Mumbai’s property market continues to be relatively resilient, where the Western and Central suburbs have taken the center-stage as preferred investment destinations for properties. According to statistics from Inspector General of Registration and Controller of Stamps, Maharashtra-analyzed data by Knight Frank India-of the total 10,200 properties that were registered during November 2024, stood at a whopping 84%.
The western suburbs registered the most property registrations, though their share decreased slightly from 57% in November 2023 to 53% in November 2024. The central suburbs, however, increased modestly, with their share rising from 29% to 31% over the same period. South Mumbai also grew, with registrations increasing from 7% to 9%, reflecting a surge in demand in these regions. This uptick in supply and end-user interest has driven the trend in both central and western suburbs, as per the analysis of Knight Frank India.
Properties in the western suburbs, from Dahisar to Bandra, and in the central suburbs, from Kurla to Mulund, are the ones in highest demand. In central Mumbai, between Mahim and Mahalaxmi, the market share remained stable at 7%. This broad-based interest is pointing to the increasing attractiveness of not only newer but also older residential developments in these localities.
Property size-wise, there is an unmistakable trend in the preference of buyers. The apartments between 500 and 1,000 sq. ft. continue to remain the most preferred, at 48% of registrations. Larger homes in the category of 1,000 to 2,000 sq. ft. registered a healthy increase in share from 8% to 14%, while properties above 2,000 sq. ft. increased from 2% to 5%. This trend speaks to a growing demand for more spacious living options, particularly for high-end buyers.
Despite the decrease in month-on-month registration from October to November 2024, the 5 per cent year-on-year increase in property registrations is an upbeat market trend. The massive increase in stamp duty collections indicates robust activity in the upper-end segments, particularly the ₹2 crore plus bracket.
According to industry experts, it is the stable monetary policy, higher purchasing power, and desire for upgraded housing in well-connected areas that have resulted in this positive performance. The infrastructure developments across the city have made the real estate market in Mumbai even more attractive by opening up new opportunities for redevelopment. This good momentum is expected to continue as homebuyers and investors alike focus on strategic locations for long-term growth.
