Mumbai’s real estate sector is experiencing a notable surge in demand, buoyed by stable interest rates and a robust pipeline of new projects, according to industry insights shared on Sunday.
The Mumbai Metropolitan Region (MMR) is currently at the epicentre of substantial investment, with rising property values and enhanced connectivity driving market activity. A recent report by Knight Frank India highlights that the city of Mumbai, falling under the Brihanmumbai Municipal Corporation (BMC) jurisdiction, saw around 11,735 property registrations in August. These transactions contributed over ₹1,072 crore to the state’s revenue. The August figures represent an 8 per cent increase in registrations year-on-year, with revenue from these transactions soaring by 32 per cent compared to the same period last year.
The sustained buyer confidence has translated into consistent sales, surpassing 10,000 units in the first eight months of the year. This marks eleven consecutive months of annual growth since August 2023. From January to August 2024, Mumbai recorded 96,601 property registrations—a 16 per cent rise from the 83,615 registrations during the same period in 2023. This uptick has resulted in ₹8,010 crore in revenue, a 10 per cent increase from the ₹7,262 crore reported last year. Knight Frank India attributes the ongoing momentum in Mumbai’s residential market to a positive economic outlook and stable interest rates, which have maintained favourable homebuyer sentiments and fuelled steady sales.
August also saw a notable shift in property preferences, with apartments sized between 500 and 1,000 square feet comprising 49 per cent of all registrations. Conversely, the western suburbs’ share of property registrations decreased from 57 per cent in August 2023 to 55 per cent this year, while the central suburbs’ share remained stable at 28 per cent, slightly down from 29 per cent last August. The real estate sector’s performance in Mumbai underscores a resilient market poised for continued growth, supported by a stable economic environment and an influx of new development projects.
