Mumbai Residential Market Sees 20.4% Price Surge in 2 Years Amidst Sustained Demand and Limited Supply
Mumbai's residential prices have increased by 20.4% in the last two years, driven by sustained demand and limited supply. Under-construction properties are gaining momentum, with supply increasing by 17% QoQ.
Mumbai Residential MarketReal EstateProperty PricesUnder Construction PropertiesMagicbricksReal Estate MumbaiAug 04, 2024
Under-construction properties are gaining momentum in Mumbai, with supply increasing by 17% QoQ. Simultaneously, prices of under-construction properties increased by 13.02% QoQ to reach INR 27,422 psf.
Residential demand increased by 6.7% QoQ compared to a modest 4.0% QoQ nationally, while supply grew by 5.3% QoQ compared to 3.5% nationally – the highest in the last 24 months. The report further observed a clear preference towards 2BHK units by commanding 43.5% of the total demand, followed by 3 BHK units commanding 25.6% of the total demand.
The average price of 3BHK units is INR 28,900, an increase from INR 27,700 in the previous quarter. Similarly, the average price of 2BHK units increased from INR 20,900 psf in the previous quarter to INR 21,800 psf between April and June 2024.
Elaborating on the trends, Abhishek Bhadra, Head of Research, said, “As we navigate through 2024, the Indian real estate market has entered its third year of a robust bull run. With a projected steady increase in supply and a more measured pace of demand growth, we expect the market to progress toward equilibrium. Furthermore, continued customer confidence in under-construction properties suggests a promising outlook for the residential real estate market in the long run.”
The western suburbs of Mumbai, such as Malad-Kandivali, Andheri West-Jogeshwari West, and Borivali-Dahisar, were the most in-demand micro-markets by homebuyers.
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Keywords Mumbai residential market, real estate, property prices, under-construction properties, Magicbricks, PropIndex Report
Frequently Asked Questions
What is the current trend in Mumbai's residential market?
Mumbai's residential market is witnessing a significant price surge of 20.4% in the last two years, driven by sustained demand and limited supply.
What is the average price of 2BHK units in Mumbai?
The average price of 2BHK units increased from INR 20,900 psf in the previous quarter to INR 21,800 psf between April and June 2024.
Which localities are most in-demand in Mumbai?
The western suburbs of Mumbai, such as Malad-Kandivali, Andheri West-Jogeshwari West, and Borivali-Dahisar, were the most in-demand micro-markets by homebuyers.
What is the outlook for the residential real estate market in the long run?
Continued customer confidence in under-construction properties suggests a promising outlook for the residential real estate market in the long run.
What is PropIndex Report?
PropIndex Report is a report by Magicbricks that provides insights into the Indian residential real estate market.
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