Western and Central Suburbs Leading the Mumbai Real Estate Market
As of November 2024, 84% of the total 10,200 properties registered in Mumbai were from the western and central suburbs, highlighting their growing importance in the city's real estate sector.
Mumbai Real EstateWestern SuburbsCentral SuburbsProperty RegistrationsReal Estate MarketReal Estate MaharashtraDec 03, 2024
Western suburbs, which span from Dahisar to Bandra, and central suburbs, ranging from Kurla to Mulund, have seen a significant increase in property registrations. The central suburbs recorded a rise from 29% in November 2023 to 31% in November 2024. South Mumbai, encompassing areas from Mumbai Central to Cuffe Parade, also saw an increase from 7% to 9% in the same period. These figures indicate a growing interest in these regions, driven by a surge in housing supply and favorable market conditions.
On the other hand, the western suburbs experienced a slight decrease in property registrations, from 57% in 2023 to 53% in 2024. However, this decline is attributed to a natural market fluctuation following a robust October performance, which may have been influenced by the state elections.
Shift in Buyer Preferences
In terms of apartment sizes, the trend is leaning towards larger living spaces. In November 2024, apartments measuring 500 to 1,000 sq ft continued to be the most popular, accounting for 48% of all registrations. The share of larger apartments, ranging from 1,000 to 2,000 sq ft, saw a significant increase from 8% to 14%, while those over 2,000 sq ft grew from 2% to 5%. Conversely, smaller units up to 500 sq ft experienced a sharp decline from 47% to 33%. This shift reflects a growing preference for more spacious and comfortable living environments among homebuyers.
Market Growth and Trends
Mumbai's real estate market reported a year-on-year (YoY) increase in property registrations, with the number of units rising to 10,200 in November 2024 from 9,736 in November 2023. However, on a month-on-month (MoM) basis, registrations fell from 12,960 in October 2024, likely due to a market pause following the robust performance in October, compounded by the state elections.
The resilient growth in property registrations and the substantial rise in stamp duty collections indicate a strong market. The demand for properties priced at ₹2 crore and above has particularly surged, pointing to a strengthening of the premium segment. This trend is driven by evolving buyer preferences and rising aspirations.
Frequently Asked Questions
What percentage of properties registered in Mumbai in November 2024 were from the western and central suburbs?
84% of the total 10,200 properties registered in Mumbai in November 2024 were from the western and central suburbs.
How did the property registrations in the central suburbs change from November 2023 to November 2024?
The property registrations in the central suburbs increased from 29% in November 2023 to 31% in November 2024.
What is the trend in buyer preferences for apartment sizes in Mumbai?
Buyers are increasingly preferring larger apartments. In November 2024, apartments measuring 500 to 1,000 sq ft were the most popular, and the share of apartments over 1,000 sq ft increased significantly.
What factors are contributing to the growth in Mumbai's real estate market?
Stable MPC rate, enhanced purchasing power, the desire to upgrade to larger homes, and infrastructural development are key factors driving the growth in Mumbai's real estate market.
What is the significance of the increase in demand for properties priced at ₹2 crore and above?
The increase in demand for high-value properties priced at ₹2 crore and above reflects a strengthening of the premium segment, driven by evolving buyer preferences and rising aspirations.
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