June 19, 2025: A staggering 85% of respondents from the Mumbai Metropolitan Region (MMR) prefer owning a home over renting, according to Knight Frank India’s latest report, ‘Beyond Bricks: The Pulse of Home Buying’. The study, which surveyed 1,629 participants across India’s top eight cities, underscores Mumbai’s position as one of the most ownership-inclined real estate markets in the country.
Driven by financial stability and cultural aspiration, MMR’s homeownership sentiment trails just behind Chennai (86%) and ahead of Ahmedabad (83%). Notably, 37% of Mumbai respondents currently rent but are planning to buy—a clear indicator of latent demand.
“Post-pandemic dynamics, proactive policy interventions, and robust economic activity have renewed buyer confidence, particularly in MMR,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India. Homeownership has become a symbol of stability and financial security.
The survey revealed that nearly half of MMR’s homebuyers (48%) are looking to upgrade to a better home, while 34% are motivated by investment opportunities. This dual demand—aspirational and financial—makes Mumbai a unique and dynamic market.
With 71% of buyers across India preferring apartments, the MMR region reflects this trend. However, higher-income individuals are also seeking independent houses and villas, showcasing a growing appetite for premium real estate.
For Mumbai purchasers, access to essential services is paramount. Health facilities were ranked first (58%) by the MMR respondents when determining if being near a hospital or clinic was important. This was followed by shopping outlets and dependable public transport.
It’s interesting to note that amenity-related features such as gyms and community clubs were ranked lower, because they are often viewed as a given feature of new age residential projects.
Almost 55% of MMR’s homebuyers prefer under construction, while 33% prefer ready to move homes. This is indicative of increasing confidence in the timeline of project delivery and the ability to customise homes, among the young buyers and those with high income.
With 95% of buyers depending on mortgages—one of the highest rates of dependence among Indian metros—home loan finance makes up the great bulk of financing alternatives in the MMR. This is a substantially higher reliance than other metropolitan regions, such as Delhi-NCR, which had only 53% of homebuyers indicating mortgage financing use.
Homeownership is being led predominantly by millennials (82%) and by those who are high earners (91%). While affordability has always been a barrier for lower income groups, MMR’s changes indicate that the buyers are weighted towards long residence and long-term asset building.
Knight Frank’s report shows a positive side for Mumbai’s residential market. With increasing financial confidence and a lifelong cultural commitment to home ownership, developers and policy makers have a timely opportunity to create solutions, whether through flexible financing, affordable housing, or urban improvements, that will help fulfil MMR’s ambitions.
