by datta Nighut 
As can be seen, the city’s Mumbai real estate market has lately become shifted towards the western and central suburbs. According to data just released by the Inspector General of Registration and Controller of Stamps of Maharashtra, sourced by Knight Frank India, an impressive 84 per cent of the total of 10,200 properties that were registered in November 2024 were located there.
Property registrations in the west continue to gain momentum on an increasing scale. The center has picked up with rising registrations from 29 percent in November 2023 to 31 percent in November 2024. So also, South Mumbai has registered growth in registrations- from 7 percent in November 2023 to 9 percent in November 2024. According to this, the upsurge in activity must be ascribed to end-users having gained attention to increased supply in these areas.
Whereas the central region of Mumbai continued to retain a steady 7% share of registrations, the western suburbs saw a decline to 53% from 57%. The geographical definition of these regions is important: the western suburbs stretch from Dahisar to Bandra, central Mumbai from Mahim to Mahalaxmi, South Mumbai from Mumbai Central to Cuffe Parade, and the central suburbs from Kurla to Mulund.
There is an interesting trend in the buyer preference now: more home buyers prefer larger apartments. Properties of 500 to 1,000 square feet registered in November comprised 48% of all registrations. In addition, the percentage share of larger apartments that were 1,000 to 2,000 square feet increased from 8% to 14%, while units of over 2,000 square feet rose from 2% to 5%. On the other hand, smaller ones with 500 square feet saw a drastic slump from 47% to 33%.
The overall picture for the Mumbai real estate market remains positive, with year-on-year (YoY) property registrations increasing from 9,736 units in November 2023 to 10,200 in November 2024. However, there was a slight month-on-month (MoM) decrease, with registrations falling from 12,960 in October 2024. Experts suggest this dip may be a natural market pause following the robust performance in October, influenced by recent state elections.
Prashant Sharma, president of NAREDCO Maharashtra, said that the resilience of Mumbai’s real estate market is reflected in the 5% YoY growth in property registrations and corresponding stamp duty collections. He also pointed out a growing demand for properties priced at ā¹2 crore and above, which indicates that the premium segment is getting stronger due to changing aspirations of buyers.
Dhaval Ajmera, CEO of Ajmera Realty and Infra India Ltd, said that the continued momentum in Mumbai’s housing market is due to a stable monetary policy rate, improving purchasing power, and people’s desire for bigger homes, especially township developments. He also added that the infrastructural development process in the city is underway, which is opening doors for redevelopment opportunities, hence making home buying a preferable option.
With these trends in play, the Mumbai real estate landscape is set to grow and thrive, making the western and central suburbs prime spots to watch for any potential investor.
