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Mumbai has cemented its position as India’s largest residential market, registering record-breaking residential and office market performances in 2024, according to Knight Frank India’s India Real Estate – Office and Residential Market (July–December 2024) report.
The city witnessed sales of 96,187 residential units, marking a 13-year high with an 11% year-on-year (YoY) increase. In the second half alone, 48,928 units were sold, driven by festive season demand and new project launches. Developers responded to strong buyer interest by introducing 96,470 new units, the highest supply since 2014, alongside a 5% rise in average residential prices.
Peripheral areas like Thane and the Central Suburbs dominated launches and sales, attracting buyers with competitive pricing and enhanced amenities. While properties under Rs 5 million continued to account for a large share of sales, a shift toward higher price segments was evident. Sales in the Rs 10–20 million bracket rose to 20%, up from 17% in 2023, and the Rs 20–50 million category saw its share climb from 6% to 10%.
Premium property sales surged, with the Rs 200–500 million segment witnessing a remarkable 143% YoY increase, while the Rs 50–100 million category grew by 112%. However, the ultra-luxury segment above Rs 500 million recorded a sharp 60% decline.
Gulam Zia, Senior Executive Director at Knight Frank India, attributed Mumbai’s continued growth to strong demand for premium housing and transformative infrastructure projects, including the Mumbai Coastal Road, Metro Line 3, and the Mumbai Trans Harbour Link.
In office real estate, Mumbai achieved a historic 40% YoY increase in leasing activity, reaching 10.4 million sq ft of transactions—the highest in over a decade. India-facing businesses dominated, accounting for 77% of transactions. New office supply surged by 89% YoY to 5.8 million sq ft, with significant additions in SBD West.
Viral Desai, Senior Executive Director at Knight Frank India, highlighted the impact of improved metro connectivity, including the BKC metro, on accessibility and occupier demand. Office rents grew by 3.5% YoY, with an average transacted rent of Rs 118 per sq ft per month.
Mumbai’s real estate sector remains buoyant, with sustained demand, infrastructure advancements, and evolving market trends positioning the city for continued growth in 2025.
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