Mumbai real estate market’s western and central suburbs have emerged as the key hotspots for real estate investment. This is evident from the fact that around 84% of the total 10,200 properties registered in Mumbai in November 2024 were from the western and central suburbs of Mumbai, according to the recent data shared by the Inspector General of Registration and Controller of Stamps of Maharashtra that was collated by Knight Frank India, a real estate consultancy firm.
Western suburbs saw maximum property registrations
In November 2024, the number of properties registered in Central Suburbs increased from 29% in November 2023 to 31% in November 2024. The number of properties in South Mumbai increased from 7% in November 2023 to 9% in November 2024. Both these locations have seen a rise in supply in recent times which has piqued end-user interest, said an analysis by Knight Frank India.
Central Mumbai maintained a stable 7% share, while the western suburbs experienced a slight decrease from 57% to 53%, Knight Frank India’s analysis said.
In Mumbai, areas between Dahisar to Bandra are known as western suburbs, areas between Mahim to Mahalaxmi are referred to as Central Mumbai, Mumbai Central to Cuffe Parade as South Mumbai and from Kurla to Mulund as Central suburbs.
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Are homebuyers investing in bigger apartments?
In November, the 500 and 1,000 sq ft apartments remained the most popular, representing 48% of all registrations. The share of larger apartments measuring 1,000 to 2,000 sq ft rose from 8% to 14%, and those over 2,000 sq ft grew from 2% to 5%, reflecting a steady shift in buyer preference towards more spacious living spaces. Smaller units up to 500 sq ft saw a sharp decrease, from 47% to 33%, Knight Frank India data stated.
Meanwhile, Mumbai real estate market reported a year-on-year (YoY) increase in property registrations in November 2024 with the number increasing to 10,200 from 9,736 units in November 2023. On a month-on-month (MoM) basis, property registrations fell from 12,960 property registrations in October 2024, according to data sourced from the Inspector General of Registration and Controller of Stamps of Maharashtra.
According to Knight Frank India, the dip in the number of properties registered in November compared to October may reflect a market pause following October’s robust performance further catalysed by elections in the state.
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“The 5% year-on-year growth in property registrations and the sharp rise in stamp duty collections reflect the resilience of Mumbai’s real estate market. The increase in demand for properties priced at ₹2 crore and above showcases the strengthening of the premium segment, driven by evolving buyer preferences and rising aspirations,” said Prashant Sharma, president, NAREDCO Maharashtra, an apex body of real estate developers.
“There is a sustained and steady momentum in Mumbai’s housing market influenced by multiple factors including the stable MPC rate, strengthened purchasing power and the desire to upgrade to bigger and better homes, especially in a township format,’ said Dhaval Ajmera, director, Ajmera Realty and Infra India Ltd.
“Along with this, the infrastructural boost across the length and breadth of the city has also opened new opportunities for redevelopment across the micro pockets of the city. This sentiment is here to stay and strengthen with time, thus making home-buying more lucrative than ever,” Ajmera added.
