Affordable Homes Dominate Mumbai’s Real Estate Market in 2024, MahaRERA Data Reveals
Affordable Homes Dominate Mumbai’s Real Estate Market in 2024, MahaRERA Data Reveals
In 2024, nearly 50% of the properties registered in Mumbai were compact homes measuring less than 650 sq ft, with around 60% comprising 1 BHK and 2 BHK apartments, according to data from the Maharashtra Real Estate Regulatory Authority (MahaRERA). The trend highlights affordability as a key factor driving homebuyer preferences.
MahaRERA records indicate that while compact homes dominate new registrations, the average apartment size has gradually increased over the past five years. The supply of larger apartments ranging from 650 sq ft to 1,300 sq ft has nearly doubled in the last four years.
A total of 63,244 housing units were registered in Mumbai in 2024, marking a 4% increase from 60,930 units recorded in 2023. However, this figure remains lower than the peak of 75,000 units registered in 2022.
Among the newly launched properties, 36,274 units were 1 BHK and 2 BHK apartments, accounting for a significant portion of the market. Larger configurations, such as 3 BHKs, represented 15% of the total, while 4 BHKs made up around 3%. Additionally, over 6,200 office spaces and commercial units were registered, constituting about 10% of new launches.
Despite affordability being a primary concern, there is a growing demand for larger apartments. The price range for residential properties in Mumbai varies significantly, starting at ₹20,000 per sq ft and reaching up to ₹1.60 lakh per sq ft for luxury homes.
Peripheral areas such as Kurla East, Bandra West, Vile Parle East, Andheri East, Marol, Malad, Ghatkopar East, Bhandup West, Vikhroli, Borivali West, and Kandivali East have witnessed a surge in new residential developments. Locations like Bhandup West, Mulund West, Borivali West, Malad East, and Oshiwara recorded over 1,000 new unit launches each.
The number of housing units registered in 2024 was higher than in 2023 but showed a 15% decline compared to 2022. However, the data suggests a post-pandemic recovery in the real estate sector, with approximately 90% of new launches concentrated in North and Central Mumbai, including areas such as Dadar and Sion.
In the last six months of 2024 alone, around 27,000 new housing units were introduced in Mumbai, excluding Thane and Navi Mumbai. Factors such as relaxed Coastal Regulation Zone (CRZ) norms, a 50% reduction in premium charges, and favorable market conditions have contributed to increased housing supply and sustained demand in the city’s real estate market.
