Mumbai Achieves Record 24,222 Home Sales in Q3 2024

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:

1. Lodha Bellevue Tower-3 – A luxury residential tower offering panoramic views of the city.
2. Piramal Mahalaxmi – Located in the heart of Mahalaxmi, offering premium amenities and stunning sea views.
3. Shapoorji Pallonji Minerva – A state-of-the-art skyscraper in Mahalaxmi designed for luxury living.
4. Rustomjee Crown – A premium project in Prabhadevi featuring top-tier amenities.
5. 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