Mumbai’s residential real estate sector has reached new heights, with 24,222 units sold in Q3 2024, marking a significant 9% year-on-year (YoY) growth, according to the latest report from Knight Frank India. The quarter also saw the introduction of 23,677 new residential units, a remarkable 21% increase from the previous year.
The average weighted price for residential properties in the city rose by 6% YoY, reaching Rs 8,056 per square foot, the highest in the nation. Additionally, over 105,000 property registrations were recorded from January to September 2024, representing a 12% growth compared to the same period last year.
Key Highlights from the Report:
- Sales Performance: 24,222 residential units sold in Q3 2024, up 9% YoY.
- New Launches: 23,677 new units launched, a 21% increase YoY.
- Price Growth: Average price now at Rs 8,056 per square foot, reflecting a 6% YoY rise.
- Property Registrations: Over 105,000 registrations, a 12% increase.
Top Investment Opportunities:
- Lodha Bellevue Tower-3 – A luxurious residence in Mahalaxmi offering panoramic views.
- Piramal Mahalaxmi – An upscale development with top-tier amenities in Mahalaxmi.
- Shapoorji Pallonji Minerva – A modern high-rise celebrated for its luxurious features in Mahalaxmi.
- Rustomjee Crown – A prestigious property in Prabhadevi known for its elegant design.
- Birla Niyaara – A sophisticated project in Worli, designed for luxury living.
Market Segment Overview:
- Affordable Segment (Under Rs 5 Million): 10,198 units sold, accounting for 42% of total sales.
- Mid-Range Segment (Rs 5-10 Million): Grew by 10% YoY, making up 24% of total sales.
- Luxury Segment (Above Rs 10 Million): Increased by 16% YoY, with 8,153 units sold.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, commented:
“Mumbai’s residential market is thriving, driven by strong demand and a favorable economic environment. With the festive season approaching, we expect this positive trend to continue, reinforcing Mumbai’s status as a leading investment hub.”
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