Mumbai housing sales up 11% to ₹68,025 cr in Q4; Worli a luxury hotspot

The trends show the compact homes dominate the market, with 54% of registered transactions under 500 sq. ft., while 38% fell within the 500–1,000 sq. ft. range. Around 50% of transactions were for properties under ₹50 lakh, with high demand in peripheral markets, while the luxury segment, with properties above ₹1 crore comprised 26% of sales.

The Mumbai Metropolitan Region (MMR) recorded 68,082 registered residential transactions in the December 2024 quarter, marking a 5% increase from the previous quarter, according to an analysis by Square Yards based on Inspector General of Registration (IGR) data.

The total registered home sales value stood at ₹68,025 crore, up 11% from the September 2024 quarter. The average registered sales value per unit climbed 7% to ₹1 crore, up from ₹94 lakh in the previous quarter.

Speaking about the market trends, Ganesh Devadiga, sales director, Square Yards, said Mumbai’s residential market remains "strong", with redevelopment in central and southern Mumbai creating new opportunities for homebuyers and developers. He highlighted that while peripheral markets dominate transaction volumes, western and southern suburbs drive overall sales value. "Infrastructure upgrades in emerging locations are expected to boost connectivity and demand," he said.

In terms of top projects, the Colliers data shows Conceptual Advisory Services led in transaction volume with 973 registered units, largely driven by Suraksha Smart City (Vasai East). Lodha Group followed with 852 transactions, with Lodha Crown (Thane West) performing well. Dosti Group has been ranked third with 589 transactions, led by Dosti West County (Thane West).

In terms of home sales value, Lodha Group topped with ₹1,787 crore, driven by Lodha Bellevue (Mahalaxmi), while Godrej Properties secured second place with ₹1,460 crore, led by Godrej Reserve (Kandivli) and Oberoi Realty was ranked third with ₹1,340 crore, with its Three Sixty West (Worli) project attracting high-profile buyers, including celebrities and entrepreneurs.

The trends show the compact homes dominate the market, with 54% of registered transactions under 500 sq. ft., while 38% fell within the 500–1,000 sq. ft. range. Around 50% of transactions were for properties under ₹50 lakh, with high demand in peripheral markets, while the luxury segment, with properties above ₹1 crore comprised 26% of sales.

Worli: Mumbai’s luxury real estate hotspot

Worli, which is a historic precinct in South Central Mumbai, has transformed into a prime luxury residential and commercial hub, witnessing ₹4,862 crore in ultra-luxury deals and a 30% price surge in the past two years, according to another report by ANAROCK.

Once an industrial stronghold dominated by textile mills, Worli’s redevelopment gained momentum after mill closures in the 1990s and 2000s, paving the way for premium residential towers and commercial spaces. The Bandra-Worli Sea Link further enhanced its appeal among high-net-worth individuals (HNIs) and corporate professionals.

Anarock analysis attributes Worli's success to key business districts like Bandra-Kurla Complex (BKC), Lower Parel, and Nariman Point, bolstered by major infrastructure projects like Bandra-Worli Sea Link, Mumbai Coastal Road, Mumbai Metro Line-3, Eastern & Western Express Highways and the overall Luxury Housing Surge. Projects like One Lodha Place, Lodha Supremus, and Altimus have further cemented Worli’s status as a preferred business hub.

The price analysis on Worli’s real estate market shows total supply (till 2024) of 4,600 units, with average price per sq. ft. at ₹75,000. Dominant price range is between ₹6 crore and ₹12 crore and price appreciation (2022-2024) of 30%.

The city recorded 30 ultra-luxury deals (2023-2024) above ₹40 crore, totalling ₹4,862 crore. The city also has an upcoming supply (2025-2026) of 2.98 million sq. ft., with average rental value of ₹170-280 per sq. ft./month and price appreciation (2018-2024) of 18%, the Anarock report says.

With upcoming infrastructure projects, Worli’s real estate market is poised for sustained growth, the report says, adding that ongoing infrastructure investments including Metro Line-3 and Coastal Road, and luxury redevelopment projects like transitioning old structures into high-rises will continue to raise its status as a destination for HNIs.