Mumbai Real Estate Market At 13 Year High: These Properties Most Sought - Details

Housing Trends: Mumbai’s property market hit a 13-year high in 2024, recording over 1.41 lakh property registrations, an 11% increase year-on-year (YoY). The surge generated Rs 12,150 crore in stamp duty revenue, marking a 12% YoY growth, according to Knight Frank India.

Despite the overall growth, homes priced under Rs 50 lakh faced a steep decline in demand.

Budget homes see decline

Transactions for properties priced under Rs 50 lakh dropped notably in December 2024, accounting for only 25% of total registrations, down from 30% in December 2023. The number of properties sold in this category fell by 15%, from 3,686 units in December 2023 to 3,129 units in December 2024.

Conversely, premium housing witnessed growth. Properties priced between Rs 2 crore and Rs 5 crore saw a 36% jump in registrations, while sales of properties priced above Rs 5 crore increased by 19%.

Transactions for homes priced Rs 2 crore and above now account for 23% of total registrations, up from 18% the previous year because of a  growing appetite for higher-value real estate.

Home size preferences

Smaller apartments under 500 sq ft, which once dominated the market with a 51% share in December 2023, now represent only 35% of total registrations. In contrast, mid-sized apartments ranging from 500–1,000 sq ft grew in popularity, rising from 39% to 51%. Apartments measuring 1,000–2,000 sq ft also gained traction, increasing their share from 8% to 12%, as buyers increasingly seek spacious living spaces.

Regional dynamics

Mumbai’s Western and Central Suburbs continued to dominate the market, it contributed to 86% of total property registrations. However, the Central Suburbs increased their share from 29% in December 2023 to 33% in December 2024. This growth is attributed to enhanced supply and strong end-user interest. Meanwhile, the Western Suburbs saw a slight decline in market share from 57% to 53%.

South Mumbai and Central Mumbai, known for their high-end offerings, maintained steady shares of 7% and 5%, respectively.

Property sales and revenue

December 2024 recorded 12,518 property registrations, up 2% YoY and 23% month-on-month (MoM). The month generated Rs 1,154 crore in stamp duty revenue and marked a 24% YoY and 25% MoM growth. Overall, residential properties accounted for 80% of December registrations.

Across the year, the total registrations reached 141,302 units, while the revenue generated reached Rs 12,161 crore.

Shishir Baijal, Chairman and Managing Director of Knight Frank India said,  "The steady rise in registrations and revenue underscores strong demand, particularly for premium and spacious homes. This shift signals an evolution in homebuyer preferences, with an emphasis on quality and value."