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
Rise of Real Estate Influencers: How Home Brokers are Gaining Internet Fame
Meet the real estate brokers who are becoming internet celebrities, showcasing luxurious properties and gaining millions of followers online.
VTP Realty's Grand Allotment Event for Hinjawadi Phase 1 Projects
VTP Realty's highly anticipated allotment event for its two new WOW projects in Hinjawadi Phase 1 drew a massive crowd and set new standards for real estate launches in Pune. The event, spanning from 10 a.m. to midnight, left attendees in awe with its gra
The Mysterious Murder of Baba Siddique: Real Estate Ties or Salman Khan Connection?
The motive behind the murder of former Maharashtra minister Baba Siddique remains shrouded in mystery, with police making several arrests but still struggling to piece together the full story. Was it a fallout from his real estate dealings, or did his fri
Madhya Pradesh to Launch Online Property Registration by Next Year
Madhya Pradesh is set to introduce online property registration services, making the process more convenient and accessible for residents and buyers.
Major Arrest in Mumbai Bank Embezzlement Scandal
In a significant development, police have arrested an individual involved in a Rs 12 crore embezzlement case, allegedly linked to real estate developers and other accomplices.
Pune Set to Launch Trump World Center: India's First Trump-Branded Office Complex
Pune is set to welcome the first Trump-branded office complex in India, marking a significant milestone in the country's real estate market. This ambitious project, known as Trump World Center, is expected to bring a new level of luxury and prestige to th