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Mumbai’s Real Estate Market Sees Shift in Apartment Sizes Amid Affordability Concerns

Affordability continues to be a key factor shaping Mumbai s real estate market, influencing apartment sizes and buyer preferences. According to MahaRERA data, 50 percent of all properties registered in 2024 were under 650 sq ft, with 1 BHK and 2 BHK units making up 60 percent of these launches. Increase in Property Registrations in 2024 Mumbai saw 63,244 new property registrations in 2024, marking a 4 percent rise from 60,930 units in 2023. However, the highest number of new launches in the past five years was recorded in 2022, with over 75,000 units entering the market. Despite the predominance of compact homes, Mumbai has witnessed a gradual increase in apartment sizes. The supply of larger apartments (650 1,300 sq ft) has nearly doubled over the last four years, signaling a rising demand for spacious homes. Shifting Demand for Larger Homes While affordable 1 BHK and 2 BHK apartments remain popular, buyer interest in 3 BHK and larger homes has been steadily growing. In 2024: More than 36,000 units were 1 BHK and 2 BHK Over 10,000 units were 3 BHK Nearly 2,000 units were 4 BHK Additionally, the market saw the launch of 6,200 office spaces and commercial units, making up 10 percent of the total supply. Price Trends & Notable Transactions Mumbai s property prices vary significantly, ranging from ₹20,000 per sq ft to ₹1.60 lakh per sq ft for high-end properties. One of the city s biggest recent deals was Uday Kotak s purchase of 12 sea-facing apartments in Worli for ₹202 crore, at a record price of ₹2.70 lakh per sq ft. Emerging Real Estate Hotspots New launches have surged in suburban and peripheral areas, including: Kurla East, Andheri East, Borivali West, Kandivali East Bhandup West, Mulund West, Malad East Each of these areas saw over 1,000 new unit registrations, highlighting their growing importance in Mumbai s property market. Post-Pandemic Market Recovery Despite a slight decline in new launches compared to 2022, Mumbai s 2024 property registrations exceeded pre-pandemic levels (2019). This signals continued recovery and resilience in the city s real estate sector. With a rising demand for larger homes and consistent new launches, Mumbai s property market continues to evolve, balancing affordability with premium housing options.