Mumbai's Residential Market Sees Highest Sales in Q3 2024: Knight Frank Report
Mumbai's residential real estate market witnessed the highest sales among eight Indian cities, with 24,222 units sold in Q3 2024, a 9% year-on-year growth, according to a report by Knight Frank India.
Mumbai Real EstateResidential SalesKnight Frank IndiaReal Estate MarketProperty RegistrationsReal Estate NewsOct 03, 2024
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.
According to Knight Frank Research, India-facing businesses drove the majority of leasing activity, accounting for 73% of the total occupancy. Flexible office spaces made up over 12%, while Global Capability Centers (GCC) held an 11% share. Third-party IT services contributed to 4% of the occupancy.
Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Mumbai’s residential market has sustained its strong momentum in 2024, supported by steady sales, a solid economic outlook, and stable interest rates, all contributing to positive homebuyer sentiment. With continued stability in socio-economic and political conditions, the upcoming festive season, and the ongoing growth trajectory, we expect a strong close to 2024, with both residential and commercial office transactions hitting record levels
Frequently Asked Questions
What was the total number of units sold in Mumbai's residential market in Q3 2024?
24,222 units
What was the year-on-year growth in Mumbai's residential market in Q3 2024?
9%
What was the average weighted residential price in Mumbai in Q3 2024?
Rs 8,056 per square foot
What segment saw the highest volume of sales in Mumbai's residential market in Q3 2024?
The under Rs 5 million segment
What was the growth in property registrations in Mumbai in 2024?
12% year-on-year growth
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