Mumbai Residential Sales Hit Record High in Q3 2024
Mumbai's residential real estate market saw a significant surge in sales in Q3 2024, with 24,222 units sold, a 9% year-on-year growth, according to a report by Knight Frank India.
Mumbai Real EstateResidential SalesKnight Frank IndiaQ3 2024Property RegistrationsReal EstateOct 03, 2024
The Mumbai real estate sector experienced significant expansion in 2024, with property registrations in the city increasing by 12% year-on-year, surpassing 100,000 deals from January to September. Data from Knight Frank India revealed that the Mumbai municipal region saw a total of 105,664 property registrations during this timeframe, compared to 94,309 units in the previous year.
Mumbai recorded a 10% YoY growth in the Rs 5 million to 10 million ticket size category during Q3 2024, which accounted for 24% of the city's total sales. The under Rs 5 million segment saw the highest volume, with 10,198 units sold, representing 42% of total sales. Meanwhile, the Rs 10 million and above category experienced a 16% YoY growth, increasing from 7,018 units in Q3 2023 to 8,153 units in Q3 2024.
The growth in Mumbai's residential market can be attributed to the city's solid economic outlook, stable interest rates, and positive homebuyer sentiment. With continued stability in socio-economic and political conditions, the upcoming festive season, and the ongoing growth trajectory, Knight Frank India expects a strong close to 2024, with both residential and commercial office transactions hitting record levels.
Frequently Asked Questions
What was the growth rate of residential sales in Mumbai in Q3 2024?
9% year-on-year growth
What was the average weighted residential price in Mumbai in Q3 2024?
Rs 8,056 per square foot
What was the growth rate of property registrations in Mumbai in 2024?
12% year-on-year growth
Which segment saw the highest volume of sales in Mumbai in Q3 2024?
Under Rs 5 million segment
What is the expected outlook for Mumbai's residential market in 2024?
Strong close to 2024, with both residential and commercial office transactions hitting record levels
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