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The Mumbai Metropolitan Region (MMR), which includes Greater Mumbai, has seen a 5% annual growth in residential property prices in 2024, with a weighted average price of INR 8,277 per sq. ft., according to a recent Knight Frank India report. Central and South Mumbai led this growth with price appreciations of 8% and 7%, respectively. While properties priced above INR 50 lakh accounted for a significant portion of transactions, a notable shift was observed towards the INR 1 crore to INR 2 crore segment. The city's residential sales in the INR 20 crore to INR 50 crore category grew by 143%, reflecting robust demand for premium housing. This growth was bolstered by transformative infrastructure projects like the Mumbai Coastal Road and Metro Lines, enhancing connectivity and boosting market confidence.
The Mumbai Metropolitan Region (MMR), encompassing Greater Mumbai, experienced a 5% year-on-year growth in residential property prices in 2024, as revealed by a Knight Frank India report released earlier this week. The weighted average price stood at INR 8,277 per sq. ft., marking the highest among eight Indian cities. Advertisement
Central and South Mumbai micro-markets demonstrated significant price appreciation, recording 8% and 7% growth, respectively. In terms of transaction trends, properties priced above INR 50 lakh accounted for a substantial share; however, this category's contribution decreased from 45% in 2023 to 43% in 2024. Conversely, the INR 1 crore to INR 2 crore segment witnessed a rise, growing to 20% from 17%, while properties in the INR 2 crore to INR 5 crore range saw an increase in share from 6% to 10%.
Last year, 101 apartment sales exceeded INR 50 crore. Amongst all eight Indian cities, Mumbai dominated sales in the INR 20 crore to INR 50 crore segment, with transactions growing by 143% year-on-year to 192 units in 2024 from 79 units in 2023. Sales in the INR 5 crore to INR 10 crore category rose by 112% to 1,866 units, while the INR 10 crore to INR 20 crore segment grew by 68% to 360 units. The INR 50-lakh-plus category recorded a 6% increase in sales, reaching 41,146 units compared to 39,093 in 2023. However, the ultra-luxury segment above INR 50 crore experienced a sharp decline, with sales dropping by 60% from 255 units in 2023 to 101 units in 2024.
Gulam Zia, Senior Executive Director, Research, Advisory, Infrastructure, and Valuation at Knight Frank India, stated that Mumbai's residential market continues to grow steadily, driven by consistent demand for premium housing and improved infrastructure. He noted that key projects like the Mumbai Coastal Road and Metro Lines have significantly enhanced connectivity, particularly in suburban areas, thereby fostering market confidence for both buyers and developers.
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