Mumbai's Central Suburbs, stretching from Kurla to Mulund, have become a focal point for real estate activity in 2024. According to Knight Frank India, the region's market share climbed to 31 per cent in October, up from 29 per cent in the same month last year. Key localities such as Mulund, Chembur, and Nahur are drawing homebuyers with their blend of affordability, urban convenience, and green surroundings.

From January to October 2024, the Central Suburbs registered 1,18,537 properties, marking a 13 per cent increase compared to the same period in 2023. Experts attribute this growth to competitive pricing, expanding connectivity, and infrastructure upgrades like the Mumbai Metro network.

Preference for Larger Homes Gains Traction
Mumbai's property market is showing a significant shift towards spacious living. Data from Knight Frank India reveals that apartments measuring 1,000–2,000 sq ft accounted for 14 per cent of all registrations in November, up from eight per cent last year. Units over 2,000 sq ft also saw a rise, while smaller apartments (up to 500 sq ft) dropped from 47 per cent to 33 per cent.

Western Suburbs Lead, but Central Suburbs Rise
The Western Suburbs, covering areas from Dahisar to Bandra, remain dominant with 53 per cent of November 2024 registrations, despite a slight dip from 57 per cent in November 2023. Central Suburbs, on the other hand, increased their share, rising from 29 per cent to 31 per cent over the same period.

Premium Properties See Growing Demand
The demand for properties priced above Rs two crore surged, reflecting the strength of Mumbai's premium housing segment. According to industry experts, factors like a stable monetary policy, enhanced purchasing power, and infrastructure advancements are driving this trend.

Outlook for Mumbai’s Real Estate Market
The combined impact of evolving buyer preferences, infrastructure projects, and redevelopment opportunities is expected to sustain the growth momentum in Mumbai’s housing market. As demand for larger homes grows, the Central Suburbs are poised to attract more attention from prospective buyers.

Source: timesproperty.com