Mumbai's Property Market Sees 11% Rise in Home Sales in 2024
Rising property values and strong demand for larger homes indicate a continued upward trajectory for Mumbai's housing sector, solidifying its position as a resilient real estate market.
Mumbai Real EstateProperty MarketHome SalesProperty PricesResidential DemandReal Estate MumbaiJan 01, 2025
In 2024, the market recorded residential sales worth Rs 1.6 lakh crore, with 1,41,302 homes sold.
This surge generated Rs 12,161 crore in stamp duty revenue for the Maharashtra government, marking an 11% increase in home sales and a 12% rise in revenue compared to 2023.
December alone saw the sale of 12,193 homes, contributing Rs 1,116 crore in stamp duty.
Except for September, when sales dipped to 9,111 homes, generating Rs 876 crore, every other month saw sales crossing the 10,000 mark.
March recorded the highest sales, with 14,149 homes sold, yielding Rs 1,122 crore in stamp duty.
Property prices per square foot also saw a significant increase over the past five years.
In 2024, the average property price was Rs 14,200 per sq ft, marking a rise of around 49% from Rs 9,500 per sq ft in 2019.
Larger homes gained popularity in 2024.
Apartments sized between 1,000 and 2,000 sq ft saw their share of sales rise from 8% to 12% compared to 2023.
Homes above 2,000 sq ft maintained a steady demand of 2%.
Meanwhile, the demand for compact homes under 500 sq ft dropped significantly, with their share falling from 51% to 35%.
Suburban areas dominated the housing market, contributing to 86% of total sales.
In contrast, Mumbai city sales remained stagnant at 7% due to unaffordable property prices in high-end localities.
Tanuj Shori, founder and CEO of Square Yards, commented, “The Indian residential real estate market has entered a promising upcycle post-pandemic, bolstered by pent-up demand and a stronger sentiment for homeownership.
Over the past two to three years, the sector experienced exceptional growth, which has naturally moderated in 2024.”
Rising property values and strong demand for larger homes indicate a continued upward trajectory for Mumbai’s housing sector, solidifying its position as a resilient real estate market.
Shori added, “In 2025, we foresee residential demand and supply growing in close ranges, setting the stage for steady, sustainable progress.”
About Square YardsSquare Yards is a leading real estate technology company that provides end-to-end solutions for property buyers and sellers.
Founded by Tanuj Shori, the company aims to simplify the real estate process through innovative technology and expert guidance.
Frequently Asked Questions
What was the total value of residential sales in Mumbai in 2024?
In 2024, the total value of residential sales in Mumbai was Rs 1.6 lakh crore.
How many homes were sold in Mumbai in 2024?
In 2024, 1,41,302 homes were sold in Mumbai.
What was the stamp duty revenue generated in 2024 from home sales in Mumbai?
The stamp duty revenue generated in 2024 from home sales in Mumbai was Rs 12,161 crore.
What was the average property price per square foot in Mumbai in 2024?
The average property price per square foot in Mumbai in 2024 was Rs 14,200, marking a 49% increase from Rs 9,500 in 2019.
What percentage of home sales in Mumbai in 2024 were in suburban areas?
86% of home sales in Mumbai in 2024 were in suburban areas.
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