Mumbai Real Estate: Small Homes Lead, Bigger Units Gain Demand

12 Feb 2025 CW Team

Mumbai’s real estate market saw a significant trend in 2024, with 50% of registered properties being smaller than 650 sq ft, according to Maharashtra Real Estate Regulatory Authority (MahaRERA) data. Nearly 60% of these comprised 1 BHK and 2 BHK apartments, highlighting affordability as a key factor in homebuyer decisions.

Despite this trend, the demand for larger homes is growing. The supply of apartments between 650 and 1,300 sq ft has nearly doubled over the past four years, indicating a gradual shift in buyer preferences.

In 2024, Mumbai recorded 63,244 property registrations—4% higher than 2023’s 60,930 units. The highest figure in the last five years was in 2022, with over 75,000 units registered.

Property prices in Mumbai range from ?20,000 ($240) per sq ft to ?1.60 lakh ($1,920) per sq ft for luxury homes. Notably, billionaire Uday Kotak recently made headlines by purchasing 12 sea-facing apartments in Worli for ?202 crore ($24 million), with a record-breaking price of ?2.70 lakh ($3,240) per sq ft.

While affordability remains a driving force, industry experts suggest a rising interest in spacious homes, particularly 3 BHK and above.

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