Mumbai’s real estate market set new records in Q3 2024, with 24,222 residential units sold—an impressive 9% year-on-year (YoY) growth, according to the latest report from Knight Frank India. The city also saw 23,677 new launches in the same period, a 21% increase compared to Q3 2023.
The average weighted residential price in Mumbai rose by 6% YoY to Rs 8,056 per square foot, making it the highest in India. Additionally, over 105,000 property registrations were recorded between January and September 2024, reflecting a 12% increase over the previous year.
Key Highlights from the Report:
- Sales Surge: 24,222 units sold in Q3 2024, a 9% YoY increase.
- New Launches: 23,677 new units launched, marking 21% growth.
- Price Growth: Rs 8,056 per square foot, up 6% YoY.
- Property Registrations: 12% increase, with over 105,000 registrations recorded.
Top Investment-Worthy Projects in Mumbai:
- Lodha Bellevue Tower-3 – A luxury residential tower offering panoramic views of the city.
- Piramal Mahalaxmi – Located in the heart of Mahalaxmi, offering premium amenities and stunning sea views.
- Shapoorji Pallonji Minerva – A state-of-the-art skyscraper in Mahalaxmi designed for luxury living.
- Rustomjee Crown – A premium project in Prabhadevi featuring top-tier amenities.
- Birla Niyaara – A landmark development in Worli known for its elegant design and superior living spaces.
Market Segment Insights:
- Affordable Housing (Under Rs 5 Million): 10,198 units sold, accounting for 42% of Mumbai's total sales.
- Mid-Segment (Rs 5-10 Million): The mid-tier segment grew by 10% YoY, contributing 24% of total sales.
- Luxury Segment (Above Rs 10 Million): This category saw a 16% YoY rise, with 8,153 units sold in Q3 2024.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said:
“Mumbai’s real estate market remains resilient, driven by consistent demand and economic stability. As we approach the festive season, we expect this growth to continue, solidifying Mumbai’s status as a top investment destination.”
Get In Touch:
Website: www.luxuryresidences.in
Email: info@luxuryresidences.in
Mobile: +91-9899055030
luxuryresidences
