Knight Frank India, in its flagship report – India Real Estate- Office and Residential Market (July – December 2024) cited that Mumbai remained the largest residential market in the country, leading in residential sales among all metros. The city recorded sales of 96,187 primary residential units in 2024, marking a 13-year high with an 11% YoY growth. In H2 2024 alone, 48,928 units were sold, reflecting a 6% YoY increase.
Read More:Rupee falls 7 paise to 85.75 against US dollar
The report presents an analysis of the residential and office market performance across eight major cities; Mumbai, National Capital Region (NCR), Bengaluru, Chennai, Hyderabad, Pune, Ahmedabad and Kolkata.
Read More: India to ban sale of foreign made laptops? Modi govt makes big announcement
Developers leveraged the strong sales momentum by introducing new supply to the market, resulting in a 4% YoY increase with 96,470 new units launched in 2024—the highest since 2014. In 2024, the average residential prices rose by 5% YoY over 2023. The sustained demand of buyers supported this price growth and kept the momentum ongoing.
Residential Market Update 2024: January – December 2024
Mumbai, recognised as India’s financial hub, thrives on its robust economic ecosystem as a centre for finance, commerce, and industry. Complemented by transformative infrastructure projects like the Mumbai Coastal Road, Metro Line 3, and the Mumbai Trans Harbour Link (MTHL), the city continues to strengthen its position as the nation’s premier real estate market.
Read More: India Becomes Second Largest Buyer Of Gold After Poland In 2024: World Gold Council
Mumbai’s residential market sustained its strong performance, recording the highest half-yearly sales volume since H1 2012. The latter half of 2024 saw a 4% increase in sales compared to the first half, primarily fuelled by heightened demand during festive seasons like Navratri, Dussehra, and Diwali. These festivals traditionally drive real estate activity through positive market sentiment, further bolstered by developers introducing new projects and offering appealing payment plans.
Peripheral regions, such as the Central Suburbs and Thane, dominated launches and sales in H2 2024, attracting buyers with more affordable prices and enhanced lifestyle options.
Read More: HCLTech rolls out salary hikes: Employees getting and those ‘not getting’ increments
Home Price Ticket Categories
In 2024, a substantial portion of properties transacted in Mumbai fell within the <5mn category. However, the share decreased from 45% in 2023 to 43% in 2024. Notably, there was a shift towards the category of Rs 10 mn – 20 mn category, with its share increasing to 20% as opposed to 17% in 2023, while the category Rs 20 – 50 mn saw a shift with its share increasing from 6% in 2023 to 10% in 2024.
Amongst all the eight cities in the country, Mumbai led the residential sales for the ticket size segment of Rs 200 – 500 mn and >500 mn. The highest percentage growth in the city’s residential market was observed in the ticket size segment of Rs 200 – 500 mn, with an annual growth of 143% YoY to 192 units during 2024 from 79 units in 2023.
The sales in Rs 50 – 100 mn category grew by 112 % YoY to 1,866 units, and Rs 100 – 200 mn grew by 68% YoY to 360 units in 2024.The largest sales volume ticket size which saw sales of 41,146 units has recorded a growth of 6% in its sales base of 39,093 units during 2023 and has contributed about 43% of total sales in the city. The highest decline was observed in the price segment of above 500 mn segment at 60% from 255 units in 2023 to 101 units in 2024.
Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure and Valuation, Knight Frank India said “Mumbai’s residential market continues its steady growth, driven by sustained demand for premium housing and transformative infrastructure developments. While elevated QTS levels in higher ticket sizes require careful monitoring, the market’s robust fundamentals provide stability and long-term growth prospects. Key infrastructure projects like the Mumbai Coastal Road and Metro Lines have greatly improved connectivity, fuelling demand in suburban areas. These advancements inspire confidence in the market, benefiting both buyers and developers alike.”
top videos
Price change in 2024
Mumbai experienced a 5% annual growth in residential prices, reaching a record-high weighted average price of Rs 8,277 per sq ft. This also marks the highest weighted average price among the eight cities in the country. Central Mumbai and South Mumbai micro market saw maximum residential price appreciation of 8% and 7% respectively.
