According to Knight Frank India research released earlier this week, residential property prices in the Mumbai Metropolitan Region (MMR), which includes Greater Mumbai, increased by 5% annually in 2024. Out of eight Indian cities, the weighted average price was the highest at Rs 8,277 per square foot.
The micromarkets in Central and South Mumbai showed notable price increases, growing by 8% and 7%, respectively. Properties costing more than Rs 50 lakh made up a significant portion of transaction patterns, however, their share dropped from 45% in 2023 to 43% in 2024. On the other hand, homes in the Rs 2 crore to Rs 5 crore range experienced a gain in share from 6% to 10%, while the Rs 1 crore to Rs 2 crore category saw an increase, rising from 17% to 20%.
101 apartments sold for more than Rs 50 crore last year. Mumbai led all eight Indian cities in sales in the Rs 20 crore to Rs 50 crore range, with transactions rising from 79 units in 2023 to 192 units in 2024, a 143% year-over-year increase. While sales in the Rs 10 crore to Rs 20 crore segment increased by 68% to 360 units, sales in the Rs 5 crore to Rs 10 crore category increased by 112% to 1,866 units. Sales in the Rs 50-lakh-plus category increased by 6% to 41,146 units from 39,093 in 2023. However, sales of ultra-luxury products over Rs 50 crore fell precipitously, from 255 units in 2023 to 101 units in 2024, a 60% decrease.
Mumbai’s residential market is expanding steadily due to the steady demand for high-end housing and better infrastructure, according to Gulam Zia, Senior Executive Director of research, advisory, infrastructure, and valuation at Knight Frank India. Important projects like the Mumbai Coastal Road and Metro Lines, he said, have greatly improved connectivity, especially in suburban areas, which has given buyers and developers more confidence in the market.
Source: Prop News Time
