Mumbai’s real estate market demonstrated resilience in November 2024, registering a 5% year-on-year increase in property registrations with 10,216 units, compared to 9,736 in November 2023, according to data from Knight Frank India. Stamp duty collections soared by 30% during the same period, underscoring a growing preference for high-value properties, despite a decline from October’s festive peak of 12,960 registrations. This shift highlights the evolving dynamics of Mumbai’s property market, where premium housing continues to dominate.
Demand for properties priced above ₹2 crore surged significantly, accounting for 23% of total registrations in November, up from 17% last year. This segment recorded 2,147 transactions, reflecting a pronounced shift towards premium homes among affluent buyers. Conversely, the share of properties priced below ₹50 lakh dropped to 20% from 28% in November 2023. Industry leaders, such as Prashant Sharma, President of NAREDCO Maharashtra, attribute this trend to rising aspirations and evolving buyer preferences for quality and spacious homes, aligned with Mumbai’s status as a global financial hub.
From an urban development perspective, this pivot towards premium housing signals challenges for equitable urban planning. The decline in demand for affordable housing raises concerns about the accessibility of homes for middle-income groups, pushing policymakers to address housing affordability. Civic initiatives need to balance the luxury market’s growth with sustainable development to ensure inclusivity in Mumbai’s expanding skyline.
The luxury segment’s focus on larger homes often incorporates sustainability features, including green construction practices, energy-efficient designs, and eco-friendly materials. These innovations, while catering to affluent buyers, also contribute to the city’s broader goals of reducing carbon emissions and promoting sustainable urbanisation. Developers are increasingly prioritising these features, responding to both market demands and environmental imperatives, ensuring Mumbai’s property market evolves with a sustainable outlook.