Expansive, elegant, and exclusive seafront homes define the Mumbai real estate market. But this year, Mumbaikar’s investment potential gave everyone eye-rolling moments. The reason is the massive jump in the pocket potential of homebuyers to invest up to Rs.2 Crore in Mumbai’s residential properties.
Interestingly, this isn’t word of mouth, but the data accumulated by Maharashtra Government and Knight Frank India reflects it. According to the report, nearly 80 percent of property registrations fall in the bracket of 2 crore.
In November 2024, 23 percent of such registrations took place, surpassing the 17 percent ratio for November 2023. The surge in homebuyers’ inclination towards luxury in Mumbai real estate stands at 2,147 housing units.
Explore Godrej Reserve in Kandivali, Mumbai
2 BHK Apartments from Rs. 2.25 Cr Onwards*
On the development, Prashant Sharma, President, NAREDCO, said “The year-on-year growth in property registrations and sharp rise in stamp duty collections reflect the resilience of Mumbai’s real estate market.”
Evaluating trends, real estate experts feel that ascend in bigger homes aims at comfort with luxury across segments. In the city, where developers uncurtain exquisite immovable assets every second day, homebuyers aren’t hesitant to push a bit beyond pocket.
It is understood that aspiring property owners with 1BHK apartments choose to opt for 2BHK in the city suburbs.
Property Registration Figures in Mumbai Real Estate
Going by the data record of the Maharashtra Government’s IGR department, the demand for properties up to 2 Crore amplified massively.
In 2023, India’s financial capital saw 1.14 lakh property registrations from January to November. Out of these, 82 percent were in Rs. 2 crore bracket, while 12 percent fell under Rs.2 Cr-Rs.5 Cr bracket. With the remaining percent recorded property registration for over Rs. 5 crore value.
Check Out: Lodha Divino – Explore 2 BHK Apartments starting from Rs. 3.49 Cr*
Parallel to this, in 2024, the city recorded 1.28 lakh property registrations with a massive jump of 12 percent more than in 2023. Here, 78 percent of homebuyers exhibited interest in properties up to Rs. 2 crore. Following the upscale trend, 15% property registration scored between Rs. 2 crore – Rs. 5 crore.
And the remaining percent enveloped in property buying for equal to or more than Rs. 5 Crore.
Mumbai real estate market is the most expensive one with apartments available from Rs. 20,000 per sq ft to over Rs. 1.50 lakh sq ft.
Reasons for Demand in Properties upto Rs. 2 Crore in Mumbai Real Estate
According to property experts, the large ticket sizes engage residents in an opulent way of living. Not only the gigantic living space, but the view and other conveniences bring joy to life here.
“The Rs. 2 Crore range is an attractive home ticket price for many homebuyers in Mumbai. It shows their preference towards well-priced homes, striking a perfect balance between comfort and aspirations,” said Manju Yagnik, Vice President, NAREDCO, Maharashtra.
She further said, “At Nahar Group we are catering to this price range in our Chandivali project named Amaryllis Tower and Plaza. This segment of homebuyers look for residential properties that offer amenities and quality construction for investment or personal use within the Rs. 2 crore budget, primarily in the western and central suburbs of the city.”
The real estate professionals feel, despite the ascend in income potential, properties up to Rs. 2 Crore remain popular amongst investors. They feel Borivali, Dahisar, Kandivali, Mulund, and Bhandup render the best residential properties up to Rs. 2 Crore in Mumbai.
A studio apartment here ranges between Rs. 50-60 lakhs, whereas 1BHK cost hovers between Rs. 1 Crore to Rs. 1.25 Crore and maximum to Rs. 2 Crore.
Properties upto Rs. 2 Crore Cater to Upper-Middle Income Segment Homebuyers in Mumbai
Vivek Rathi, National Director, Research, Knight Frank India said, “Properties priced up to Rs. 2 crore dominate Mumbai real estate market, accounting for approximately 79% of total transactions in 2024, primarily due to their broader appeal across diverse buyer segments. This price range caters to middle and upper middle income groups, which form most of the Mumbai’s population, offering a balance of affordability and accessibility in the city’s competitive housing market.”
He further said, “Additionally the availability of home loans and Government incentives, such as reduced stamp duty for women home buyers, has made these properties more attractive. While premium housing is growing, the up-to INR 2 Crore segment remains the market’s backbone, driven by consistent demand for both first-time and upgrade purchases in suburban and central locations.”
Demand Soar for Properties between Rs. 2 Crore to Rs. 5 Crore
The demand for premium and mid-segment luxury homes has grown massively in Mumbai. The property registration record from the Maharashtra Government’s registration departments exhibits the same. Also, the report analysis by Knight Frank India shows an inclination for properties between Rs. 2 Cr- Rs. 5 Cr in the Mumbai real estate market.
“Mumbai’s property market is witnessing a clear shift towards the premium segment. The share of property transactions priced above Rs. 2 Crore has risen from 17% in 2023 to 21% in 2024. Properties priced below Rs. 50 lakh saw a decline in their share and the number of transactions. Mid-range and high-value properties have gained momentum, driven by post-pandemic preferences for larger and better homes,” Knight Frank India said in its analysis.
This significant change in choice for premium luxury hints at good days ahead for the Mumbai real estate market. Also, it signals growing income and expenditure capacity for Mumbaikar’s like ever before.
