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

Mumbai Residential Market on a Bull Run: Prices Soar 20.4% in Two Years
Real Estate Mumbai:The residential prices in Mumbai have witnessed a significant surge of 20.4% in the last two years, as per Magicbricks' latest PropIndex Report. This upward trend is attributed to sustained demand and limited supply in the market. The average residential rates have increased 6.5% quarter-on-quarter to reach INR 26,780 per square foot.

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

Related News Articles

Navi Mumbai Police Uncover ₹66.75 Lakh Land Deal Fraud, Four Arrested
Real Estate Mumbai

Navi Mumbai Police Uncover ₹66.75 Lakh Land Deal Fraud, Four Arrested

Four individuals have been accused of cheating a 35-year-old real estate developer out of ₹66.75 lakh in a land deal in Navi Mumbai.

July 14, 2024
Read Article
Housing Prices in Top 10 Cities Soar 88% in Five Years; Gurugram Leads with 160% Increase
Real Estate Pune

Housing Prices in Top 10 Cities Soar 88% in Five Years; Gurugram Leads with 160% Increase

Housing prices in the top 10 cities have surged by 88% over the past five years, with Gurugram leading the pack at a staggering 160% increase. Real estate prices have climbed exponentially due to infrastructure development, NRI interest, and a shift towar

October 14, 2024
Read Article
Anthurium Developers Teams Up with GKW for Bhandup Land Development Project
Real Estate Mumbai

Anthurium Developers Teams Up with GKW for Bhandup Land Development Project

Anthurium Developers has entered into a strategic partnership with GKW to develop a significant 37-acre land parcel in Bhandup, Mumbai. This collaboration, facilitated by ANAROCK Capital, a prominent real estate investment services firm, is expected to br

November 17, 2024
Read Article
Pune Sees a Surge in Property Registrations in November 2024, Boosting Stamp Duty Revenue
Real Estate Pune

Pune Sees a Surge in Property Registrations in November 2024, Boosting Stamp Duty Revenue

Real Estate - Pune registers 13,371 properties in November 2024, generating INR 475 cr in stamp duty revenue.

December 14, 2024
Read Article
Godrej Properties Secures 6.54 Acres in Kharghar for Sustainable Development
Real Estate Mumbai

Godrej Properties Secures 6.54 Acres in Kharghar for Sustainable Development

Godrej Properties Ltd (GPL) has recently acquired three contiguous land parcels totaling 6.54 acres in Kharghar, Navi Mumbai, on a 60-year lease for Rs 7.17 crore. This strategic move aligns with the company's commitment to sustainable development and expanding its footprint in the bustling real estate market of Navi Mumbai.

March 28, 2025
Read Article
Hindi Mandatory as Third Language in Mumbai and Pune Schools
Real Estate Mumbai

Hindi Mandatory as Third Language in Mumbai and Pune Schools

In a significant decision, Hindi has been made compulsory as the third language in schools across Mumbai and Pune. This move aims to enhance linguistic diversity and promote national integration.

April 18, 2025
Read Article