Mumbai's Real Estate Boom: Office and Residential Markets See Significant Growth in H1 2024
Mumbai's office market witnessed a remarkable 79% year-on-year growth in H1 2024, while the residential market saw a 16% year-over-year increase in sales.
Mumbai Real EstateOffice SpaceResidential MarketKnight Frank IndiaIndian EconomyReal Estate MumbaiJul 05, 2024
On the residential front, Mumbai has seen a 16% year-over-year increase in sales, with 47,259 units sold in H1 2024. Despite this growth, new residential launches have declined by 7% year-over-year, with 46,985 units introduced during this period. The average home price has also risen by 4% compared to H1 2023, driven by steady demand from buyers.
The growth in Mumbai's office sector can be attributed to various factors, including developer confidence, increased transactions, improved infrastructure, higher physical occupancy levels, and a favorable economic climate. Indian enterprises have dominated the office space transactions, accounting for 80% of the total transactions, which is supported by the growing domestic economy. Flex office spaces have also made a significant contribution, accounting for 10% of the total leasing activity in H1 2024.
The average office rent has increased by 4% year-over-year, indicating a strong demand for office spaces in the city. Notably, Mumbai's residential market has seen its highest half-yearly sales volume since H1 2012, with a total of 46,985 new residential units introduced during this period.
information Knight Frank India is a leading international property consultancy that provides a comprehensive range of services across various sectors, including residential, commercial, and industrial real estate.
Frequently Asked Questions
What was the year-on-year growth in Mumbai's office market in H1 2024?
79%
How many units were sold in Mumbai's residential market in H1 2024?
47,259
What was the average increase in home prices in Mumbai in H1 2024?
4%
What percentage of office space transactions were accounted for by Indian enterprises in H1 2024?
80%
What was the average increase in office rent in Mumbai in H1 2024?
4% year-over-year
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