Mumbai Metropolitan Region property price: News launches in Q3 2024
Within MMR, Mumbai emerged as the primary engine of this activity, capturing 74% of the total new launches. Following Mumbai, Navi Mumbai and Thane contributed 14% and 12%, respectively. Within Mumbai, the Peripheral Central Suburbs stood out as the most active micro-market, comprising 38% of new launches, while the Peripheral Western Suburbs followed closely with 27%. Developers continued to favor the affordable and mid-end segments, which made up 30% and 28% of the new launches in Q3 2024.
Strong demand for affordable and mid-end housing drove new launches in the MMR during Q3 2024. These segments accounted for 30% and 28% of the total launches, respectively.
Housing sales in Mumbai, Navi Mumbai and Thane remain steady
In terms of sales, MMR remains a crucial driver of national housing transactions, absorbing nearly 36,200 units in Q3 2024. This accounted for 34% of the total sales volume across the country. However, there was a 13% decline from the previous quarter and a 6% decrease year-on-year, indicating a slight moderation in sales momentum. Mumbai maintained its status as the epicenter of these transactions, contributing an impressive 69% to the region’s total sales volume. Notably, all sub-regions within MMR—Mumbai, Thane, and Navi Mumbai—showed stable sales trends, reflecting the same shares as the previous quarter.
Check rents in Mumbai, Thane and other areas in MMR
| Key micro markets in MMR | Average quoted rent (Rs per month) | Quarterly change |
| Worli | 83,000-134,000 | 1% |
| Lower Parel | 78,500-126,000 | 1% |
| Andheri | 48,000-76,000 | 2% |
| Chembur | 48,000-81,000 | 2% |
| Mulund | 39,500-58,000 | 2% |
| Kolshet Road, Thane | 24,000-33,000 | 2% |
| Dombivli | 12,000-18,000 | 3% |
| Panvel | 18,000-26,000 | 5% |
| Virar | 13,000-17,000 | 7% |
Average quoted rent for 2 BHK apartment measuring 700 square feet
Source: Anarock Research
Among the micro-markets in Mumbai, the Peripheral Central Suburbs remained the most sought-after area, capturing 39% of the city’s sales volume in Q3 2024. The Peripheral Western Suburbs accounted for an additional 22%.
MMR experienced the second-highest quarterly decrease in the number of available homes for sale
Regarding available inventory, MMR experienced the second-highest quarterly decrease in homes for sale, accounting for 33% of the total inventory among the top seven cities, which equates to around 1.88 lakh units. This marks a 3% decline quarter-over-quarter and a more pronounced 7% decrease year-on-year. The distribution of available inventory remained steady, with Mumbai holding 75%, Navi Mumbai 14%, and Thane 11%. Within Mumbai, the Peripheral Central Suburbs led with 30% of the city’s available units. Notably, nearly 32% of this inventory falls within the affordable segment. The inventory overhang in MMR held steady at 14 months by the end of Q3 2024.
Mumbai property rates in Q3 2024
| Key micro markets in MMR | Average quoted rate (Rs/sq) | Quarterly change |
| Worli | 52,800 | 4% |
| Lower Parel | 51,200 | 4% |
| Andheri | 30,300 | 4% |
| Chembur | 28,000 | 4% |
| Mulund | 26,900 | 4% |
| Kolshet Road, Thane | 15,500 | 3% |
| Dombivli | 9,800 | 3% |
| Panvel | 8,950 | 4% |
| Virar | 6,900 | 6% |
Average quoted rate (base price) on carpet area
Source: Anarock Research
Mumbai Metropolitan Region property price outlook
Looking ahead, the residential real estate market in the MMR is poised for a robust performance as 2024 draws to a close. The momentum observed in previous quarters, driven by favorable economic conditions and a growing preference for homeownership, is expected to continue. Despite challenges such as rising construction costs and stable repo rates, developers are likely to adopt competitive pricing strategies during the festive season to leverage pent-up demand.
With several infrastructure projects nearing completion and ongoing efforts in urban renewal, the MMR’s residential market is well-positioned to conclude 2024 on a high note. This could lead to new benchmarks in both sales volume and value, reinforcing the region’s status as a critical hub in India’s real estate landscape.
