According to a Knight Frank India report released on Tuesday, home prices in the Mumbai Metropolitan Region (MMR), which covers Greater Mumbai, increased by 5% annually in 2024, with a weighted average price of Rs 8,277 per square foot.
It claimed that out of the eight cities in the nation, this represents the highest weighted average price. Residential prices increased by a high of 8% in the Central Mumbai micro market and 7% in the South Mumbai micro market.
A significant percentage of houses sold in Mumbai in 2024 were priced at Rs 50 lakh or more. But in 2024, the percentage dropped from 45% in 2023 to 43%. Notably, the category of Rs one crore to Rs two crore saw a movement, with its share rising to 20% from 17% in 2023, while the category of Rs two crore to Rs five crore saw a shift, with its share rising from 6% in 2023 to 10% in 2024, the report stated.
101 apartments totalling more than Rs 50 crore were sold last year. Mumbai has the highest residential sales of tickets priced between Rs 20 and Rs 50 crore out of all eight cities in the nation. This ticket size saw the largest percentage rise in the city’s residential market, growing 143% year over year to 192 units in 2024 from 79 units in 2023, according to Knight Frank.
In 2024, sales in the Rs 5 crore to Rs 10 crore category increased by 112% year over year to 1,866 units, while sales in the Rs 10 crore to Rs 20 crore category increased by 68% year over year to 360 units. Sales of 41,146 units in the Rs 50-lakh+ category represent a 6% increase from 39,093 units in 2023. The sector above Rs 50 crore saw the biggest drop, going from 255 units in 2023 to 101 units in 2024, or 60%.
The residential market in Mumbai is still expanding steadily due to the ongoing demand for high-end homes and revolutionary infrastructural projects, according to Gulam Zia, senior executive director of research, Advisory, infrastructural, and Valuation, Knight Frank India. Important infrastructural initiatives like the Metro Lines and the Mumbai Coastal Road have significantly increased connectivity, which has increased demand in suburban areas. Both developers and purchasers gain from these developments, which boosts market confidence.
Source: The Times of India
