Mumbai in the last two years?
20.4%
What is the current average residential rate in Mumbai?
INR 26,780 per square foot
Which type of properties are gaining momentum in Mumbai?
Under-construction properties
What is the most in-demand micro-market in Mumbai?
Malad- Kandivali
What is the expected outlook for the residential real estate market in the long run?
Promising, with continued customer confidence in under-construction properties
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