According to Magicbricks’ latest PropIndex Report, residential prices in Mumbai have increased 20.4% in the last two years, driven by sustained demand and limited supply. According to the report, the average residential rates increased 6.5% QoQ to reach INR 26,780 psf. With this, Mumbai emerged as one of the most luxurious markets in the country
Further, the report shared that under-construction properties are gaining momentum in Mumbai, and supply has increased 17% QoQ. Simultaneously, prices of under-construction properties increased 13.02% QoQ to reach INR 27,422 psf.
Additionally, residential demand increased by 6.7% QoQ compared to a modest 4.0% QoQ nationally, while supply grew by 5.3% QoQ compared to 3.5% nationally – the highest in the last 24 months.
The report further observed a clear preference towards 2BHK units by commanding 43.5% of the total demand, followed by 3 BHK units commanding 25.6% of the total demand. The average price of 3BHK units is INR 28,900 while of 2BHK units is INR 21,800, noted the portal.
Elaborating on the trends, Abhishek Bhadra, Head of Research, said, “As we navigate through 2024, the Indian real estate market has entered its third year of a robust bull run. With a projected steady increase in supply and a more measured pace of demand growth, we expect the market to progress toward equilibrium. Furthermore, continued customer confidence in under-construction properties suggests a promising outlook for the residential real estate market in the long run.”
According to the report, the western suburbs of Mumbai such as Malad- Kandivali (average price INR 18,800 psf), Andheri West- Jogeshwari West (average price INR 25,600 psf) and Borivali-Dahisar (average price INR 20,800 psf) were the most in-demand micro-msarkets by homebuyer.
