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
Related News Articles
Delhi-NCR and Mumbai Witness Significant Rise in Housing Prices Over the Past 5 Years
The average housing prices in Delhi-NCR and Mumbai have seen a substantial increase of nearly 50% over the past 5 years, according to a report by real estate consultant Anarock.
Luxury Real Estate Boom: Hyderabad Sees 44% Rise in High-End Home Sales
India's wealthy drive record sales for ultra-luxury homes, with Hyderabad witnessing a 44% annual increase in luxury unit sales.
MHADA Slashes Prices of 370 Affordable Homes in Mumbai by 25%-30%
Maharashtra Housing Area Development and Authority (MHADA) has announced a price reduction of 10% to 25% on 370 affordable homes in Mumbai.
Uddhav Thackeray Accuses Amit Shah of Plotting to Break Opposition Ranks in Maharashtra
Uddhav Thackeray claims Amit Shah directed BJP leaders to split opposition and stop him and Sharad Pawar politically. Maharashtra assembly elections to be held by November 2024.
Linklaters Facilitates Integration of Saba into Interparking to Boost Pan-European Urban Mobility
AG Real Estate, AG Insurance, Interparking, and APG have joined forces with CriteriaCaixa to integrate Saba, a leading public car park operator, into Interparking. This move will significantly enhance Interparking Group’s position as a major player in urb
Joyville Shapoorji Pallonji Hosts its First-Ever Kids Marathon (Joy Run Junior) in Hadapsar
Speaking on the success of the event, Mr. Sriram Mahadevan, CEO of Shapoorji Pallonji Real Estate and MD of Joyville Shapoorji Housing Pvt. Ltd., said...