Mumbai’s Residential Sales Reach New Heights in Q3 2024
Luxury Residences
In a remarkable turnaround, Mumbai’s residential real estate market has achieved unprecedented sales, with 24,222 units sold in Q3 2024, representing a 9% year-on-year (YoY) growth, according to the latest report by Knight Frank India. Additionally, the city witnessed the launch of 23,677 new residential units, reflecting a 21% increase compared to the previous year.
The average weighted price of residential properties in Mumbai rose by 6% YoY, now standing at Rs 8,056 per square foot, the highest in the nation. Furthermore, Mumbai recorded over 105,000 property registrations between January and September 2024, marking a substantial 12% increase from 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 Projects:
- Lodha Bellevue Tower-3 – A luxury residence in Mahalaxmi with stunning views.
- Piramal Mahalaxmi – Premier living with exceptional amenities in Mahalaxmi.
- Shapoorji Pallonji Minerva – A modern high-rise in Mahalaxmi, known for its luxury offerings.
- Rustomjee Crown – A prestigious development in Prabhadevi with luxurious features.
- Birla Niyaara – Elegant living in Worli designed for a sophisticated lifestyle.
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, comprising 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, remarked:
“Mumbai’s residential market is thriving, driven by sustained demand and a favorable economic outlook. As we approach the festive season, we expect this momentum to continue, solidifying Mumbai’s position as a prime investment destination.”
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