Mumbai's real estate market is booming right now, particularly in the city's central and western districts. In November 2024, Knight Frank India collated statistics from the Maharashtra Inspector General of Registration and Controller of Stamps, which showed that 84% of the 10,200 flats in Mumbai registered in these locations.

Property registrations are highest in the Western Suburbs.

In November 2024, the greatest number of property registrations occurred in Mumbai's western suburbs. In the meantime, property registrations in the central suburbs increased as well, going from 29% in November 2023 to 31% in November 2024. Property registrations in South Mumbai, which has historically been in high demand, increased marginally from 7% in November 2023 to 9% in November 2024. Potential purchasers are now more interested as a result of the supply rise.

Conversely, the western suburbs had a small decline from 57% to 53% of property registrations, while Central Mumbai held a stable 7% share.

A Shift Towards Larger Apartments

Homebuyers' preferences are shifting in favor of larger units. Properties between 500 and 1,000 square feet continued to be the most popular in November 2024, accounting for 48% of all registrations. But the popularity of larger apartments between 1,000 and 2,000 square feet rose from 8% to 14%. There is an increasing demand for larger residences, as evidenced by the rise from 2% to 5% in even larger apartments above 2,000 square feet. Previously making up 47% of registrations, smaller units under 500 square feet now only make up 33%.

Growth in Property Registrations Year Over Year

In November 2024, there were 10,200 property registrations in Mumbai, up 5% from 9,736 in November 2023. The number of property registrations from October 2024 (12,960 registrations) did, however, somewhat decline. A natural market downturn following a robust October performance—possibly impacted by state elections could be the cause of this decline.

The Premium Segment Is Growing

The durability of Mumbai's real estate market is demonstrated by the 5% increase in registrations and the rise in stamp duty revenues, according to Prashant Sharma, president of NAREDCO Maharashtra. Due to consumers' increased desire for luxury homes, there is a growing demand for properties priced at ₹2 crore and higher.

Factors Driving the Housing Market

Several variables, including stable lending rates, increased purchasing power, and demand for nicer, larger homes, especially in township developments, are contributing to the momentum in Mumbai's housing market, according to experts. Homebuying is now more appealing than ever because of fresh chances for reconstruction in different parts of the city brought about by infrastructure upgrades, according to Dhaval Ajmera, director of Ajmera Realty.

And then the Mumbai real estate market keeps rising, with a high focus on the properties in the western and properties in central suburbs, increasing demand for bigger homes, and premium properties in Mumbai.