Mumbai sees highest residential sales with 24,222 units sold in Q3 2024: Report

The residential real estate market in Mumbai saw the highest sales compared to eight other Indian cities, with a total of 24,222 units sold—a 9% year-on-year growth, a report by real estate consultant Knight Frank India stated. Additionally, 23,677 new units were launched in Mumbai in the same period. The average weighted residential price in the city experienced a 6% year-on-year increase, reaching Rs 8,056 per square foot, making it the highest in the country.

Besides, the Mumbai real estate sector experienced significant expansion in 2024, with property registrations in the city increasing by 12% year-on-year, surpassing 100,000 deals from January to September. Data from Knight Frank India revealed that the Mumbai municipal region saw a total of 105,664 property registrations during this timeframe, compared to 94,309 units in the previous year.

Mumbai recorded a 10% YoY growth in the Rs 5 million to 10 million ticket size category during Q3 2024, which accounted for 24% of the city's total sales. The under Rs 5 million segment saw the highest volume, with 10,198 units sold, representing 42% of total sales. Meanwhile, the Rs 10 million and above category experienced a 16% YoY growth, increasing from 7,018 units in Q3 2023 to 8,153 units in Q3 2024.

Source: Knight Frank Research

In Q3 2024, India-facing businesses drove the majority of leasing activity, accounting for 73% of the total occupancy. Flexible office spaces made up over 12%, while Global Capability Centers (GCC) held an 11% share. Third-party IT services contributed to 4% of the occupancy.

Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “Mumbai’s residential market has sustained its strong momentum in 2024, supported by steady sales, a solid economic outlook, and stable interest rates, all contributing to positive homebuyer sentiment. With continued stability in socio-economic and political conditions, the upcoming festive season, and the ongoing growth trajectory, we expect a strong close to 2024, with both residential and commercial office transactions hitting record levels”.